江西财经大学学报 ›› 2020, Vol. 0 ›› Issue (6): 32-45.

• 经济管理 • 上一篇    下一篇

市场驱动、创新效率与企业风险承担——兼议“有为政府”的实现路径

李田1, 杜阳2   

  1. 1.天津商业大学 会计学院,天津 300134;
    2.华东政法大学 商学院,上海 201620
  • 收稿日期:2020-02-29 修回日期:2020-06-23 出版日期:2020-11-25 发布日期:2020-12-11
  • 通讯作者: 杜 阳,华东政法大学助理研究员,经济学博士,主要从事计量经济学理论及其方法应用研究,联系方式duyang1212@qq.com。
  • 作者简介:李 田,天津商业大学讲师,管理学博士,主要从事政策评价与企业创新研究。
  • 基金资助:
    教育部人文社会科学研究规划项目(18YJA630029); 天津市十三五教育规划课题(HE4029)

Market Driving, Innovation Efficiency and Corporate Risk Taking: With A Discussion on the Realization Path for the“Activist Government”

LI Tian1, DU Yang2   

  1. 1. Tianjin University of Commerce, Tianjin 300134;
    2. East China University of Political Science and Law, Shanghai 201620, China
  • Received:2020-02-29 Revised:2020-06-23 Online:2020-11-25 Published:2020-12-11

摘要: 中国经济发展动能的成功转型,不仅需要企业发挥创新驱动的主体作用,也需要市场机制与政府干预的协同发力。本文以2007-2017年A股上市公司为研究对象,考察市场驱动、创新效率与企业风险承担之间的关系。实证结果表明,创新效率能够基于竞争优势效应与信号传递效应,为企业风险承担提供资源支持;上述作用在市场化程度较高地区的企业中更为显著。结合进一步研究发现,在市场化程度较低地区更需要“有为政府”发挥引导作用以克服市场失灵;相对于非创新补助,创新补助的引导作用更为突出。基于此,在不断完善市场机制的同时,要兼顾“有为政府”的协同发力;在以效率为导向完善企业内部创新管理的同时,以公正监管促进企业间公平竞争。

关键词: 创新效率, 企业风险承担, 市场机制, “有为政府”

Abstract: The successful transformation of the driving energy for China's economic development requires not only the dominant role of innovation driving played by enterprises, but also the coordinated efforts of market mechanism and government intervention. Taking the A share listed companies from 2007 to 2017 as the research objects, this paper investigates the relationship among market driving, innovation efficiency (IE) and corporate risk-taking(CRT). The empirical results show that IE can provide resource support for CRT based on competitive advantage effect and signal transmission effect. The above-mentioned effects are more significant in the enterprises located in the areas with higher degree of marketization. Further research shows that in regions with lower degree of marketization, it is more necessary for“activist government”to play a guiding role to overcome market failures. Compared with the non-innovation subsidy, the innovation subsidy plays a more prominent guiding role. Based on this, considerations should be given to the collaborative efforts of the“activist government”while improving continuously the market mechanism. The corporate internal innovation management should be improved with efficiency as the orientation, at the same time, the fair competition among the enterprises should be promoted with fair supervision.

Key words: innovation efficiency, corporate risk-taking, market mechanism, activist government

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