中国技术市场发展促进了企业创新吗?——基于A股上市公司数据的实证研究  

Has Development of China's Technology Market Promoted Enterprise Innovation?

作　　者：张林[1] 陆道芬 韦庄禹 Zhang Lin;Lu Daofen;Wei Zhuangyu

机构地区：[1]广西大学经济学院,广西南宁530004

出　　处：《企业经济》2023年第9期82-92,共11页Enterprise Economy

基　　金：国家社会科学基金项目“技术市场促进有效创新的路径与政策研究”(项目编号:20XJL010);广西自然科学基金项目“基于混频数据深度学习的金融资产价格预测方法及应用研究”(项目编号:2023GXNSFBA026063);广西农业职业技术大学2023年度科研项目“数字经济对农业高质量发展的影响研究”(项目编号:XSK2333)。

摘　　要：技术市场既是要素市场的重要构成,也是科技成果转化的主战场,其发展对实施创新驱动发展战略具有重要意义。本文利用我国2011—2020年省级技术市场与A股上市公司的匹配数据,实证检验了中国技术市场发展对企业创新的影响。研究发现:技术市场发展显著正向影响企业创新,该结论在考虑内生性问题并进行一系列稳健性检验后依然成立。进一步分析发现:上市公司研发投入能够正向调节技术市场对企业创新的积极影响;技术市场发展对企业创新的积极作用在技术输入型市场更强;国有企业和大规模企业的创新绩效在技术市场发展中受益更多。未来,要进一步加快发展技术要素市场,鼓励和引导企业加强研发投入,支持不同类型企业创新发展。Technology market is not only an important component of factor market,but also the main battlefield for the transformation of scientific and technological achievements.Its development is of great significance to the implementation of innovation-driven development strategy.This paper empirically tests the impact of the development of China's technology market on enterprise innovation by using the matching data of China's provincial technology market and A-share listed companies from 2011 to 2020.It is found that the development of technology market has a significant positive impact on enterprise innovation.This conclusion still holds after considering endogenous problems and conducting a series of robustness tests.Further analysis shows that the R&D investment of listed companies can positively adjust the positive impact of technology market on enterprise innovation;the positive effect of technology market development on enterprise innovation is stronger in technology input market;the innovation performance of state-owned enterprises and large-scale enterprises has benefited more from the development of the technology market.In the future,it is necessary to accelerate the development of markets for technology factors,encourage and guide enterprises to increase their R&D investment,and support the innovation and development of different types of enterprises.

关 键 词：技术市场 企业创新 研发投入 调节效应 

分 类 号：F713[经济管理—产业经济]