跨区域投资对企业技术创新的影响研究  

Study on the Impact of Cross-regional Investment on Enterprise Technological Innovation

作　　者：陈念 干越倩 王瑛 李雨晨 王宇[1] CHEN Nian;GAN Yue-qian;WANG ying;LI Yu-chen;WANG Yu(School of Economics and Management,Inner Mongolia University,Hohhot,China,010000;Johns Hopkins University,Baltimore,Maryland,US,20036)

机构地区：[1]内蒙古大学经济管理学院,内蒙古呼和浩特010000 [2]约翰霍普金斯大学,美国马里兰州巴尔的摩20036

出　　处：《财经理论研究》2023年第5期98-112,共15页Journal of Finance and Economics Theory

基　　金：国家自然科学基金项目(72163023);内蒙古自治区直属高校基本科研业务费项目;内蒙古自治区高等学校青年科技英才支持计划资助项目;内蒙古自然科学基金项目(2023JQ05)。

摘　　要：科技创新是提高社会生产力和综合国力的战略支撑,面对国外“卡脖子”问题,更需要依靠国内经济循环来助推企业技术创新突破。企业进行国内跨地区投资,增加资本的流动性,使得资本与当地要素资源充分结合激发企业的创新活力,这一路径能否在国内实现,其传导机制是否存在以及投资模式选择等都值得深入研究。本文利用2008—2017年中国A股上市企业数据,采用高维度固定效应模型,探究投资广度和投资深度与企业技术创新产出水平之间的关系,并考虑企业知识吸收能力与区域知识密集度对上述关系的影响。研究结果表明:第一,投资内循环情境下,跨区域投资广度和深度均显著提升了企业的技术创新产出水平;第二,企业知识吸收能力会显著促进投资广度与技术创新产出之间的正向关系,但对投资深度和技术创新产出的正向关系无影响;第三,区域知识密集度会显著促进投资深度与技术创新产出的正向关系,但对投资广度和技术创新产出的正向关系无影响;第四,进一步将技术创新区分实质性创新和策略性创新发现,投资广度能够提升策略性创新产出水平,而投资深度则显著提升了实质性创新产出水平。本文探究了经济内循环背景下跨区域投资对企业技术创新产出的影响,为企业在投资布局和战略选择上提供了有价值的参考。Sci-tech innovation is the strategic support to improve social productivity and comprehensive national strength.Facing the problem of“stranglehold”of key technology abroad,it is more necessary to rely on domestic economic cycles to promote the technological innovation breakthrough of enterprises.Enterprises make domestic cross-regional investment,increase the liquidity of capital,and fully combine capital with local factor resources to stimulate the innovation vitality of enterprises.Whether this path can be realized in China,whether its transmission mechanism exists and how to choose investment modes are worthy of in-depth study.Based on the data of A-share listed companies in China from 2008 to 2017,this paper used a high-dimensional fixed effect model to explore the relationship between investment breadth and depth and the level of technological innovation output of enterprises.Then it considered the influence of knowledge absorption capacity and regional knowledge intensity on the above relationship.The research showed that first of all,under the situation of internal circulation of investment,the breadth and depth of cross-regional investment significantly improved the technological innovation output of enterprises.Besides,enterprise’s knowledge absorption capacity significantly promoted the positive relationship between investment breadth and technological innovation output,but it had no effect on the positive relationship between investment depth and technological innovation output.Furthermore,regional knowledge intensity significantly promoted the positive relationship between investment depth and technological innovation output,yet it has no effect on the positive relationship between investment breadth and technological innovation output.Finally,by dividing technological innovation into substantive innovation and strategic innovation,it was found that investment breadth can improve the output of strategic innovation,while investment depth significantly improved the output of substantive innovation

关 键 词：跨区域投资 投资广度 投资深度 技术创新 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济] F832.5