基于PLS-SEM模型的包容性创新绩效实证研究

包容性创新实践与当前“大众创业、万众创新”倡导的“人人参与创新活动、人人共享创新成果”是一致的。以我国集中连片特困地区秦巴山区部分企业作为调研对象，搜集整理了265组有效数据，利用PLS SEM模型方法验证了包容性创新实践与创新绩效的关系。结果显示，创新成本、创新设施以及创新主体与包容性创新绩效具有显著正向关系，但政府扶持、企业合作与创新绩效没有显著正相关关系。由此提出，政府需要制定与出台关于包容性创新的制度和政策，并非一定要投入大量人力和财力，而应当优化创新设施布局，鼓励当地大众广泛参与创新活动，支持创新创业者与企业开展合作以开发具有适用性、成本低的产品，助力思维变革，营造创新氛围。     

Policy mix to foster innovation in the Dominican Republic: attempts from an empirical perspective

ABSTRACT

This paper aims to understand firms’ preferences for incentives to foster innovation in Dominican firms. A key research question arises: What are the most preferred science, technology, and innovation (STI) policy options to support innovation in Dominican firms? This research relies on the concept of policy mix and the conjoint analysis to support the empirical approach. Over 300 firms were surveyed across the country, and we discovered that Dominican firms prefer more complex STI policy options, including at the same time research grants, guarantee funds, and tax incentives to support several kinds of innovative activities. But also, firms need to understand the potential of available options such as tax credit and other monetary instruments, including guarantee funds. It is concluded that in the medium and long term, the STI policy mix approach could support as part of the Dominican policy agenda, an economic transition toward a more resilient and competitive economy.     

创新环境激励与企业成长:基于中部创新型企业的实证

从国内外科技型企业成长与激励的理论综述入手,通过对我国中部地区128家创新型企业的问卷调查,对创新型企业成长的外部创新环境激励模型进行了假设验证,揭示了科技项目引导、产业技术政策、科技金融支持、科技奖励与知识产权保护,以及区域创新体系建设5个方面的创新环境因素对企业成长的激励效应。研究发现,政府科技项目的合理导向、企业技术战略联盟以及功能完善的技术市场是促进创新型企业快速成长的最重要外部因素。     

外部研发对企业创新绩效的影响机制研究

已有研究表明，利用外部研发有助于增强企业创新能力，但对其作用机理的解释不够。从外部研发需通过内部组织发挥作用这一思路出发,以组织正式化和创新激励政策为调节变量,探讨了外部研发对企业创新绩效的影响机理，以中国549家企业为样本，运用SPSS20.0软件进行多元回归调节检验，对4者之间关系进行了实证研究。结果表明，外部研发对企业创新绩效有显著正向影响；创新激励政策正向调节外部研发与创新绩效之间的关系；组织正式化对外部研发与创新绩效的关系具有不同调节作用。与此同时，高激励能够减少组织正式化对于创新绩效的负向作用。该研究部分解释了外部研发对创新绩效的作用机理，对于促进企业创新活动，提升创新管理能力具有重要意义。     

垂直薪酬差距对企业创新"质"与"量"的影响

创新不仅取决于管理层决策,而且与员工支持密不可分,那么垂直薪酬差距(管理层与员工的薪酬差距)如何影响企业创新？依据锦标赛理论和社会比较理论,以中国2007-2015年A股非金融上市公司为样本,进行Tobit实证检验。研究发现,垂直薪酬差距对企业创新发挥“锦标赛”激励作用,其中,对创新数量的促进效应在薪酬差距较低组显著,企业融资约束会反向调节垂直薪酬差距与企业创新的关系;薪酬差距中的管理层薪酬溢价能显著提升企业创新数量和质量,而员工薪酬溢价会显著降低企业创新数量,提升企业创新质量,并且对非国有企业更显著。据此提出优化企业薪酬设计、加大企业创新资金支持及人才建设等建议。     

Endogenous growth cycles with financial intermediaries and entrepreneurial innovation

This study analyzes the effects of financial intermediaries’ activities on economic fluctuations in a model of endogenous innovation cycles. In the model, I consider an economy in which entrepreneurs and financial intermediaries engage in their respective innovative activities. Entrepreneurs can invent new products and raise funds for their invention from financial intermediaries and if their invention is successful, they can produce new products. Only financial intermediaries can evaluate entrepreneurial ideas regarding their new products. Moreover, they can invest their capital to improve information about the entrepreneurial ideas and thus, meet successful entrepreneurs with a higher probability. I show that when an economy does not accumulate enough capital, and the level of financial innovation is not sufficiently high, the economy is trapped in a no-entrepreneurial innovation regime. I also show that when the financial innovation slightly develops, the economy fluctuates between the no-entrepreneurial innovation and entrepreneurial innovation regimes.     

