贸易摩擦对企业双元创新的影响：金融化的调节作用

The impact of trade friction on firms' dual innovation: the moderating role of financialization

摘要:

鉴于企业创新行为存在差异，探讨在当前国际贸易环境不确定性提高的背景下，贸易摩擦对企业不同创新行为所产生的选择效应及作用机制。基于双元创新理论，以2010－2019年沪深A股上市公司为样本进行实证检验，结果发现：贸易摩擦对企业双元创新行为产生的选择效应，相较于渐进式创新，对突破式创新有显著的促进作用；贸易摩擦通过提高企业风险承担能力促进突破式创新；贸易摩擦对探索式创新的促进作用在低产品市场竞争度、非国有企业样本中较为显著；金融化程度对贸易摩擦和突破式创新的正向关系具有显著的抑制效应，即表明企业金融化对创新活动产生替代效应。由此提出企业应正视贸易摩擦既是挑战也是机遇、重视平衡突破式创新和渐进式创新，政府应根据企业异质性特征制定相应创新激励政策。

Abstract:

In view of the differences in enterprises' innovation behaviors, this paper discusses the selection effect and mechanism of trade friction on different enterprises' innovation behaviors under the background of increasing uncertainty of international trade environment. Based on the dual-innovation theory, this paper conducts empirical tests on the A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2019. The results show that the selection effect of trade friction on dual-innovation behavior of enterprises has a significant promoting effect on breakthrough innovation compared with incremental innovation; trade friction promotes breakthrough innovation by improving enterprises' risk-bearing capacity; the effect of trade friction on exploratory innovation is more significant in the sample with low product market competition degree and non-state-owned enterprises; the degree of financialization has a significant inhibition effect on the positive relationship between trade friction and breakthrough innovation, indicating that enterprises financialization has a substitution effect on innovation activities. Therefore, it is suggested that enterprises should face up to trade friction as both challenge and opportunity, attach importance to balanced breakthrough innovation and incremental innovation, and the government should formulate corresponding innovation incentive policies according to the heterogeneity of enterprises.