技术周期内的设备投资与经济高质量发展

包含关键技术的设备投资是打破技术壁垒,加快技术发展周期,实现制造业"弯道超车"的关键。本文从理论上剖析了技术生命周期内的设备投资对企业全要素生产率的影响程度和路径,并选取2009-2018年沪深两市A股上市公司数据实证检验该影响的异质性。结果表明:设备投资通常能够提升企业全要素生产率,且对低技术成熟度企业的促进作用大于高技术成熟度企业;设备投资对工艺创新有显著的促进作用,但对产品创新无显著正向影响,甚至存在抑制作用;低技术成熟度企业通过设备投资促进产品创新提升企业全要素生产率,而高技术成熟度企业倾向于投资工艺设备提升企业全要素生产率。因此,企业应重视技术发展阶段对企业投资决策的影响,根据自身技术发展情况,制定合理的投资策略和创新路径,并适度进行资本积累。

Equipment Investment and High Quality Economic Development in Technology Cycle

Equipment investment including key technologies is the key to break the technical barriers,speed up the technology development cycle,and realize the“overtaking”in the manufacturing industry.This paper theoretically analyzes the degree and path of the impact of equipment investment in the technology life cycle on the total factor productivity of enterprises,and empirically tests the heterogeneity of the impact by selecting the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2018.The results show that:equipment investment can generally improve the total factor productivity of enterprises,and the promotion effect of low technology maturity enterprises is greater than that of high technology maturity enterprises;equipment investment has a significant promotion effect on process innovation,but has no significantly positive effect on product innovation,even has inhibitory effect;low technology maturity enterprises promote product innovation through equipment investment,and enhance enterprise′s overall importance,however,high-tech mature enterprises tend to invest in process equipment to improve total factor productivity.Therefore,enterprises should pay attention to the influence of technology development stage on enterprise investment decision,formulate reasonable investment strategy and innovation path according to their own technology development situation,and appropriately accumulate capital.