经济周期与企业研发效率  

Economic cycle and corporatee innovation efficiency

作　　者：阳丹[1] YANG Dan(School of Foreign Languages,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学外国语学院,四川成都611130

出　　处：《产业经济研究》2023年第6期87-99,共13页Industrial Economics Research

基　　金：国家自然科学基金青年项目(71802162)。

摘　　要：微观企业研发效率对于宏观经济转型至关重要,与此同时,企业的创新效率又受制于宏观经济发展。为分析宏观经济与企业研发效率之间存在的内在逻辑,以2007—2021年我国A股上市公司为样本,基于委托代理理论,考察了经济周期对企业研发效率的影响及其作用机理。研究发现:第一,与经济扩张期相比,企业研发效率在经济紧缩期更高;第二,在经济紧缩期,企业更倾向于开展研发风险较小且成功率较高的开发式创新,而非探索式创新;第三,研发效率的逆周期现象在低市场竞争程度行业、低机构投资者持股比例公司和国有企业中更明显;第四,在考虑财政政策、货币政策和科技政策的影响,更换研发效率的衡量方式,以及采用倾向得分匹配法考察后,结论依然成立。因此,政府可以在经济紧缩期为企业提供更多创新支持,在经济扩张期加强对企业研发的监管和引导,鼓励企业加强内部管理,以提升企业研发效率,推动我国经济转型和可持续发展。Micro-firm R&D efficiency is crucial to macroeconomic transformation,while at the same time,firm innovation efficiency is influenced by macroeconomic development.To analyze the relationship between macroeconomy and enterprise innovation efficiency,this study examines the impact of economic cycles on R&D efficiency and its underlying mechanisms,based on the principal-agent theory,using a sample of Chinese A-share listed companies from 2007 to 2021.The findings are as follows:First,compared to the expansionary phase,enterprises exhibit higher R&D efficiency during economic contractions.Second,the analysis of underlying mechanisms reveals that during economic contractions,companies are more inclined towards exploitative innovation with lower risks and higher success rates,rather than exploratory innovation.Third,the countercyclical nature of R&D efficiency is more pronounced in companies with lower levels of institutional investor shareholdings,lower market competition and state-owned firms.Fourth,considering the impact of fiscal policy,monetary policy,and technology policy,as well as adopting alternative measures of R&D efficiency and employing propensity score matching,the conclusions of this study remain valid.Therefore,the government can provide more innovation support to enterprises during economic contractions and strengthen regulation and guidance on R&D during economic expansions.Encouraging companies to enhance internal control would enhance their R&D efficiency,thereby promoting China's economic transformation and sustainable development.

关 键 词：经济周期 研发效率 委托代理理论 自由现金流量假说 探索式创新 开发式创新 

分 类 号：F272[经济管理—企业管理]