政府干预、外部投资与企业自主创新——基于信号传递视角的研究

发布时间：2018-05-09 00:07

本文选题：信号传递 + 政府干预　；参考：《上海经济研究》2017年02期

【摘要】：与发达国家相比,我国战略性新兴企业自主创新普遍面临外部融资约束和创新投入不足两大瓶颈,破除这两大瓶颈,迫切需要政府的引导和激励。该文通过构造因果循环结构联立方程模型,采用2009-2012年我国战略性新兴产业上市公司的面板数据,对政府干预、外部投资与企业自主创新过程中的信号传递机理进行了研究,结果表明:政府干预在企业创新投入和创新产出过程中具有明显的信号传递效应,但是对于最终产出没有明显影响;政府干预有助于外部投资的增加,而外部投资在企业自主创新各阶段具有不同的影响,并在政府干预对创新产出和创新绩效的信号传递过程中起中介作用;最终产出对创新投入和外部投资具有反馈效应。
[Abstract]:Compared with the developed countries, the independent innovation of strategic emerging enterprises in our country generally faces two bottlenecks: external financing constraints and insufficient investment in innovation. To break these two bottlenecks, government guidance and incentive are urgently needed. By constructing the cause-and-effect cycle structure simultaneous equation model and using the panel data of China's strategic emerging industry listed companies from 2009-2012, the paper studies the mechanism of signal transmission in the process of government intervention, external investment and independent innovation of enterprises. The results show that government intervention has obvious signalling effect in the process of enterprise innovation input and innovation output, but has no obvious effect on the final output, and government intervention is helpful to increase external investment. The external investment has different influence in each stage of independent innovation, and plays an intermediary role in the process of government intervention on the signal transmission of innovation output and innovation performance, and the final output has feedback effect on innovation input and external investment.
【作者单位】：中央财经大学博士后科研流动站;中国华融资产管理股份有限公司博士后科研工作站;
【分类号】：F273.1;F832.6

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