利益相关者环保压力、外部知识采用与绿色创新——市场不确定性与冗余资源的调节效应

利益相关者环保压力与绿色创新的关系被国内外学者所关注和探讨,然而,鲜有研究同时考虑外部环境和内部组织资源两者共同对上述关系的影响。基于资源依赖理论,本研究探讨利益相关者环保压力对绿色创新的影响,分析外部知识采用的中介作用,并检验市场不确定性和冗余资源的调节作用。215家制造企业的实证研究结果表明,利益相关者环保压力正向影响外部知识采用和绿色创新,外部知识采用正向影响绿色创新,且外部知识采用在利益相关者环保压力与绿色创新之间起部分中介作用;另外,冗余资源负向调节利益相关者环保压力与外部知识采用的关系,市场不确定性和冗余资源共同负向调节利益相关者环保压力与外部知识采用的关系。此研究揭示了利益相关者环保压力促进绿色创新的路径,拓展了资源依赖理论在绿色创新中的应用。     

Can direct innovation subsidies relax SMEs’ financial constraints?

Financial constraints hamper the ability of small and medium-sized enterprises (SMEs) to undertake innovative activities, which, in turn, affects countries’ long-term growth. Therefore, promoting access to external funding for SMEs represents an important challenge for policymakers. This paper investigates whether innovation subsidies, provided by France's public investment bank to French SMEs, have translated into better access to both debt and equity financing by means of a certification effect. We exploit a unique database that collates the innovation subsidies received by French firms over the 2000-2014 period to construct a quasi-natural experiment and evaluate the causal impact of these subsidies on financial constraints for SMEs. We find a significant improvement in access to bank financing for subsidized firms, but the effect is heterogeneous and mainly concentrated on micro and small firms that have been operating for around six years. In contrast, we do not find any significant improvement in access to equity financing. We demonstrate that this last result is partly explained by a substitution effect between bank debt and equity financing.     

Sector heterogeneity and dynamic effects of innovation subsidies: Evidence from Horizon 2020

We evaluate the effect of a pan-European innovation funding program on firm growth and innovative output. Using a difference-in-differences estimation on a sample of matched firms, we find that subsidized firms are able to invest more in tangible and intangible assets, achieve higher growth of turnover and employment, and file more patent applications. We then analyze the dynamic treatment effect and find that the effects of subsidization tend to get stronger over time. Moreover, our findings indicate that the effect of subsidization is highly heterogeneous across sectors with different R&D or knowledge intensity and level of competition. Finally, we explore some economic channels to explain how subsidies generate strong effects on firm performance. We show that subsidized firms are able to generate more internal financing and attract more long-term borrowing after receiving the subsidy, yet we find no evidence that subsidized firms are able to attract more external equity financing than similar unsubsidized firms.     

环境规制与绿色技术创新的动态关联研究 ——基于“波特假说”的再检验

为检视不同环境规制对技术创新的有效性,本文采用基准回归模型、中介效应模型、门槛效应模型分析了四类环境规制工具与企业绿色技术创新之间的关系,对“波特假说”的中国实践进行了再检验。研究发现,与环境行政处罚、地区环境政策法规相比,排污费征缴、政府节能环保财政支出更有助于推动企业绿色技术创新,反映出不同环境规制工具的选取对绿色技术创新影响的差异性。进一步通过中介效应模型和门槛回归模型分析,排污费征缴和政府节能环保财政支出均可通过提升企业研发投入强度来推动企业绿色技术创新,但是四类环境规制工具的效果随着各自强度提升呈现出差异化特点,排污费征缴、政府节能环保财政支出对企业绿色技术创新的影响由负变正、由不显著变显著,环境行政处罚随着强度提高却更加阻碍企业绿色技术创新,而无论地区环境政策法规的强度如何,其对绿色技术创新的影响均不显著。     

Exploration versus exploitation in technology firms: The role of compensation structure for R&D workforce

We investigate the relationship between a firm’s compensation structure and the extent to which its innovation is more exploration versus exploitation oriented. Specifically, we assess two aspects of a firm’s compensation design—horizontal dispersion within job levels and vertical tournament incentives between job levels. A six-year panel of compensation records of 671,028 employees working at 81 U.S.-based high technology firms between 1997 and 2002 are used to construct measures that characterize a firm's pay structure, which are linked to these firms’ patents filed in the U.S. We find that firms with higher-powered tournament incentives in vertical compensation structure report higher fraction of innovation directed towards exploration. Horizontal pay dispersion, on the other hand, shows a negative relationship with the exploration in firms where R&D employees’ age variance is low. In firms where R&D employees’ age variance is high, the negative relationship between horizontal pay dispersion and exploration is muted.     

