市场化进程、风险偏好属性与企业创新效率  

Marketization,Risk Preference,and the Enterprise’s Innovation Efficiency

作　　者：张群姿 刘茵伟 胡金焱[1] Zhang Qunzi;Liu Yinwei;Hu Jinyan(School of Economics,Shandong University,Jinan 250100,P.R.China)

机构地区：[1]山东大学经济学院,济南250100

出　　处：《山东大学学报（哲学社会科学版）》2024年第2期104-116,共13页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家自然科学优秀青年基金项目“金融风险测度与预警”(72222013);国家社科基金重大项目“促进实体经济高质量发展的金融结构优化和制度创新研究”(22&ZD117);国家自然科学基金项目“科技企业创新与尾部风险:微观机制与预警体系”(71903112);国家社科基金重大项目子课题“中国家庭经济风险测度、成因及外溢性研究”(21&ZD088)。

摘　　要：风险偏好是影响企业创新的重要因素。在考察风险偏好对企业创新影响的文献中,地区市场化异质性没有得到足够重视,实际上不同市场化程度地区的风险偏好对企业创新效率的影响并不一致。使用人均彩票销售额作为风险偏好的代理变量考察不同市场化程度地区风险偏好对企业创新效率影响的研究发现,在市场化程度较高的地区,风险偏好体现为理性的“冒险精神”,这会提升企业创新效率;而在市场化程度较低的地区,风险偏好则体现为非理性的“机会主义”,因而降低了企业创新效率。进一步研究发现,在市场化程度较高的地区,风险偏好显著提升了非国有企业的创新效率,但对国有企业的创新效率无显著影响;而在市场化程度较低的地区,风险偏好显著降低了国有企业的创新效率,而对非国有企业的创新效率无显著影响。研究结论对于加快建设全国统一大市场与深化国有企业市场化改革等具有重要意义。Risk preference,as a reflection of regional culture,has a crucial impact on corporate innovation.However,the literature related to the impact of risk preference on firm innovation has not given enough attention to the heterogeneity of regional marketization.In reality,since culture is influenced by the environment,the attributes of risk preference may differ among regions with varying degrees of marketization,resulting in different effects on corporate innovation.In order to explore this issue,this paper measures the risk preference using the lottery sales per capita and examines the impact of risk preference on corporate innovation efficiency in regions with different marketization degrees.The results show that in regions with a higher degree of marketization,risk preference significantly enhances corporate innovation efficiency.On the other hand,in regions with a lower degree of marketization,risk preference reduces corporate innovation efficiency,and the reduction is more pronounced compared to the enhancement in regions with higher marketization degrees.Mechanism analysis suggests that risk preference influences corporate innovation efficiency through investment efficiency and agency costs.Heterogeneity analysis reveals that in regions with higher marketization degrees,risk preference significantly enhances the innovation efficiency of nonstate-owned firms,while having no significant effect on state-owned firms.In contrast,in regions with lower marketization degrees,risk preference significantly reduces the innovation efficiency of state-owned firms,while having no significant effect on non-state-owned firms.This paper offers three main contributions to current studies.Firstly,this paper theoretically clarifies the significantly different attributes of risk preference in different market environments,and empirically examines the impact of risk preference with different attributes on corporate innovation in varying market environments,thereby expanding the scope of related theories.Secondly,while previous stud

关 键 词：市场化 风险偏好 创新效率 统一大市场 

分 类 号：F273.1[经济管理—企业管理]