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长三角G60科创走廊建设对企业双元创新的影响研究——基于创新链视角
Research on the impact of construction of G60 S&T innovation corridor on the dual innovation of enterprises in the Yangtze River Delta: A perspective of innovation chain
区域科创走廊是优化创新要素配置的重要途径,也是驱动企业科技创新的策源地。基于创新链视角,本文以长三角G60科创走廊试点为准自然实验,选取2010—2021年中国A股上市公司为研究样本,运用双重差分模型探究G60科创走廊建设对企业双元创新的作用路径及效果。研究结果表明,企业所在地加入G60科创走廊后能够显著促进企业的实质性创新和策略性创新,且对实质性创新的激励效应更大。机制研究发现,科创走廊建设主要通过缓解融资约束和优化人力资本两条渠道提升企业创新效应。异质性分析表明,G60科创走廊对企业双元创新的激励效应在小规模企业、非国有企业和高吸收能力企业中表现得更为突出。本文不仅为我国稳步推进科创走廊建设、完善创新链配套体系提供了一定的经验指导,而且为引导我国企业自主创新提供了实践参考。
Regional S&T (S&T) innovation corridor serves as a crucial pathway for optimizing allocation of innovation elements and acts as a wellspring for driving technological innovation in enterprises. Based on the innovation chain perspective, this paper took the pilot G60 S&T innovation corridor in the Yangtze River Delta as a quasi-natural experiment and selected Chinese A-share listed companies from 2010-2021 as the research sample. We used the differences-in-differences model to explore the path and effect of the G60 S&T innovation corridor on the dual innovation of enterprises. The research results indicated that joining the G60 S&T innovation corridor significantly promotes both substantive and strategic innovation of enterprises, with a greater incentive effect on substantive innovation. The mechanism study revealed that construction of the S&T innovation corridor mainly enhances the innovation effect of enterprises through two channels: easing financing constraints and optimizing human capital. The heterogeneity analysis showed that the incentive effect of the G60 S&T innovation corridor on enterprises' dual innovation is more prominent in small-scale enterprises, non-state-owned enterprises, and enterprises with high absorption capacity. This paper has not only provided some empirical guidance for China to steadily promote the construction of the S&T innovation corridor and the improvement of the supporting system of the innovation chain but also offered some practical references for guiding the independent innovation of Chinese enterprises.
G60科创走廊 / 实质性创新 / 策略性创新 / 创新链视角
G60 S&T innovation corridor / substantive innovation / strategic innovation / innovation chain perspective
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Innovation has an important influence on the long-term stable operation of enterprises and the national economic development. The linear relationship between corporate financing constraints and innovation performance is investigated, and the external factors of mitigating the negative effects of financing constraints from a macro perspective are explored by prior empirical studies. However, the seemingly contradictory findings from the relatedstudies indicate that there can be the non-linear relationship existing between enterprise financing constraints and innovation performance, which is still under-explored in extant literature. Moreover, although various external factors have been found to mitigate the negative effects of financing constraints in extant studies, it is still difficult for enterprises to follow the implications in practice accordingly because most of these factors are actually beyond their control.</br>In view of these, based on a comprehensive discussion of the positive and negative effects of financing constraints on corporate innovation, it is proposed that there may be an inverted U-shaped relationship rather than a simple linear relationship existing between corporate finance constraints and their innovation performance. Further, from a perspective of human capital social network, the potential moderating effect of corporate's centrality in the network on the relationship between financing constraints and corporate innovation is explored.</br>Specifically, to test ourpropositions, individuals' turnover records from LinkedIn (China) are obtained, and a corporate-level talent mobility network based on the records is built. By further incorporatingthe finical data of listed companies, a panel data set with a time interval of 2000-2014 is obtained. The results demonstrate that there is a significant inverted U-shaped relationship between corporate financing constraints and innovation performance (<em>β</em>=-0.009, <em>p</em><0.05), and the human capital social network exert a positivemoderating effect on the relationship between corporate financing constraints and innovation performance (<em>β</em>=0.236, <em>p</em><0.05). The robustness tests consistently show that the resultsabove-mentioned are valid.</br>Our understanding of the relationship between financing constraints and corporate innovation can be enriched and the extant literature is extended in the following aspects:1)the research on the related issues is reconciled by unveilingthe nonlinear relationship between financial constraints and corporate innovation. 2)By adopting a perspective of human capital social networks, we find the important role of corporate centrality of such network as a moderator of the relationship between financing constraints and corporate innovation is found. Theories and methods of human capital social networks are expanded to the field of innovation research, and a new direction for future research to identify more relevant factors in moderating the impacts of financing constraints is proviede. Some important managerial implications are also provided based on the findings.
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