“专精特新”战略对企业技术创新的影响——基于“小巨人”与普通高新技术企业的对比研究

The Influence of Specialized-Fine-Characteristic-Innovative Strategy on Technological Innovation of Enterprises--A Study Based on the Comparison between“Little Giant”and Ordinary High-Tech Enterprises

摘要:

以2010-2021年间A股上市的专精特新“小巨人”企业和普通高新技术企业为样本，利用对比分析方法，探讨以集中差异化为核心的“专精特新”战略对企业技术创新的影响。研究发现:（1）“专精特新”战略有利于提高企业技术创新水平，且对突破式技术创新的推动作用更加明显；（2）“专精特新”战略通过激励人力资本投入和缓解融资约束促进企业技术创新水平提升；（3）低竞争性、高市场化、适度不确定性的外部环境能够强化“专精特新”战略对企业技术创新的积极影响；（4）实施“专精特新”战略的企业不仅有更高的企业价值，其技术创新活动对企业价值的贡献也更大。结论既丰富了企业技术创新动因的研究视角，也为鼓励中小企业走“专精特新”发展道路提供理论依据。

Abstract:

Taking Specialized-Fine-Characteristic-Innovative(SFCI) “Little Giant” enterprises and ordinary high-tech enterprises listed on A-share from 2010 to 2021 as samples, this paper explores the impact of SFCI strategy with the core of concentration and differentiation on firms’ technological innovation using the comparative analyzing method. The research conclusions are as follows.First of all,SFCI strategy is conducive to improving the technological innovation level of enterprises, and exerts a more obvious effect on the promotion of breakthrough technological innovation.Secondly,SFCI strategy promotes companies’ technology-innovation performances by stimulating human capital investment and easing financing constraints.Thirdly,external environment with low competitiveness, high marketization and moderate uncertainty could strengthen the positive impact of SFCI strategy on enterprises’ technological innovation.Finally,enterprises implementing SFCI strategy not only own higher firm value, but their technological innovation activities also contribute more to their corporate value. These conclusions enrich the research perspective of enterprise’s technological innovation motivation,and at the same time provide theoretical basis for encouraging small and medium-sized enterprises to follow the SFCI developing road.