“一带一路”倡议是否有利于促进企业创新能力提升
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摘要
基于中国上市企业2012-2016年样本数据,考察"一带一路"倡议实施初期阶段对企业创新的影响。首先,通过面板双重差分估计策略发现,倡议实施初期阶段,参与倡议建设企业的创新产出显著下降。其次,为解决内生性问题,使用双重差分倾向得分匹配法进行验证,结论仍一致。最后,通过双重差分和三重差分估计发现,参与倡议建设的非国有企业创新产出下降幅度更大更显著,并且其创新产出对政府补助的敏感度更高。研究表明,在倡议实施后期阶段,需通过政府补助等调控手段提高非国有企业创新水平,并注重对外开放与企业创新耦合协调度,逐步实现与沿线国家高端产业对接。
Based on the sample data of listed companies in China from 2012 to 2016, this paper examines the impact of the initial stage of the Belt and Road Initiative on corporate innovation. Firstly, the difference-in-difference estimation of panel double discovered that the innovation output of enterprises involved reduced significantly. Then, the conclusions are still consistent while using the PSM-DID model to avoid the endogenous problem. Finally, this paper found that the innovation output of non-state-owned enterprises involved in the initiative is more significant and more sensitive to government subsidies through difference-in-difference and triple-difference estimation. Therefore, the implementation of the initiative significantly improved the oversea income and return on assets. It shows that in the later stage of the initiative, the state needs to adopt government subsidies such as subsidies to improve the innovation of non-state-owned enterprises, and pay attention to the coupling and coordination degree between opening up and enterprise's innovation, and gradually realize the connection with high-end industries along the line.
Based on the sample data of listed companies in China from 2012 to 2016, this paper examines the impact of the initial stage of the Belt and Road Initiative on corporate innovation. Firstly, the difference-in-difference estimation of panel double discovered that the innovation output of enterprises involved reduced significantly. Then, the conclusions are still consistent while using the PSM-DID model to avoid the endogenous problem. Finally, this paper found that the innovation output of non-state-owned enterprises involved in the initiative is more significant and more sensitive to government subsidies through difference-in-difference and triple-difference estimation. Therefore, the implementation of the initiative significantly improved the oversea income and return on assets. It shows that in the later stage of the initiative, the state needs to adopt government subsidies such as subsidies to improve the innovation of non-state-owned enterprises, and pay attention to the coupling and coordination degree between opening up and enterprise's innovation, and gradually realize the connection with high-end industries along the line.
引文
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[2] 曾萍,邬绮虹,蓝海林.政府的创新支持政策有效吗?——基于珠三角企业的实证研究[J].科学学与科学技术管理,2014,35(4):10-20.
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[17] 刘锦,叶云龙,李晓楠.地区关系文化与企业创新——来自中国内地120个城市的证据[J].科技进步与对策,2018,35(7):43-50.
[18] 李沁筑,董有德.“一带一路”区域经济开放与企业创新的耦合分析[J].统计与决策,2018,34(12):107-110.
[19] 黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(4):60-73.
[20] 刘卫东.“一带一路”战略的科学内涵与科学问题[J].地理科学进展,2015,34(5):538-544.
[21] 陈胜蓝,刘晓玲.公司投资如何响应“一带一路”倡议?——基于准自然实验的经验研究[J].财经研究,2018,44(4):20-33.
[22] BERTRAND,MARIANNE,DUFLO,et al.How much should we trust differences-in-differences estimates[J].Quarterly Journal of Economics,2002,119(1):249-275.
[23] TONG T W,HE W,HE Z L,et al.Patent regime shift and firm innovation:evidence from the second amendment to China's patent law[J].Academy of Management Annual Meeting Proceedings,2014,2014(1):14174-14174.
[24] ALLEN F,QIAN J,QIAN M.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[25] 祝继高,陆正飞.产权性质、股权再融资与资源配置效率[J].金融研究,2011(1):131-148.
[26] 范子英,田彬彬.税收竞争、税收执法与企业避税[J].经济研究,2013,48(9):99-111.
[27] 刘瑞明,赵仁杰.国家高新区推动了地区经济发展吗?——基于双重差分方法的验证[J].管理世界,2015(8):30-38.
