风险承担、创新意愿与企业转型升级的动态关系研究  

Research on the Dynamic Relationship Between Risk Taking,Innovation Willingness and Firm Transformation and Upgrading

作　　者：张悦玫[1] 方聪聪 崔淼[1] ZHANG Yuemei;FANG Congcong;CUI Miao(Dalian University of Technology,Dalian 116024)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024

出　　处：《首都经济贸易大学学报》2023年第3期89-100,共12页Journal of Capital University of Economics and Business

基　　金：教育部人文社会科学研究规划基金项目“制造业企业的工业化转型升级与金融化的交互作用机理研究”(20YJA630094);辽宁省社会科学规划基金项目“企业家理论与民营经济发展”(L20BJL012)。

摘　　要：企业转型升级作为高质量发展的重要途径,其过程充满着创新性和不可预知性,这需要企业具有创新意愿,且能够承担风险。为了揭示风险承担、创新意愿与企业转型升级之间的相互作用,选取2010—2020年制造业上市公司为研究样本,构建面板数据向量自回归(PVAR)模型,检验三者之间的相互作用关系,并引入脉冲响应函数,分析三者间的相互影响程度。研究结果显示:风险承担在初期会对企业转型升级产生负向作用,但之后会持续促进转型升级;风险承担在短期内会促进创新意愿,但长期来看会抑制创新意愿;创新意愿对企业转型升级具有持续促进作用,而对风险承担具有持续抑制作用;长期来看,企业转型升级对风险承担和创新意愿均具有促进作用。上述实证研究结果表明,协调好风险承担与创新意愿的关系对促进三者良性互动具有重要意义。Enterprise transformation and upgrading is an important way of high-quality development,its process is full of innovation,which requires enterprises to have the will to innovate.At the same time,the unpredictability of innovation and enterprise transformation and upgrading makes its behavior risky,thus requiring enterprises to be able to take risks.The existing researches focus more on the examination of one-way effects among variables but have not clarified the interaction between the three from a dynamic perspective.The purpose of this paper is to reveal the interaction between risk-taking,willingness to innovate,and enterprise transformation and upgrading.Taking the data of listed companies in the manufacturing industry from 2010 to 2020 as the sample,the paper constructs the panel data vector autoregressive(PVAR)model to examine the interaction relationship between risk-taking,willingness to innovate,and enterprise transformation and upgrading;and the degree of interaction between risk-taking,willingness to innovate,and enterprise transformation and upgrading is analyzed by further introducing impulse response functions.The findings are as follows:Risk-taking will have a negative initial effect on enterprise transformation and upgrading,but will continue to promote transformation and upgrading afterward;risk-taking promotes the willingness to innovate in the short term but inhibits willingness to innovate in the long term;willingness to innovate a continuous promoting effect on enterprise transformation and upgrading,but has a continuous inhibiting effect on risk-taking;enterprise transformation and upgrading promote both risk-taking and willingness to innovate in the long run.This indicates that while risk-taking and willingness to innovate increase over time to promote corporate transformation and upgrading,transformation and upgrading also improve corporate attitudes toward risk-taking and innovation,but excessive risk-taking will cause companies to fall into the“risk-taking trap”and inhibit their will

关 键 词：制造企业 转型升级 创新意愿 风险承担 

分 类 号：F272.3[经济管理—企业管理]