PPP投资是否促进了企业创新?——来自上市公司的微观证据  

Does PPP Investment Promote Enterprise Innovation?Micro Evidence from Listed Companies

作　　者：李荣华 王娇娇[1] LI Rong-hua;WANG Jiao-jiao

机构地区：[1]河南师范大学商学院

出　　处：《改革》2024年第6期108-126,共19页Reform

基　　金：国家社会科学基金项目“基于控制权最优配置的PPP供给效率研究”(20BJL134)。

摘　　要：基于公共服务发展视角,以政府和社会资本合作快速发展为契机,采用2009—2020年上市公司与地市级PPP项目库的匹配数据,考察了PPP投资对企业创新的影响。结果表明:PPP投资能够显著增加企业创新产出,且作用强度因PPP投资类型而异;具体地,相较于民生性和补短型投资,生产性和升级型投资对企业创新的影响更显著,这主要源于市场规模效应、成本节约效应和技术吸收能力提升效应等作用机制;异质性分析表明,PPP投资对企业创新的促进作用在大中型城市以及非高新技术企业更显著;拓展研究表明,行业市场竞争对PPP投资与企业创新具有正向调节效应,且资源再配置对行业创新强度的贡献超过50%。上述研究从优化创新资源空间配置角度,提供了公共服务促进企业创新的经验证据,对于优化PPP投资的创新服务效能具有重要政策启示。Based on the perspective of public service development,taking the rapid development of cooperation between the government and social capital as an opportunity,this paper examines the impact of PPP investment on enterprise innovation by using the matching data of listed companies and prefecturelevel PPP project databases from 2009 to 2020.The results show that PPP investment can significantly increase the innovation output of enterprises,and the effect intensity varies with the type of PPP investment.Specifically,compared with private investment and complementary investment,productive investment and upgrading investment have a more significant impact on enterprise innovation,which is mainly due to market scale effect,cost saving effect and technology absorption capacity improvement effect.Heterogeneity analysis shows that the promotion effect of PPP investment on enterprise innovation is more significant in large and medium-sized cities and non-high-tech enterprises.The expansion research shows that industry market competition has a positive moderating effect on PPP investment and enterprise innovation,and the contribution of resource reallocation to industry innovation intensity is more than 50%.From the perspective of optimizing the spatial allocation of innovation resources,the above research provides empirical evidence that public services promote enterprise innovation,and has clear policy implications for optimizing the innovation service efficiency of PPP investment.

关 键 词：PPP投资 公共服务发展 企业创新 市场竞争 资源再配置 

分 类 号：F273.1[经济管理—企业管理]