摘要
将数字经济、市场整合与企业创新绩效纳入同一分析框架,利用2013—2018年沪深A股高新技术产业上市公司的面板数据,实证检验了数字经济和市场整合对企业创新绩效的影响机制及路径。研究结果表明:数字经济和市场整合都有利于促进企业创新绩效的提升,并且数字经济对市场整合的创新激励效应有正向的调节作用,在一系列稳健性检验后这一结论仍然成立。进一步机制分析结果表明:市场整合主要通过促进创新要素流动来影响企业创新绩效,对技术多元化的影响不显著,而数字经济则主要通过技术多元化渠道来影响企业创新绩效。此外,企业特征差异并未改变数字经济和市场整合的创新效应,但数字经济和市场整合对非国有企业和成熟期企业的边际效应更强。
By incorporating the digital economy,market integration and corporate innovation performance into a unified analytical framework,this paper makes use of the panel data of the A-share high-tech industry listed companies in Shanghai and Shenzhen stock exchanges from 2013 to 2018 to empirically test the influencing mechanism and the path of the digital economy and market integration on corporate innovation performance.The research results show that both the digital economy and the market integration are conducive to promoting the improvement of corporate innovation performance,and the digital economy has a positive regulatory effect on the innovation incentive effect of market integration.This conclusion is still valid after a series of robustness tests.The findings of further mechanism analysis show that market integration affects corporate innovation performance mainly through promoting the flow of innovative elements,and it has no significant impact on technological diversification,while the digital economy affects corporate innovation performance mainly through the channel of technological diversification.In addition,the differences in corporate characteristics have not changed the innovative effects of the digital economy and the market integration.However,the marginal effect of digital economy and market integration is stronger on the non-state-owned enterprises and the mature enterprises.
作者
侯世英
宋良荣
HOU Shi-ying;SONG Liang-rong(University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《当代财经》
CSSCI
北大核心
2021年第6期78-88,共11页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“产业‘互联智造’供需网的结构、演化及其动力学研究”(71871144)。
关键词
数字经济
市场整合
企业创新绩效
影响机制
digital economy
market integration
corporate innovation performance
influence mechanism