[28] BAKKE T E,MAHMUDI H,FERNANDO C S,et al.The causal effect of option pay on corporate risk management [J].Journal of Financial Economics,2016,120(3):623-643.
[2] 曾萍,邬绮虹,蓝海林.政府的创新支持政策有效吗?——基于珠三角企业的实证研究[J].科学学与科学技术管理,2014,35(4):10-20.
[3] 徐欣,唐清泉.R&D活动、创新专利对企业价值的影响——来自中国上市公司的研究[J].研究与发展管理,2010,22(4):20-29.
[4] HSIAO S H,PTE.Innovation capital and firm value interactions in the biotech medical industry[J].Journal of Business Research,2014,67(12):2636-2644.
[5] 张同斌,高铁梅.财税政策激励、高新技术产业发展与产业结构调整[J].经济研究,2012,47(5):58-70.
[6] ROMER P M.Endogenous technological change[J].Nber Working Papers,1990,98(98):71-102.
[7] 刘明霞,袁靖波.新经济环境下企业的技术创新动力机制探析[J].科技进步与对策,2007(7):94-97.
[8] 庄子银.创新、企业家活动配置与长期经济增长[J].经济研究,2007(8):82-94.
[9] DONG Z,WEI X,ZHANG Y.The allocation of entrepreneurial efforts in a rent-seeking society:evidence from China[J].Journal of Comparative Economics,2016,44(2):353-371.
[10] KEYNES,JOHN M.The general theory of employment,interest,and money [M].London:MacMillan Press,1936.
[11] 郑绪涛,柳剑平.促进R&D活动的税收和补贴政策工具的有效搭配[J].产业经济研究,2008(1):26-36.
[12] SCHUMPETER,JOSEPH A.Capitalism,socialism and democracy [M].New York:Harper & Row Press,1962.
[13] 张理娟,张晓青,姜涵,等.中国与“一带一路”沿线国家的产业转移研究[J].世界经济研究,2016(6):82-92+135.
[14] 陈岩,翟瑞瑞.对外投资、转移产能过剩与结构升级[J].广东社会科学,2015(1):5-16.
[15] 熊艾伦,蒲勇健,张勇.“一带一路”与过剩产能转移[J].求索,2015(12):75-79.
[16] 贾俐贞,黄苏萍.“新时代+新常态”:国有企业创新动力机制的研究——基于国有企业分类的视角[J].北京工商大学学报:社会科学版,2018,33(1):105-113.
[17] 刘锦,叶云龙,李晓楠.地区关系文化与企业创新——来自中国内地120个城市的证据[J].科技进步与对策,2018,35(7):43-50.
[18] 李沁筑,董有德.“一带一路”区域经济开放与企业创新的耦合分析[J].统计与决策,2018,34(12):107-110.
[19] 黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(4):60-73.
[20] 刘卫东.“一带一路”战略的科学内涵与科学问题[J].地理科学进展,2015,34(5):538-544.
[21] 陈胜蓝,刘晓玲.公司投资如何响应“一带一路”倡议?——基于准自然实验的经验研究[J].财经研究,2018,44(4):20-33.
[22] BERTRAND,MARIANNE,DUFLO,et al.How much should we trust differences-in-differences estimates[J].Quarterly Journal of Economics,2002,119(1):249-275.
[23] TONG T W,HE W,HE Z L,et al.Patent regime shift and firm innovation:evidence from the second amendment to China's patent law[J].Academy of Management Annual Meeting Proceedings,2014,2014(1):14174-14174.
[24] ALLEN F,QIAN J,QIAN M.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[25] 祝继高,陆正飞.产权性质、股权再融资与资源配置效率[J].金融研究,2011(1):131-148.
[26] 范子英,田彬彬.税收竞争、税收执法与企业避税[J].经济研究,2013,48(9):99-111.
[27] 刘瑞明,赵仁杰.国家高新区推动了地区经济发展吗?——基于双重差分方法的验证[J].管理世界,2015(8):30-38.
[28] BAKKE T E,MAHMUDI H,FERNANDO C S,et al.The causal effect of option pay on corporate risk management [J].Journal of Financial Economics,2016,120(3):623-643.
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