纽约州创新经济发展的三大引擎

2013年,纽约州在技术创新指标方面再次蝉联美国"商业强州排行榜"的榜首。纽约州技术创新能力的持续领先,反映出纽约州政府近年来为有效应对全球金融危机、集聚产学研金资源所出台各项措施的有效性。纽约州的纳米与信息电子、生命科学、新能源与可再生能源是纽约州大力发展的新兴与支柱产业,是其经济发展、技术创新三大引擎。通过深入分析,总结出纽约州在上述领域持续创新发展的有效措施是:充分利用公共和私营部门的伙伴关系,以核心技术为平台,促进多领域的创新研究,加速技术商业化;创新机制,大力促进民间资本投资;有针对性地实施税收优惠及激励政策等。     

员工股权激励对中小企业创新会产生补充的促进效应吗？

高管与核心技术员工作用于创新的不同过程,同时也是股权激励计划的主要激励对象,两者股权激励的互动效应对创新的影响值得探讨。选取2009—2015年成功实施股权激励的深A上市中小板与创业板公司为研究对象,考察员工股权激励对高管股权激励在中小企业创新中的影响及其作用机制。研究结果表明：实施股权激励计划能够显著增加企业研发投入与创新产出;相较于高管,核心技术员工股权激励强度越大,企业创新数量越多、质量越高;高管股权激励降低了创新转化效率。进一步地,融资支持效应和人才激励效应是员工股权激励补充促进创新的重要机制;代理成本在高管股权激励与研发投入关系中起遮掩作用。     

The effect of offshoring on knowledge flows in the US automobile industry

This paper examines the impact of financial constraints on innovation for established firms. We make use of a direct measure of the existence of financial constraints obtained thanks to a specific survey addressed to French established firms. This is a distinctive feature of this paper as most of previous studies had to rely on proxies (like the cash-flow sensitivity), which may be subject to interpretation problems. The probability to have innovative activities and the probability to face financial constraints are simultaneously estimated by a recursive bivariate probit model. Accounting for the endogeneity of the financial constraint variable, we find that financial constraints significantly reduce the likelihood that firms have innovative activities. The probability to encounter financial constraints is explained by firms’ ex ante financing structure and economic performances.     

基于心理过程的企业创新团队运作机制研究

从创新产生的心理过程出发,以武汉市50个科技创新团队为研究对象,探讨了组织激励、创新动机、团队创新氛围3种因素对团队创新绩效的影响和作用方式。实证结果发现,组织激励、创新动机、团队创新氛围对团队创新绩效有显著的预测作用,通过依次检验,证实了创新动机在组织激励和团队创新绩效的关系中起中介作用。根据所得结论,从激励体系、成员甄选、文化营造等方面,对创新团队的建设提出了一些管理建议。     

Financial innovation in the UK

This study employs a national survey of over 1100 British financial firms to ascertain the determinants of financial innovation and their sales success using the logit and the generalized Tobit models. We find that the likelihood of financial innovation rises with the size of financial firms, employee education, greater expenditure on research and development, the availability of finance and the extent to which firms cooperate with each other. Perceptions of economic risk and innovation costs are also influential. R&D, cooperation and human capital are the main variables driving the success of financial innovation, measured by the percentage share of innovations sold. Firms in London/the south have a significantly greater tendency to innovate, though Scotland also does well. Stock broking, fund management and related activities are more innovative than firms in the financial intermediation and pension/insurance sectors.     

财税支持、高新资质认定与家族企业自主创新研究

中国家族企业研发投入不足、创新意愿不强。基于2008-2017年中国A股家族高新技术上市公司研究样本，从财税支持视角，分析高新资质认定政策对家族企业自主创新的影响。结果发现，家族企业通过高新资质认定后自主创新绩效显著提升，且高新资质认定后配套财税支持强化了这种激励效应。进一步发现，财税支持政策效果对高新资质认定初审阶段，以及融资约束强、无政治关联、高新开发区外、知识产权保护低的家族企业更加显著。最后，为完善高新资质认定及财税支持政策提出政策建议。     

Effects of public funding on firm innovation: transforming or reinforcing a weak innovation pattern?

ABSTRACT

This paper adds to the ongoing debate on the effects of public funding programmes on business innovation. This policy instrument, based upon a simple but a robust rationale, has been applied in an almost homogeneous manner in different contexts, but evidence from such experiences is far from shown homogeneous effects. The main contribution of this paper is that it shows the limitations faced by public funding instruments in affecting a traditionally low innovative pattern. Using panel data techniques, we find heterogeneous effects of public funding on the innovation behaviour of Uruguayan firms between 2001 and 2015. Our results show that, after a strong public policy effort, the critical mass of innovative firms has hardly changed. Input additionality effects of public funding in private innovation investment are found, but only for innovation activities based on the acquisition of embodied knowledge. Moreover, we obtain some evidence of behavioural additionality in process and organizational innovation leading to higher productivity levels, but we find no effects on interaction for innovation.     

