市场化进程、技术多元化与企业创新绩效  

Marketization Process,Technological Diversity and Corporate Innovation Performance

作　　者：贺建风 吴慧 HE Jianfeng;WU Hui(School of Economics and Finance,South China University of Technology,Guangzhou 510006,China;School of Economics,Central South University of Forestry and Technology,Changsha 410004,China)

机构地区：[1]华南理工大学经济与金融学院,广东广州510641 [2]中南林业科技大学经济学院,湖南长沙410004

出　　处：《经济经纬》2025年第1期106-119,共14页Economic Survey

基　　金：国家社会科学基金重大项目(24&ZD077);湖南省教育厅科学研究优秀青年项目(24B0257);广东省自然科学基金面上项目(2024A1515010789)。

摘　　要：基于2008—2021年中国上市公司数据,构建计量模型探究了市场化进程对企业创新绩效的影响及技术多元化的作用机制。研究发现,市场化进程能够显著提升企业创新绩效,尤其有利于提高利用式创新绩效,而对探索式创新绩效不存在显著影响,稳健性检验后结论依然成立。机制分析表明,技术多元化是市场化进程显著影响企业创新绩效的重要渠道,但该渠道仅在相关技术多元化中显著存在,非相关技术多元化并未呈现统计显著性,并且相关技术多元化与企业创新绩效存在倒U形关系。异质性分析发现,相较于民营企业、东部和西部地区企业,市场化进程对国有企业、中部地区企业的创新绩效促进效应更加显著。根据上述结论,立足创新驱动发展战略,从完善市场运行机制、引导企业进行突破创新、鼓励企业实施技术多元化战略等方面提出了政策建议。Based on data from Chinese listed companies between 2008 and 2021,this paper constructs an econometric model to investigate the impact of the marketization process on corporate innovation performance and the role of technological diversity.The findings reveal that the marketization process significantly improves corporate innovation performance,particularly in enhancing exploitative innovation outcomes,while it does not exert a significant influence on exploratory innovation performance.These conclusions hold after conducting robustness checks.Mechanism analysis indicates that technological diversity is an important channel through which the marketization process significantly affects corporate innovation performance.However,this channel is only significantly present in related technological diversity,while unrelated technological diversity does not show statistical significance.Moreover,there is an inverse U-shaped relationship between related technological diversity and corporate innovation performance.Heterogeneity analysis reveals that compared to private enterprises and companies in the eastern and western regions,the marketization process has a more significant promotional effect on the innovation performance of state-owned enterprises and companies in the central region.Based on the above conclusions and in line with the innovation-driven development strategy,policy recommendations are proposed from aspects such as improving market operation mechanisms,guiding enterprises to undertake breakthrough innovations,and encouraging enterprises to implement technological diversification strategies.

关 键 词：市场化进程 探索式创新 利用式创新 技术多元化 

分 类 号：F273[经济管理—企业管理]