商业研究

商业研究

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贯彻党的十九大精神 加快建设创新型国家 ——企业国际化对企业创新绩效的促进作用

白云1，刘紫薇2   

  1. （1. 哈尔滨学院 经济管理学院，哈尔滨 150080；2.吉林大学 经济学院，长春 130012）
  • 收稿日期:2017-11-15 出版日期:2018-01-25
  • 作者简介:白云（1973-），女，黑龙江海伦人，哈尔滨学院经济管理学院副教授，研究方向：财务管理；刘紫薇（1994-），本文通讯作者，女，辽宁辽阳人，吉林大学经济学院研究生，研究方向：世界经济。
  • 基金资助:
    教育部重点研究基地重大项目“中国国有企业国际化发展研究”，项目编号：17JJD630001。

Carrying out The 19th National Congress of the Communist Party of China Spirits and Speeding up the Construction of An Innovative Country: The Promotion Effect of Enterprise Internationalization on Enterprise Innovation Performance

BAI Yun1, LIU Zi-wei2   

  1. (1．School of Economics and Management，Harbin College，Harbin 150080，China; 2．Economics School, Jilin University，Changchun 130012，China)
  • Received:2017-11-15 Online:2018-01-25

摘要： 加快建设创新型国家既是党的十九大提出的明确要求，也是我国转变经济发展方式、实现经济结构优化的必然选择。作为国家创新发展投入的主体，企业的创新能力直接决定着国家的创新能力。本文以中国500强企业2005-2014年数据为样本，通过面板泊松回归和固定效应回归方法评估我国企业国际化对创新产出和创新效率的促进作用，重点考察资本结构、利润率和融资约束对二者间关系的影响，特别关注了我国企业国际化持续期对创新的促进作用。结果表明，企业国际化在当期显著抑制企业创新产出和创新效率，中长期后表现出显著的促进作用，企业国际化对创新的影响不是即期的、一蹴而就的；资本结构、利润率和融资约束正向调节企业国际化对创新产出的促进作用，企业国际化对创新的影响是这些因素综合作用的净结果；增加海外资产占比有利于企业创新产出，而增加海外销售占比更有利于企业创新效率提升。上述结论为客观评价我国企业创新绩效提供了微观层面的解释分析，也为实施创新驱动发展战略、加快建设创新型国家提供了有益启示。

关键词: 企业国际化, 创新绩效, 面板泊松回归, 固定效应回归

Abstract: Speeding up the construction of an innovative country is a clear requirement put forward by The 19th National Congress of the Communist Party of China, and is also the inevitable choice to change the way of economic development and optimize the economic structure in China. As the main body of the investment of national innovation and development, the innovation ability of enterprise directly determines a country′s innovation ability. Taking 2005-2014 data of Chinese top 500 enterprises as samples, this paper assesses the promoting role of internationalization of Chinese enterprises on innovation output and innovation efficiency through panel Poisson regression and fixed effects regression method, focuses on the influence of capital structure, profit margin and financing constraint on the relationship between them,and pays special attention to the role of the internationalization of Chinese enterprises on the promotion of innovation. The results show enterprise internationalization significantly inhibits enterprise innovation output and innovation efficiency in the current period, shows a significant promotion in the middle and long term, and the impact of enterprise internationalization on innovation is not immediate and overnight; capital structure, profit margin and financing constraints positively adjust the promotion of enterprise internationalization to innovation output, and the impact of enterprise internationalization on innovation is the net result of these factors. Increasing the proportion of overseas assets is beneficial to the innovation output of enterprises, while increasing the proportion of overseas sales is more conducive to the improvement of enterprise innovation efficiency. The above conclusions provide a micro level explanation for objective evaluation of enterprises innovation performance, and also provide useful inspiration for implementing innovation driven development strategy and speeding up the construction of innovative country.

Key words: enterprise internationalization, innovation performance, panel Poisson regression, fixed effect regression