经济周期与企业创新投入同群效应:“顺势而为”还是“逆流而上”?  

Economic Cycle Fluctuation and Peer Effect of Corporate Innovation Investment:“Take Advantage of the Situation”or“Move Against the Current”?

作　　者：邹萍[1] 尉艳桦 ZOU Ping;WEI Yanhua(School of Economics and Management,Huazhong Agricultural University,Wuhan 430070,China)

机构地区：[1]华中农业大学经济管理学院,湖北武汉430070

出　　处：《南京审计大学学报》2023年第6期91-100,共10页Journal of Nanjing Audit University

基　　金：中央高校基本科研业务费专项基金(2662022JGYJY010)。

摘　　要：以2007—2020年中国A股上市公司为样本,实证分析经济周期波动下企业创新投入决策的同群效应现象。研究发现:企业创新投入决策存在行业层面的同群效应;在经济周期波动的作用下,企业创新投入同群效应呈逆经济周期变化,即相比经济上行时期,当经济处于下行时期,企业创新投入同群效应更加显著。采用Heckman两阶段模型和替换关键变量进行稳健性检验,依然支持结论。进一步地,基于双元创新模式和行业竞争程度的异质性分析发现:进行探索式创新及处于高竞争程度行业的企业,其创新投入同群效应及其逆经济周期变化更加显著。从经济后果上看,创新投入决策的同群效应及其逆经济周期性变化能够提升企业全要素生产率。Taking China s A-share listed companies from 2007 to 2020 as samples,and empirically examines the phenomenon of peer effect on corporate innovation investment decisions under economic cycle fluctuations.The study finds that there is an industry-level peer effect on corporate innovation investment decisions,and under the effect of economic cycle fluctuations,the peer effect of corporate innovation investment presents a counter-cyclical change.That is,the peer effect of corporate innovation investment is more significant when the economy is in a downward period compared to an upward period.Robustness tests using the Heckman two-stage model and replacing key variables still support the conclusion.Further,the heterogeneity analysis based on the ambidextrous innovation model and the degree of industry competition reveals that the peer effect of innovation investment and its counter-cyclical changes are more significant for firms that engage in exploratory innovation or are in industries with a high degree of competition.In terms of economic consequences,the peer effect of innovation investment decisions and their counter-cyclical variation can improve the total factor productivity of firms.

关 键 词：企业创新投入 同群效应 经济周期 双元创新 行业竞争 

分 类 号：F275[经济管理—企业管理]