环境规制、绿色金融发展与企业技术创新

以制造业上市公司为研究样本,对环境规制对于企业技术创新的影响以及绿色金融在其中的调节作用进行实证检验。研究发现：环境规制对企业技术创新具有显著的促进作用,这种促进作用在强融资约束企业中表现相对较弱;绿色金融发展对环境规制对于企业技术创新的促进效应具有显著地正向调节作用,且这种正向调节作用在强融资约束企业中表现得更为明显;与低环境规制强度地区相比,强环境规制地区的绿色金融发展对于环境规制与企业技术创新关系的正向调节作用相对更大。     

Do public subsidies stimulate private R&D spending?

The objective of this paper is to contribute to the empirical literature that evaluates the effects of public R&D support on private R&D investment. We apply a matching approach to analyze the effects of public R&D support in Spanish manufacturing firms. We examine whether or not the effects are different depending on the size of the firm and the technological level of the sectors in which the firms operate. We evaluate the effect of R&D subsidies on the subsidized firms, considering both the effect of subsidies on firms that would have performed R&D in the absence of public support and also the effect of inducement to undertake R&D activities. We also analyze the effect that concession of subsidies might have on firms which do not enjoy this type of support. The main conclusions indicate absence of “crowding-out”, either full or partial, between public and private spending and that some firms - mainly small and operating in low technology sectors - might not have engaged in R&D activities in the absence of subsidies.     

环境规制工具、区域差异与企业绿色技术创新——基于系统GMM和动态门槛的中国省级数据分析

本文利用2007-2016中国工业省级面板数据,构建系统GMM和动态门槛模型,验证了直接管制型、经济激励型、公众参与型等环境规制工具对不同地区企业绿色技术创新的影响效果和门槛效应。研究结果表明：针对不同地区,各种环境规制工具对绿色技术创新的影响存在较大差异。对东部地区而言,经济激励对企业绿色技术创新具有显著的一阶滞后效应和双门槛效应,直接管制对企业绿色技术创新的影响不显著。对中部地区而言,直接管制对企业绿色技术创新存在显著的一阶滞后效应和单门槛效应,经济激励对企业绿色技术创新的影响不显著。对西部地区而言,直接管制对企业绿色技术创新存在显著的一阶滞后效应和双门槛效应,经济激励对企业绿色技术创新的影响也不显著。同时,公众参与对各地区企业的绿色技术创新影响均不显著。     

绿色金融、环境技术进步偏向与产业结构清洁化

   本文将绿色金融纳入技术进步偏向理论框架,考察绿色金融影响环境技术进步偏向及产业结构清洁化的内在机理,并通过参数校准与数值模拟进行定量分析。研究结果表明：环境技术进步偏向具有明显的路径依赖特征,绿色金融通过融资规模与融资成本手段影响两类研发厂商的相对利润、研发行为选择及环境技术进步偏向,进而通过直接生产率效应、间接价格效应与市场规模效应影响产业结构清洁化。只有当清洁研发部门融资规模占比或享受利率补贴超过一定临界值时,绿色金融才能成功诱导清洁型技术进步的发生,促进产业结构清洁化;而当清洁研发部门融资规模占比或享受利率补贴低于一定临界值时,绿色金融对清洁型产业产值的提升效应则被污染型技术进步效应所抵消,从而不利于产业结构清洁化。     

Digital technology adoption and knowledge flows within firms: Can the Internet overcome geographic and technological distance?

Under what conditions does digital technology adoption increase cross location knowledge flows within firms? We investigate this question by studying the impact of adopting basic Internet access on cross-location knowledge flows within the same firm. We construct a large data set of Internet adoption and patent citations among dyadic pairs of firm-locations between 1992–1998. We find that when both locations in the pair adopt basic Internet there is an increase in the likelihood of a citation between the citing and (potential) cited location. In contrast, we find no significant effect of Internet adoption at only the citing location. We further study how this effect varies according to the proximity of the research activities between the source and recipient of knowledge and specialization of the research activities within the recipient. We find that the likelihood of a citation increases more after dyadic Internet adoption when the pair is working in similar research areas and when the research areas in the citing location are less specialized. These results, which are robust to a range of robustness analyses, suggest that digital technologies such as Internet connectivity are able to facilitate knowledge flows between locations only when they share a common knowledge base.     

Initial public offering and financing of biotechnology start-ups: Evidence from Japan

This study explores the initial public offering (IPO) and financing of biotechnology start-ups in Japan. Using a unique data set, we find that biotechnology start-ups initially backed by venture capital (VC) firms and those originating from universities are more likely to go public within a shorter period. Moreover, we find that neither staged financing nor syndication by VC firms is associated with higher IPO value relative to investment. Furthermore, we provide evidence that the timing of IPOs does not depend on equity market conditions in the biotechnology industry, whereas IPO value tends to depend on equity market conditions. We discuss the factors that explain these findings, which contradict findings in previous studies of VC investments.     

