政策不确定性下的企业双元创新抉择:“探索”还是“利用”?  

The Dual Innovation Decision of Enterprises under Policy Uncertainty:"Exploration"or"Utilization"?

作　　者：孙龙 贾瑞乾 雷良海[2] SUN Long;JIA Ruiqian;LEI Lianghai(School of Management,Fudan University,Shanghai 200433;Business School,University of Shanghai for Science&Technology,Shanghai 201209)

机构地区：[1]复旦大学管理学院,上海200433 [2]上海理工大学管理学院,上海201209

出　　处：《管理现代化》2024年第1期128-138,共11页Modernization of Management

基　　金：国家社会科学基金项目“证券发行注册制改革背景下信息披露机制完善及策略”(21BGL087);上海市软科学研究计划项目“‘双创’背景下促进上海市技术市场发展的科技财政资源配置优化研究”(18692103000)。

摘　　要：选取2016—2021年我国A股2944家上市企业的数据,检验了地方主要官员变更所带来的政策不确定性对企业研发投入及双元创新行为选择的影响。结果表明,地方官员变更会降低企业研发强度,并提高企业在探索式创新方面的投入占比。相比市委书记,市长的变更对企业创新行为选择的影响更为显著,且市长的学历和专业背景对其影响具有显著调节作用。经进一步研究发现,企业产权性质和规模具有调节效应,显著影响了市长变更对企业探索式创新行为选择的作用效果;且市委书记和市长同时变更会带来更大的政治冲击,对企业创新行为的影响也会随之加剧。Selecting data from 2944 A-share listed companies in China from 2016 to 2021,this study examines the impact of policy uncertainty caused by changes in local officials on corporate R&D in-vestment and dual innovation behavior choices.The results indicate that changes in local officials will re-duce the R&D intensity of enterprises and increase the proportion of investment in exploratory innovation.Compared to the Secretary of the Municipal Party Committee,the change of the mayor has a more signif-icant impact on the choice of corporate innovation behavior,and the mayor's education and professional background have a significant moderating effect on its impact.Further research has found that the nature and scale of corporate property rights have a moderating effect,significantly affecting the effect of mayor-al changes on the choice of exploratory innovation behavior by enterprises;The simultaneous change of the Secretary of the Municipal Party Committee and the Mayor will bring greater political impact,and the impact on corporate innovation behavior will also intensify.

关 键 词：政策不确定性 官员变更 研发投入 双元创新行为 

分 类 号：F276[经济管理—企业管理]