在创新资源跨界流动、竞争、合作日益频繁的国际背景下，企业如何高效利用市场环境兼顾跨国经营和技术创新的发展有待深入研究，利用2008—2019年472个存在跨国经营行为的上市公司数据，采用DEA-Tobit 模型实证检验跨国经营对企业创新效率的影响以及市场竞争、市场结构的调节作用。结果表明：跨国经营能够显著提高企业技术创新效率，这一提升作用在非国企中表现的更明显；市场竞争正向调节跨国经营和企业创新效率之间的关系，在非国企中更加显著；市场结构负向调节跨国经营和企业创新效率之间的关系，在国企中更加显著。进一步的机制研究发现，跨国经营对企业创新效率的提升通过资产配置、资金支持路径和有选择性地通过人力资源路径发挥作用。本研究对我国企业深度融入全球化和提升跨国经营水平有一定的借鉴意义。
Abstract
Under the policy background of vigorously promoting overseas innovation investment and the increasingly frequent international environment of cross-border flow of innovation resources, Chinese enterprises pay more and more attention to global layout and technological innovation. Market competition and market structure have a far-reaching impact on the relationship between transnational operation and technological innovation. However, there are few studies on the combination of enterprise behavior and market environment. Therefore, we analyze the impact of transnational operations on the innovation efficiency of enterprises from the two dimensions of market competition and market structure, and provide new research perspectives in this field.
In the international context of innovation resources, competition, cooperation, how to efficiently use the market environment to take into account transnational operations and technological innovation development, is a topic worth studying. Using the data of 472 listed companies with transnational operation behavior from 2008 to 2019, DEA Tobit model is used to test the influence of transnational operation on innovation efficiency of enterprises, and the regulation of market environment.
The conclusions of this paper can be drawn as follows: Firstly, transnational operations can provide external innovation resources and diversify the market risks, thereby ensuring continuous and sufficient R&D investment and improving innovation efficiency. This improvement is more significant among non-SOE, because SOE in China usually shoulder multiple economic and social functions, and may gradually produce and rely on a hot-bed effect, which will consume resources and inhibit the growth of performance, profitability and innovation efficiency. Therefore, the effect of multinational operations on innovation efficiency still exists but is relatively weak in SOE.
Secondly, the market environment can be divided into two dimensions: market competition and market structure. On the one hand, market competition positively regulates the relationship between transnational operations and innovation efficiency, which is more significant in non-SOE. As an effective external governance mechanism, market competition can not only open up resource channels from the outside, create a better market environment for enterprises, but also stimulate the self-driving force and innovation enthusiasm of enterprises from the inside. On the other hand, the market structure negatively regulates the relationship between transnational operations and innovation efficiency, which is more significant in SOE. When measuring the market structure from the perspective of the supply chain structure, the higher the concentration of a supply chain, the stronger its dependence on upstream and downstream, and the weaker the bargaining power of the corporate.
Finally, mechanism studies have found that transnational operations not only improve innovation efficiency by increasing asset allocation and providing funds, but also selectively enhance innovation efficiency by enriching human resources. Transnational operations will increase investment in intangible assets and R&D equipment, and can also attract R&D personnel and senior executives with overseas backgrounds. The former can effectively promote innovation, while the latter can inhibit the growth of innovation efficiency. This is because too many senior executives with overseas backgrounds may lead to organizational redundancy and strategic deviation, increase internal communication costs and management conflicts, and produce a crowding out effect on innovation. After the robustness tests of instrumental variables and substitution variables, the research conclusions are still significantly established. In general, this research has certain guiding significance for companies to deeply integrate into globalization and improve the performance of transnational operations.
关键词
跨国经营 /
创新效率 /
市场竞争 /
市场结构
Key words
transnational operation /
innovation efficiency /
market competition /
market structure
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基金
国家自然科学基金面上项目：“中国民营企业集团金字塔结构债务融资优势研究”（71572053，2016.01—2019.12）。
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