环境不确定性、外部融资与可再生能源投资——兼论政策有效性

基于外部融资视角,分析环境不确定性影响可再生能源投资的作用效果对于促进可再生能源投资发展以及明确政策着力点具有重要意义。以2010—2016年141家可再生能源企业的季度面板数据,构建固定效应变截距模型,测算了环境不确定性通过外部融资水平对可再生能源投资的影响,并进一步利用断点回归估计考察了可再生能源政策的作用效果。结果表明：① 环境不确定性显著抑制可再生能源投资,样本区间内的作用系数为 -1.3042,且抑制作用在外部融资水平较低的企业中更强烈;② 不同的外部融资水平下,促进可再生能源投资的主要融资渠道并不相同,外部融资水平较低的企业主要依赖间接融资渠道,作用系数为0.8607,外部融资水平较高的企业主要依赖直接融资渠道,作用系数为2.8699;进一步地,间接融资水平的提高可以缓解环境不确定性对可再生能源投资的抑制作用,直接融资水平的作用系数未通过显著性检验;③ 样本期间内相关可再生能源政策对可再生能源投资起到显著的促进作用,这体现了中国可再生能源政策体系实施的有效性,但实践中应注意政策间的协调与配合。     

Intangible resources and technology adoption in manufacturing firms

Our objective in this paper is to analyse the determinants of the use of advanced manufacturing technologies in manufacturing firms. We go beyond more traditional approaches and consider the role of complementarities in technology adoption at two levels. First, we adapt Teece's (1986) framework to study the incentives to use new technology that stem from investments in R&D, human capital and advertising. Second, we analyse whether technology use is conditioned by a system effect that arises from the use of related technologies. We test our hypotheses on a representative sample of manufacturing firms in Spain. Our results fully support the idea that R&D investments increase the likelihood of technology use, but only offer partial support for human capital and advertising investments. Export intensity, being part of a business group and epidemic effects are also important determinants of adoption.     

重污染企业环境绩效与财务绩效关系研究：企业特征与环境信息披露的联合调节效应

基于制度理论和利益相关者理论,利用我国典型重污染行业中159家上市公司数据,分析重污染企业环境绩效对财务绩效的影响,探讨企业客观特征--规模和所有制形式对环境绩效和财务绩效关系的调节效应,以及企业客观特征、主观战略--环境信息披露的联合调节效应。结果发现：重污染企业往往选择牺牲环境绩效来提高财务绩效;企业规模越大,环境绩效对财务绩效的负向影响越小,而企业所有制形式对两者关系的调节效应不显著;另外,企业客观特征对环境绩效和财务绩效之间的调节作用还依赖于积极的环境信息披露。     

The impact of cash incentives on TMT information seeking behavior in entrepreneurial firms

We explore the relationship between cash incentives for the top management team (TMT) and managerial information seeking from sources external to the firm. We hypothesize that TMT cash incentives in tandem with base compensation, the firm's technological intensity and use of an aggregate performance criterion influence TMT information seeking from customers and vendors/suppliers (what we refer to as affiliate sources). Our hypotheses are tested by using data obtained from CEOs and the TMT in 193 entrepreneurial firms. As hypothesized, our results suggest that: a) cash incentives influence TMT information seeking primarily from affiliate information sources, b) the effect of cash incentives on TMT information seeking from affiliate sources is much stronger in technology intensive firms, and c) use of aggregate performance criterion has a negative impact on information seeking from affiliate sources. Our findings also indicate that in technology intensive firms, the positive relationship between cash incentives and TMT information seeking from affiliate sources is strongly moderated by the base pay levels of executives – the relationship is much stronger when executive base pay is low.     

Does green public procurement trigger environmental innovations?

Green public procurement has gained high political priority and is argued to be an effective demand-side policy to trigger environmental innovations. However, the empirical evidence on its innovation impact is limited. We construct a novel firm-level dataset to investigate the effect of winning public procurement tenders with additional environmental award criteria on firms’ introduction of environmental innovations. Employing cross-sectional difference-in-differences methods, we find that winning public procurement awards with environmental selection criteria increases a firm's probability of introducing more environmentally friendly products on average by 20 percentage points. We show that this effect is driven by small and medium-sized firms and is not statistically significant for larger firms. Furthremore, there is no statistically significant effect on the introduction of more environmentally friendly processes.     

