行业创造性破坏与企业生产率提升——基于创新投资选择和成本约束视角
文摘
财经
2024-12-06 14:00
上海
行业创造性破坏与企业生产率提升——基于创新投资选择和成本约束视角
Industry Creative Destruction and Enterprise Productivity Improvement: From the Perspectives of Innovation Investment Choice and Cost Constraints
《财经研究》2024年50卷第10期 页码：64-78 online：2024年10月3日
中：刘志铭 , 徐佳慧
英：Liu Zhiming, Xu Jiahui
作者单位：华南师范大学 经济与管理学院，广东 广州 510006
摘要：高质量发展的核心是通过技术创新获得持续的内生动力，然而中国制造业部门主要依赖渐进式的增量创新，缺乏基于基础研究的突变型创新。作为高质量发展的动力源泉，创造性破坏不仅能用新技术取代旧技术，而且能为生产工艺的深刻变革开辟道路。因此，科学评估创造性破坏对企业生产率的影响，对于科技创新引领高质量发展具有重要的现实意义。文章基于创新投资选择和成本约束视角，考察了创造性破坏对企业生产率的影响及作用机制。研究发现，创造性破坏与企业生产率之间呈倒U形关系，这一结论在控制内生性和进行稳健性检验后依然成立。在作用机制方面，创造性破坏发挥了创新投资赋能功能，引致在位企业选择产品创新，从而推动企业全要素生产率增长，且赋能效应在创新能力较强的在位企业中更加有效。通过成本约束机制的调节作用，倒U形曲线变得更加陡峭。进一步分析发现，其他在位企业创造性破坏对企业全要素生产率的影响呈现倒U形，而新进入企业创造性破坏对企业全要素生产率的影响呈现U形。此外，创造性破坏与企业生产率之间的倒U形关系在大规模企业、非国有企业或强竞争行业的企业中更加明显。本文结论为科技创新引领高质量发展提供了有益的政策启示。
关键词：创造性破坏；企业生产率；创新投资；成本约束
Summary: China’s manufacturing sector mainly relies on incremental innovation and lacks radical innovation based on fundamental research. As the driving force for high-quality development, creative destruction can not only replace old technologies with new ones, but also open up a path for profound changes in production processes. Therefore, scientifically assessing the impact of creative destruction on enterprise productivity holds significant practical importance for guiding high-quality development through technological innovation. Based on the perspectives of innovation investment choice and cost constraints, this paper examines the impact and mechanism of creative destruction on enterprise productivity. It is found that creative destruction presents an inverted U-shaped relationship to enterprise productivity. In terms of mechanism, creative destruction plays an enabling role in innovation investment, leading incumbent enterprises to choose product innovation, thereby promoting the growth of TFP, and the enabling effect is more effective in incumbent enterprises with strong innovation capability. Through the adjustment of the cost constraint mechanism, the inverted U-shaped curve becomes steeper. Further analysis shows that the impact of creative destruction on the TFP of other incumbents presents an inverted U-shaped relationship, while the impact of creative destruction on the TFP of new entrants presents a U-shaped relationship. The contributions of this paper include that: (1) It conducts a comprehensive analysis of the dual nature of creative destruction and finds that the relationship between creative destruction and productivity is not a simple linear one, but rather an inverted U-shaped nonlinear relationship. (2) It models how enterprises choose innovation types based on expected rents, deducing that new enterprises enter the market through creative destruction, while enterprises subject to creative destruction may exit the market, leading to the reallocation of production factors across enterprises. (3) It analyzes the internal reasons that constrain the effect of creative destruction from the perspectives of innovation investment choice and cost constraints, examining the moderating effect of enterprise innovation capability on creative destruction enabling innovation investment.
Key words: creative destruction; enterprise productivity; innovation investment; cost constraints
DOI：10.16538/j.cnki.jfe.20240712.301
收稿日期：2023-12-11
