市场领导者竞争压力会影响企业创新投入吗?  

Does Competitive Pressure from Market Leaders Affect Firms'Innovation Investment?

作　　者：胥文帅 尹亚华 XU Wenshuai;YIN Yahua

机构地区：[1]上海财经大学会计学院

出　　处：《财务研究》2025年第1期86-99,共14页Finance Research

基　　金：重庆市教委科学技术研究项目(KJQN202300567);重庆市教委科学技术研究青年项目(KJQN202300545);中央高校基本科研业务费专项资金上海财经大学研究生创新基金项目(CXJ-2023-307)。

摘　　要：本文以交易成本理论为基础,探讨了市场领导者竞争压力如何影响企业创新投入。研究结果显示,市场领导者竞争压力对企业创新投入具有显著的正向促进作用。在控制可能的内生性问题后,这一结论仍然成立。机制研究表明,市场领导者竞争压力会强化企业差异化意识,进而促使企业增加创新投入。异质性分析发现,市场领导者竞争压力对创新投入的正向影响在高市场进程地区企业以及竞争性行业企业中更为明显。进一步地,在排除企业模仿行为这一潜在竞争性解释的干扰后,基本结论仍然稳健。此外,本文还发现,市场领导者竞争压力能够增加企业创新产出、提高企业创新效率。本文延续和深化了企业创新投入影响因素的有关研究,为营造公平市场竞争环境进而促进企业创新提供了微观证据。Drawing on transaction cost theory,this study investigates the impact of competitive pressure from market leaders on corporate innovation investment.The results demonstrate that competitive pressure from market leaders has a significant positive effect on firms'innovation investment.This conclusion remains robust even after addressing potential endogeneity issues.Mechanism analysis shows that competitive pressure from market leaders enhances firms'differentiation awareness,thereby motivating them to increase innovation investment.Heterogeneity analysis further reveals that the positive effect of market leaders'competitive pressure on innovation investment is more pronounced in firms located in regions with a higher degree of marketization and in industries with greater competition intensity.Furthermore,after excluding the potential competitive explanation of corporate imitation behavior,the basic conclusion remains robust.Additionally,the paper also shows that competitive pressure from market leaders not only boosts innovation investment but also improves innovation output and efficiency.This research extends and deepens the understanding of the determinants of corporate innovation investment,providing micro-level evidence to support the creation of a competitive market environment conducive to fostering innovation.

关 键 词：市场竞争 市场领导者 交易成本 创新投入 差异化战略 

分 类 号：F271[经济管理—企业管理] F273.1[经济管理—国民经济] F275