科研管理

科研管理 ›› 2024, Vol. 45 ›› Issue (12): 29-36.DOI: 10.19571/j.cnki.1000-2995.2024.12.004

• 论文 • 上一篇    下一篇

双重融资约束下技术创新能力对企业国际化的影响研究

邹益民1，宣珂1，茆安然2，应洪斌1   

  1. 1.浙江师范大学经济与管理学院，浙江 金华321004；
    2.巴黎萨克雷大学让·莫奈学院，巴黎索镇92330
  • 收稿日期:2023-08-25 修回日期:2024-11-12 出版日期:2024-12-20 发布日期:2024-12-06
  • 通讯作者: 茆安然
  • 基金资助:
    浙江省软科学重点项目：“浙江省科技资源向潜在科技‘小巨人’企业流动的政策障碍研究”（2023C25051，2023.01—2024.12）。

Research on the impact of technological innovation capability on enterprise internationalization under dual financing constraints

Zou Yimin1, Xuan Ke1, Mao Anran2, Ying Hongbin1   

  1. 1. College of Economics and Management, Zhejiang Normal University, Jinhua 321004, Zhejiang, China; 
    2. Jean Monnet Faculty, Paris-Saclay University, Sceaux 92330, Paris, France
  • Received:2023-08-25 Revised:2024-11-12 Online:2024-12-20 Published:2024-12-06

摘要：     在创新驱动发展战略要求下，如何利用技术创新能力驱动企业国际化成为亟待解决的重要现实问题。本研究以制造业上市企业为研究对象，运用面板数据回归模型研究双重融资约束环境下技术创新能力对企业国际化的影响机制。研究发现，技术创新能力对企业国际化产生显著正向影响；外源融资约束对技术创新能力与企业国际化之间的关系具有负向的调节作用，内源融资约束则对技术创新能力与企业国际化之间的关系具有正向的调节作用。进一步的研究还发现，内部控制质量越高的企业，技术创新能力对企业国际化的正向效应更强；相比于国有企业，民营企业技术创新能力对国际化的促进作用更强。本文为双重融资约束、技术创新能力与企业国际化之间关系的研究提供了经验证据，不仅有效地拓展了企业国际化文献的研究内容，而且为企业国际化策略的制定提供了参考。

关键词: 技术创新能力, 双重融资约束, 企业国际化

Abstract:    As required by the innovation driven development strategy, how to use technological innovation capability to drive enterprise internationalization has become an important practical problem to be solved urgently. This study took Chinese manufacturing listed enterprises as the research objects and used the panel data regression model to investigate the impact mechanism of technological innovation capability on enterprise internationalization under dual financing constraints. It was found that (1) technological innovation capability has a significant positive impact on the enterprise internationalization; (2) external financing constraints have a negative moderating effect on the relationship between technological innovation capability and enterprise internationalization, while internal financing constraints have a positive moderating effect on the relationship between technological innovation capability and enterprise internationalization. Further research also found that (1) the higher the quality of internal control, the stronger the positive effect of technological innovation capability on the enterprise internationalization; (2) compared with state-owned enterprises, the technological innovation capability of private enterprises has a stronger promoting effect on internationalization. This paper has provided some empirical evidence for the study of the relationship between dual financing constraints, technological innovation capability and enterprise internationalization. It will not only effectively expand the research content of enterprise internationalization literature, but also provide reference for the formulation of enterprise internationalization strategies.

Key words: technological innovation capability, dual financing constraint, enterprise internationalization