Domestic Value Chain and Enterprise Technological Innovation

Abstract

Abstract: Promoting innovation based on the domestic cycle is the key for China to achieve high-quality economic development, which is important for achieving Chinese modernization. This paper explores the driving force of enterprise technological innovation from the perspective of the domestic value chain. By making use of the data of A-share listed enterprises in Shanghai and Shenzhen stock exchanges and the inter-regional input-output tables of China in 2012, 2015 and 2017, it empirically analyzes the influencing mechanism of participating in the national value chain on enterprise technological innovation and the moderating effect of digital finance on the innovation driving effect of participating in the national value chain. The findings show that participating in the upstream and downstream of the domestic value chain can generate a significant innovation driving effect, which can promote enterprise technological innovation; and the results are still robust after a series of endogenous tests and robustness tests. The heterogeneity analysis reveals that the promotion effect of participating in the domestic value chain on enterprise technological innovation is more obvious in the non-state-owned enterprises, in the central and western regions, and in the high-tech industries. The mechanism test shows that the increase in national value chain participation can ease financial constraints effectively and optimize the allocation of resources among regions, industries and within the industries, thereby stimulating the innovation vitality of enterprises. In addition, the development of digital finance can amplify the innovation driving effect generated by participating in the national value chain. Therefore, it is necessary to perfect the domestic circulation system, optimize the financial service system and the allocation of resources, and promote the in-depth digital finance development, so as to achieve the innovation development of enterprises.

Key words: domestic value chain, enterprise technological innovation, resource allocation, digital finance

CLC Number:

F272

SHI Ben-ye, YANG Fu-jia, WANG Xiao-juan. Domestic Value Chain and Enterprise Technological Innovation[J]. Contemporary Finance & Economics, 2024, 0(1): 112-125.

References

[1] 张杰,周晓艳,李勇. 要素市场扭曲抑制了中国企业R&D?[J]. 经济研究,2011,(8):78-91.
[2] 黎峰. 增加值视角下的中国国家价值链分工——基于改进的区域投入产出模型[J]. 中国工业经济,2016,(3):52-67.
[3] Pietrobelli C., Rabellotti R.Global Value Chains Meet Innovation Systems: Are There Learning Opportunities for Developing Countries?[J]. World Development, 2011, 39(7): 1261-1269.
[4] 吕越,陈帅,盛斌. 嵌入全球价值链会导致中国制造的“低端锁定”吗?[J]. 管理世界,2018,(8):11-29.
[5] 盛斌,苏丹妮,邵朝对. 全球价值链、国内价值链与经济增长:替代还是互补[J]. 世界经济,2020,(4):3-27.
[6] 邵朝对,苏丹妮. 国内价值链与技术差距——来自中国省际的经验证据[J]. 中国工业经济,2019,(6):98-116.
[7] 张璇,刘贝贝,汪婷,李春涛. 信贷寻租、融资约束与企业创新[J]. 经济研究,2017,(5):161-174.
[8] 李红阳,王晓娆.嵌入全球价值链可以缓解民营企业的贷款难问题吗?[J].世界经济研究,2016,(12):83-92+133-134.
[9] 谢雪燕,朱晓阳. 数字金融与中小企业技术创新——来自新三板企业的证据[J]. 国际金融研究,2021,(1):87-96.
[10] Laeven L., Levine R., Michalopoulos S.Financial Innovation and Endogenous Growth[J]. Journal of Financial Intermediation, 2015, 24(1): 1-24.
[11] 刘志彪,张少军. 中国地区差距及其纠偏:全球价值链和国内价值链的视角[J]. 学术月刊,2008,(5):49-55.
[12] 陈爱贞,陈凤兰,何诚颖. 产业链关联与企业创新[J]. 中国工业经济,2021,(9):80-98.
[13] Nishioka S., Ripoll M.Productivity, Trade and the R&D Content of Intermediate Inputs[J]. European Economic Review, 2012, 56(8): 1573-1592.
[14] 王玉泽,罗能生,刘文彬. 什么样的杠杆率有利于企业创新[J]. 中国工业经济,2019,(3):138-155.
[15] 江艇,孙鲲鹏,聂辉华. 城市级别、全要素生产率和资源错配[J]. 管理世界,2018,(3):38-50+77+183.
[16] 胡汉辉,申杰. 数字金融能畅通国内国际双循环吗——基于国内大循环为主的效率提升视角[J]. 财经科学,2022,(4):1-14.
[17] 张超,陈丽芳,宋华盛. 土地规制与企业创新——基于中国土地集约节约政策的研究[J]. 经济学(季刊),2023,(1):37-55.
[18] 蒋纳,李晓静. 海外子公司地理布局、地区知识产权保护与企业创新[J]. 世界经济研究,2023,(2):50-65+135.
[19] 李跟强,潘文卿. 国内价值链如何嵌入全球价值链:增加值的视角[J]. 管理世界,2016,(7):10-22+187.
[20] 孟庆斌,李昕宇,张鹏. 员工持股计划能够促进企业创新吗?——基于企业员工视角的经验证据[J]. 管理世界,2019,(11):209-228.
[21] 马丹,何雅兴,郁霞. 双重价值链、经济不确定性与区域贸易竞争力——“一带一路”建设的视角[J]. 中国工业经济,2021,(4):81-99.
[22] 鞠晓生,卢荻,虞义华. 融资约束、营运资本管理与企业创新可持续性[J]. 经济研究,2013,(1):4-16.
[23] 江春,雷振锋,胡德宝,司登奎. 利率市场化改革能促进企业创新吗?——基于中国人民银行取消贷款利率上下限的经验证据[J]. 国际金融研究,2023,(4):29-38.
[24] Baron E.J. School Spending and Student Outcomes: Evidence from Revenue Limit Elections in Wisconsin[J]. American Economic Journal-Economic Policy, 2022, 14(1): 1-39.
[25] 王文,牛泽东. 资源错配对中国工业全要素生产率的多维影响研究[J]. 数量经济技术经济研究,2019,(3):20-37.
[26] Levinsohn J., Petrin A.Estimating Production Functions Using Inputs to Control for Unobservables[J]. Review of Economic Studies, 2003, 70(2): 317-341.