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本文采用2001—2007年中国184家民营上市公司的面板数据和差分广义矩方法考察了中国民营上市公司技术创新的周期性特征。实证结果发现,中国民营上市公司在衰退期和繁荣期都积极进行技术创新活动,我们称之为“扩张偏向的技术创新”行为。在细分行业的分析中,这种特征在消费者相机选购品业也表现得非常显著,但在其他行业中则不显著。本文提出了“利润率差距假说”来解释扩张偏向的技术创新行为形成的原因并验证这个假说,我们认为,利润率差距的缩小增加了企业对主营业务进行技术创新投资的激励,导致企业的技术创新呈现出扩张偏向。在政策建议上,我们提出促进企业技术创新需要考虑到不同行业的特点,特别是财税激励政策要有行业区别,同时,特别需要注意的是,要防止企业间或行业间利润率差距的扩大,这对建设创新型国家有重要意义。
This paper examines the periodic characteristics of technological innovation of Chinese private listed companies from the panel data of 184 private listed companies in China from 2001 to 2007 and the method of differential generalized moments. The empirical results show that Chinese private listed companies are actively engaged in technological innovation during the recession and the boom, which we call “the expansion of biased technological innovation”. In the sub-industry analysis, this feature is also very significant in the consumer camera shopping industry, but not in other industries. This paper presents the hypothesis that the technological innovation behavior of the expansion bias is biased and verifies this hypothesis. In our opinion, the narrowing of the profit margin gap encourages the enterprises to invest in technological innovation in the main business, resulting in The technological innovation of enterprises shows an expansionary bias. In terms of policy proposals, we propose that technological innovation in enterprises need to take into account the characteristics of different industries. In particular, there must be industry differences in fiscal and taxation incentives. At the same time, special attention needs to be paid to prevent the widening of the profit margin between enterprises or industries, which It is of great significance to building an innovative country.