制度互补还是制度挤出?基于经济政策不确定性与企业探索性研发投入的考察  

Institutional Complementarity or Institutional Crowding Out?An Examination Based on Economic Policy Uncertainty and Firms’Exploratory R&D Investments

作　　者：林春培[1,2,3] 李京 余传鹏[4] 秦全德[5] LIN Chun-pei;LI Jing;YU Chuan-peng;QIN Quan-de(Business School,Huaqiao University,Quanzhou 362021,China;Business Management Research Centre,Huaqiao University,Quanzhou 362021,China;Huaqiao University Research Base of Fujian Xi Jinping Research Centre for Socialist Thought with Chinese Characteristics in the New Era,Huaqiao University,Quanzhou 362021,China;Department of Tourism Management,South China University of Technology,Guangzhou 510006,China;College of Management,Shenzhen University,Shenzhen 518052,China)

机构地区：[1]华侨大学工商管理学院,泉州362021 [2]华侨大学商务管理研究中心,泉州362021 [3]华侨大学福建省习近平新时代中国特色社会主义思想研究中心华侨大学研究基地,泉州362021 [4]华南理工大学旅游管理系,广州510006 [5]深圳大学管理学院,深圳518052

出　　处：《研究与发展管理》2024年第6期14-25,共12页R&D Management

基　　金：国家自然科学基金面上项目“外部变革情境下企业家矛盾性认知框架对破坏性创新的影响机制研究”(71974059);福建省社会科学基金重点项目“技术扩散视角下福建省制造企业数字化转型的驱动因素与过程机理研究”(FJ2024A023);教育部人文社会科学研究一般项目“制造企业数字化转型的过程机理研究”(23YJA630124)。

摘　　要：在不确定环境下,探索性研发投入是企业实现可持续发展的重要途径。本文从经济政策不确定性的视角出发,深入探讨宏观经济政策变化对企业探索性研发投入的影响,并考察股权激励、政治关联以及二者之间相互作用如何影响这种关系。研究发现:随着经济政策不确定性的上升,企业会增加探索性研发投入。同时,股权激励会发挥正向调节效应,而政治关联会发挥负向调节效应。进一步地,政治关联和股权激励之间存在制度挤出效应,即政治关联会弱化股权激励的正向调节效应。异质性分析显示,经济政策不确定性对探索性研发投入的促进作用在人力资本水平较高、数字化转型程度较高的企业中更为显著。研究结论有助于揭示不确定环境下企业探索性研发投入战略抉择的内在逻辑,为政府经济政策制定和企业探索性研发投入实践提供启示。In an uncertain economic environment,exploratory R&D investment serves as a vital approach for firms aiming to achieve sustainable development.It investigated the influence of economic policy uncertainty on firms’exploratory R&D investments,with a particular focus on how equity incentives,political connections,and their interaction impact this relationship.The results reveal that rising economic policy uncertainty encourages firms to increase their exploratory R&D efforts.Additionally,equity incentives positively moderate this relationship,while political connections have a negative moderating influence.Furthermore,an institutional crowding-out effect exists between political connections and equity incentives,where political connections diminish the positive moderation provided by equity incentives.The heterogeneity analysis indicates that economic policy uncertainty has a more significant positive effect on exploratory R&D in firms with high human capital and advanced level of digital transformation.The findings help clarify the strategic logic behind firms’choices to invest in exploratory R&D under uncertain conditions,and offer valuable insights for both economic policy-making and firms’R&D practices.

关 键 词：经济政策不确定性 探索性研发投入 股权激励 政治关联 

分 类 号：F273[经济管理—企业管理]