要素资源错配对企业创新的作用机制及实证检验——基于制造业上市公司的经验分析

本文构建理论模型分析了要素资源错配对企业创新的作用机理,并采用2012-2016年中国制造业上市公司数据实证检验了要素资源错配对企业创新的影响效果.研究发现:企业创新存在循环累积效应,要素资源错配是影响企业创新的重要因素,但劳动力和资本资源错配对企业创新具有不同的影响,整体而言,劳动力资源错配显著促进了企业创新.分地区来看,劳动力资源错配对企业创新的作用效果存在中东西部依次递减趋势,中部地区资本资源错配显著抑制了企业创新;分股权性质来看,国有企业和民营企业劳动力资源错配促进了企业创新,民营企业和外资企业资本资源错配抑制了企业创新;分行业来看,不同要素资源错配对企业创新存在行业差异.此外,企业规模、资本密集度、企业年龄和市场集中度也在不同程度上影响了企业创新.

The mechanism and empirical test of factor resources[-1.5mm] mismatching to enterprise innovation—Empirical analysisbased on the listed companies in manufacturing industry

This paper constructs a theoretical model to analyze the mechanism of factor resource misallocation on enterprise innovation, and empirically tests the effect of factor resource misallocation on enterprise innovation by using the data of manufacturing companies from 2012-2016 in China. It is found that there is a cumulative effect of enterprise innovation, and factor resource misallocation is an important factor affecting enterprise innovation. However, labor and capital resource misallocation have different effects on enterprise innovation. On the whole, labor resource misallocation significantly promotes enterprise innovation. Regionally, the effect of labor resource misallocation on enterprise innovation has decreasing tendency in central, east and west region. Capital resource misallocation significantly inhibits the enterprise innovation in the central region. Based on the nature of equity, labor resource misallocation promotes enterprises innovation in state-owned enterprises and private enterprises, and capital resources misallocation inhibits enterprise innovation in private enterprises and foreign enterprises. Based on the view of industry, different factor resource misallocation on enterprise innovation exist industry difference. In addition, enterprise scale, capital density, enterprise age and market concentration also affect enterprise innovation in varying degrees.