地方产业政策如何影响企业创新行为?——基于高管人员短视主义的机制分析  

How Does Local Industrial Policy Affect the Innovation Behavior of Enterprises?——Based on the Mechanism Analysis of CEO Short-Termism

作　　者：孙正昕 郁俊莉[1,2] 李思娴 SUN Zheng-xi;YU Jun-li;LI Si-xian

机构地区：[1]北京大学政府管理学院 [2]北京大学中国新兴产业创新研究中心 [3]昆仑数智科技有限责任公司

出　　处：《产经评论》2024年第4期92-104,共13页Industrial Economic Review

摘　　要：企业创新是中国经济创新驱动发展的现实要求,也是实现经济高质量发展的重要动力。基于2011—2020年中国A股上市企业数据,采用双重差分模型检验地方产业政策对企业创新行为的影响和作用机制。结果表明:(1)地方产业政策对企业创新行为具有积极影响,但地方产业政策的创新效应主要表现在企业的策略性创新行为而非实质性创新行为。(2)地方产业政策通过高管人员短视主义影响企业策略性创新行为,高管人员短视主义会诱导企业选择策略性创新,导致企业创新重数量而轻质量。(3)相比于国有企业,地方产业政策对企业选择策略性创新行为的影响在民营企业中更明显。因此,制定地方产业政策时,应关注企业高质量发展动能培育,实施差异化激励措施,充分调动企业创新积极性;提升管理层对产业政策信息的获取能力,缓解政府与企业之间的信息不对称问题,引导管理层根据产业政策做出符合企业长期发展的实质性创新投资决策。Firm innovation is a practical requirement for China s innovation-driven economic development and a critical driver of high-quality economic growth.Using data from A-share listed companies in China from 2011 to 2020,this study employs a difference-in-differences model to examine the impact of local industrial policies on firms innovation behavior and the underlying mechanisms.The results show that:(1)Local industrial policies positively impact firms innovation behavior,but this effect is primarily reflected in strategic rather than substantive innovation.(2)Local industrial policies influence strategic innovation through executives myopia,executives short-term focus induces firms to prioritize quantity over quality in their innovation efforts.(3)Compared to state-owned enterprises,the influence of local industrial policies on strategic innovation is more pronounced in private firms.Therefore,when formulating local industrial policies,it is essential to focus on high-quality development,implement differentiated incentive measures,fully mobilize firms innovation enthusiasm,enhance management s ability to access policy information,alleviate information asymmetry between governments and firms,and guide management to make substantive innovation investment decisions aligned with long-term corporate growth in response to industrial policies.

关 键 词：地方产业政策 企业创新行为 高管人员短视主义 双重差分模型 

分 类 号：F062.9[经济管理—政治经济学]