虚拟集聚对企业创新效率的影响研究

Research on the Impact of Virtual Agglomeration on Enterprise Innovation Efficiency

摘要:

创新效率的提升是企业增强自身核心竞争力的关键因素，数字经济时代下，通过虚拟集聚赋能企业创新效率对经济社会高质量发展具有重要意义。研究基于我国沪深A股上市公司及其所在城市数据，实证分析了虚拟集聚对企业创新效率的影响机制，研究结果表明：虚拟集聚的深化能够正向促进企业创新效率的提升。虚拟集聚可以通过管理成本降低的规模效应、企业间技术溢出的合作效应促进企业创新效率提升；行业市场竞争可以正向调节虚拟集聚对企业创新效率的影响；通过异质性分析发现，虚拟集聚对企业创新效率的提升效应在市场化程度较低的地区和国有企业中更明显。基于企业微观层面和政府补贴宏观层面的拓展研究发现，企业高管股权激励、企业数字化转型与政府补贴的背景有利于增强虚拟集聚对企业创新效率的正向影响。

Abstract:

Improvement of innovation efficiency is a key factor for enterprises to enhance their core competitiveness, and in the era of digital economy, it is of great significance for economic and social high-quality development to empower the innovation efficiency of enterprises through virtual agglomeration. Based on the data of China's Shanghai and Shenzhen A-share listed companies and the cities where they are located, the study empirically analyses the impact mechanism of virtual agglomeration on the innovation efficiency of enterprises, and the results of the study show that the deepening of virtual agglomeration can positively promote the enhancement of the innovation efficiency of enterprises. Virtual agglomeration virtual agglomeration can promote the improvement of enterprise innovation efficiency through the scale effect of management cost reduction and the cooperation effect of technological spillover between enterprises; industry market competition can positively regulate the impact of virtual agglomeration on enterprise innovation efficiency; through heterogeneity analysis, it is found that the enhancement effect of virtual agglomeration on enterprise innovation efficiency is more obvious in the regions with a lower degree of marketisation and in state-owned enterprises. An extended study based on the micro-level of enterprises and the macro-level of government subsidies finds that the context of executive equity incentives, digital transformation and government subsidies is conducive to enhancing the positive impact of virtual agglomeration on enterprise innovation efficiency. The findings broaden the research perspectives in the areas related to virtual agglomeration and corporate innovation, and have important practical implications for corporate governance and innovation efficiency.