财政政策对军民融合企业创新绩效的影响——创新投入的中介效应分析

我国军民融合战略的提出旨在促进科技创新和经济效率提升,保障国防和国家安全。基于2008—2019年我国(内地)276家上市军民融合企业面板数据,运用当期、滞后期多元回归模型和中介效应模型,实证探究财政政策对军民融合企业创新绩效的影响机制。结果表明：财政补助对企业当期创新绩效以及滞后期创新科技绩效起显著促进作用,对滞后期创新经济绩效没有显著影响;税收优惠对企业当期和滞后期创新绩效均具有显著促进作用;创新投入对当期及滞后期创新绩效均具有显著促进作用,但对滞后期的影响更加显著。创新投入的中介效应在财政补助对当期创新科技绩效和滞后期创新绩效的影响过程中显著,在税收优惠对当期和滞后期创新绩效的影响过程中显著。其中,税收优惠完全通过创新投入对当期创新科技绩效产生正向影响。     

Financing of innovation: national development banks in newly industrialized countries of East Asia

Abstract

Contemporary literature on innovation tends to overlook the issue of financing, whereas financial history suggests that banks have been essential to financing of new industries. Emerging literature ondevelopment banking, although inspiring, remains focused on financing policies. The article aims to rearticulate a coevolutionary nature of industrial and financial interests, following the works of Schumpeter and Minsky, by looking at the 4 cases of national development banks, tasked with long-term financing of industries, from newly industrialized countries of East Asia—South Korea, Taiwan, Singapore, and Malaysia. The study suggests that innovation in finance, as well as organizational innovation in financial institutions, represent essential elements of financing of innovative activities. Further, organizational innovation in financial institutions, such as development banks, might signify a disposition to face uncertainty, which characterizes economic and technological unknowns inherent in financing of innovation.     

创新系统视角下创新政策效应研究* ——基于中国省级面板数据的分析

本文遵循维佐利克和哈克特（Wieczorek and Hekkert）的研究思路,构建了创新政策的作用路径模型,并在创新政策体系框架下,利用超效率DEA模型和面板数据模型,研究了创新政策对创新系统绩效的影响。研究结论表明,“政府财政科技拨款”、“政府采购政策”、“知识产权保护政策”与我国创新系统绩效呈显著的正相关关系;“研发税收优惠政策”、“金融支持政策”、“基础设施政策”与我国创新系统绩效无显著的相关关系;“教育投入政策”、“开放政策”与我国创新系统绩效之间有显著的负相关关系。据此本文提出相应的政策建议。     

高新技术企业认定与企业劳动雇佣

本文以2008–2020年沪深A股上市公司为样本,检验高新技术企业认定对企业劳动雇佣的影响及经济后果。以上市公司是否获得高新技术企业认定作为自然实验,采用双重差分法检验发现,高新技术企业认定显著促进了企业劳动雇佣增加,在金融发展水平更高的地区,这种促进效应更显著。进一步检验发现,税收优惠、政府补贴和银行贷款是高新技术企业认定对企业劳动雇佣的主要影响机制。最后,企业劳动雇佣的增加还显著促进了企业创新,提高了企业全要素生产率。本文不仅有助于从企业劳动雇佣视角丰富高新技术企业认定的经济后果的相关文献,而且还可以从高新技术企业认定的视角拓展企业劳动雇佣的影响因素的相关研究。本文的研究结果表明,高新技术企业认定不仅可以提高社会福利,还可以提高经济绩效,实现了《高新技术企业认定管理办法》的预期目标。本文的研究为进一步实施高新技术企业认定政策和扩大就业规模提供了理论依据和政策参考。     

高管过度自信对企业创新的影响:财务冗余的中介作用与调节作用

从创新活动和创新绩效两个层面研究企业创新战略,将管理层过度自信和财务冗余资源同时纳入企业创新影响因素理论分析框架,实证检验财务冗余如何作用于高管过度自信对企业研发支出及其创新绩效的影响。结果表明,高管过度自信和企业财务冗余均显著提高了企业研发支出;财务冗余在高管过度自信对企业研发支出的影响中起中介作用;财务冗余水平越高,高管过度自信对创新绩效的促进作用越明显。     

Innovation Activity of the Polish Manufacturing Enterprises

This paper presents the results of analysis of innovative activities in the Polish manufacturing enterprises. Using data for the years 2006–2009, the effectiveness of innovative activities is estimated under two groups of models. The results indicate the significantly positively impact of soft expenditures on innovation activity and ineffectiveness of material outlays. Additionally, a significant, positive effect is demonstrated of the support from the European Union upon the efficiency of innovative activities in the Polish companies.     

经济政策不确定性与家族企业创新——融资约束及政府补助视角

家族企业作为社会发展的主要参与者,在促进经济增长方面发挥着不可替代的作用。家族企业若想实现长期发展,必然依靠创新。然而,我国家族企业普遍面临创新投入不足、创新产出效率低下等问题。基于2010—2018年中国上市家族企业数据,分析经济政策不确定性对于家族企业创新是否存在激励作用。结果发现,经济政策不确定性提高,会对家族企业创新研发活动投入与产出产生正向激励作用,促进家族企业创新。从融资约束与政府补助视角,分析两者在上述正向激励作用中的调节作用。结果表明,对于融资约束小以及受到政府补助的家族企业而言,其受到经济政策不确定性的正向激励作用更显著,有助于其开展创新研发活动。结论不仅验证了经济政策不确定性对于家族企业创新的激励作用,还揭示了融资约束以及政府补助的调节作用,可为政府制定相应补助政策,构建完善的金融市场提供理论支持和经验证据。