国内价值链与企业技术创新  

Domestic Value Chain and Enterprise Technological Innovation

作　　者：史本叶[1] 杨馥嘉 王晓娟 SHI Ben-ye;YANG Fu-jia;WANG Xiao-juan(Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学经济学院,吉林长春130012

出　　处：《当代财经》2024年第1期112-125,共14页Contemporary Finance and Economics

基　　金：国家社会科学基金一般项目“美国对华科技遏制下我国高技术产品贸易风险识别评估及防范体系研究”(22BGJ040)。

摘　　要：立足国内大循环助力创新发展是中国实现经济高质量发展的关键,对于实现中国式现代化具有重要意义。从国内价值链的视角探究企业技术创新的驱动力,利用2012年、2015年和2017年沪深交易所上市A股企业数据和中国区域间投入产出表,实证分析参与国内价值链对企业技术创新的影响机理以及数字金融对国内价值链创新驱动效应的调节作用。研究发现,参与国内价值链上下游环节能够产生显著的创新驱动效应,促进企业技术创新,且该结论在考虑内生性问题及稳健性检验后仍然成立。异质性分析发现,参与国内价值链促进企业技术创新的作用在非国有企业、中西部地区和高科技行业表现得更明显。机制检验表明,国内价值链参与度的提高能够有效缓解融资约束,并优化地区间、行业间和行业内资源配置,进而激发企业创新活力。此外,数字金融的发展能够放大参与国内价值链的创新驱动效应。因此,应加快完善国内大循环体系,优化金融服务体系和资源配置,推进数字金融向纵深发展,以实现企业创新发展。Promoting innovation based on the domestic cycle is the key for China to achieve high-quality economic development,which is important for achieving Chinese modernization.This pa-per explores the driving force of enterprise technological innovation from the perspective of the do-mestic value chain.By making use of the data of A-share listed enterprises in Shanghai and Shenzhen stock exchanges and the inter-regional input-output tables of China in 2012,2015 and 2017,it empir-ically analyzes the influencing mechanism of participating in the national value chain on enterprise technological innovation and the moderating effect of digital finance on the innovation driving effect of participating in the national value chain.The findings show that participating in the upstream and downstream of the domestic value chain can generate a significant innovation driving effect,which can promote enterprise technological innovation;and the results are still robust after a series of en-dogenous tests and robustness tests.The heterogeneity analysis reveals that the promotion effect of participating in the domestic value chain on enterprise technological innovation is more obvious in the non-state-owned enterprises,in the central and western regions,and in the high-tech industries.The mechanism test shows that the increase in national value chain participation can ease financial con-straints effectively and optimize the allocation of resources among regions,industries and within the industries,thereby stimulating the innovation vitality of enterprises.In addition,the development of digital finance can amplify the innovation driving effect generated by participating in the national val-ue chain.Therefore,it is necessary to perfect the domestic circulation system,optimize the financial service system and the allocation of resources,and promote the in-depth digital finance development,so as to achieve the innovation development of enterprises.

关 键 词：国内价值链 企业技术创新 资源配置 数字金融 

分 类 号：F272[经济管理—企业管理]