知识基础、知识距离对企业绿色创新影响研究

本文通过对106家中国上市企业在2009—2018年的面板数据进行多元回归分析,探讨了知识距离和企业知识基础的交互匹配对企业绿色创新的影响机制,以及网络密度在其中的调节作用。研究发现,拥有多样化知识基础的企业,嵌入到低知识距离联盟中更有利于企业绿色创新;而拥有专业化知识基础的企业,嵌入到高知识距离联盟中更有利于企业绿色创新。松散网络抑制了专业化知识基础和高知识距离的组合对企业绿色创新的正向效应,但改善了专业化知识基础和低知识距离的组合对企业绿色创新的影响,其调节效应在一段时间后可持续;紧密网络强化了专业化知识基础和高知识距离的组合对企业绿色创新的影响,以及多样化知识基础和低知识距离的组合对企业绿色创新的正向效应,其调节效应随着时间推移而减弱。本文有助于识别企业绿色创新的最优内外部知识配置和网络结构,为提升我国企业绿色创新效果提供理论参考。     

绿色防控技术采纳及其对新疆棉农福利的影响

【目的】病虫害绿色防控技术的发展、推广及应用是改善生态环境、提高棉花种植户（简称棉农）劳作效率、促进棉花提质增产与实现棉花产业可持续发展的重要技术手段。【方法】基于新疆684位棉农的调查数据,利用内生转换模型与分位数回归模型,探讨绿色防控技术采纳对新疆棉农的增收效应,及其在区域和收入水平方面的异质性。【结果】结果表明：①新疆绿色防控技术的采纳率普遍不高,近40%的棉农仍未采纳,南疆采纳率比北疆高出近5%;②获取途径感知、他人意愿感知、成本感知、技术培训感知与邻里效应均显著正向影响棉农绿色防控技术采纳行为,棉花种植规模显著负向影响棉农绿色防控技术采纳行为;③采纳组棉农年龄、兼业程度与文化水平可以显著正向影响其家庭收入,棉花种植规模、技术认知与邻里效应显著负向影响棉农家庭收入;④处理效应表明,未采纳绿色防控技术的棉农若采纳了该技术,其家庭收入将显著提高9.1%;若已采纳绿色防控技术的棉农放弃采纳该技术,其家庭收入将显著降低25.4%;且绿色防控技术的福利效应存在群组差异,南疆棉农采纳绿色防控技术所带来的增收效果明显高于北疆,高出15.49%;采纳绿色防控技术对高收入水平棉农家庭收入的增收效果更强,对中收入水平棉农家庭收入的增收效果最弱。【结论】根据研究结论本文提出,政府应分类施策,针对不同类型棉农制定绿色防控技术匹配方案,促进棉农持续使用绿色防控技术,加快构建绿色防控技术推广机制。     

保护性专利审查机制与中外企业的专利战略选择——基于专利授权和条件寿命期的视角

由于技术创新能力与发达国家有较大差距,我国实行了保护性的专利审查机制,使国内企业能够更容易并更快速地获取专利权。国外企业在中国要想获取专利权往往需要等待更长时间,且获取专利权的难度大于国内企业。我们从专利授权和条件寿命期视角,结合企业的专利战略考虑对这种保护性审查机制的有效性进行了探讨。从申请专利保护的技术垄断效果看,保护性审查机制限制了国外企业专利竞争战略的实施。然而,相较于国内企业,国外企业出于专利市场收益的不确定性考虑,更倾向于延长专利的条件寿命期,保护性审查机制延迟授予国外企业专利权的做法无疑更有益于其专利市场战略的展开。另一方面,由于国内企业获取专利权相对容易,使得一些技术含量低、市场收益水平不高的专利被授权,增加了企业的专利权维持费用。因此,从专利战略视角看,保护性专利审查机制并不完全有利于国内企业。     

绿色信贷政策、扶持之手与企业创新转型

文章以2012年《绿色信贷指引》实施构造准自然实验,基于2010—2017年沪、深两市非金融上市公司经验数据,采用双重差分方法检验绿色信贷政策对企业创新转型的影响效应以及政府补助在其中扮演的调节作用。研究发现,整体上,绿色信贷政策促进了企业创新转型,与非重污染企业相比,绿色信贷政策对重污染企业创新强度的促进作用相对较弱;政府补助对绿色信贷政策的创新激励效应具有显著正向调节作用,这一调节作用在重污染企业与非重污染企业之间存在差异;此外,绿色信贷政策对企业创新转型的影响及政府补助的调节作用因企业产权性质、债务杠杆以及地区市场化水平差别存在异质性。本文从微观企业创新转型视角拓展绿色信贷政策效应研究,为绿色信贷政策与企业创新转型提供决策支持。