企业技术引进、产权与倒U型绩效——基于中国上市公司的实证研究

本文基于企业投资的视角,以2002—2009年中国制造业上市公司为对象,考察了技术引进、产权性质与企业绩效之间的关系。研究发现,企业技术引进与绩效之间存在明显的倒U型关系,技术引进有利于企业绩效的提高,但由于边际效用递减,技术引进对于绩效的改善存在极大值点,超过了极大值点,技术引进则会对企业绩效产生负面影响。这说明企业依靠外来技术并不能持续地改善企业绩效。此外,企业的产权性质对于技术引进与绩效之间的倒U型关系存在调节效应,即非国有控股企业使用外部技术产生的绩效要好于国有控股企业。本文的结论对于深入认识技术引进的经济后果提供了新的视角和证据,并为中国企业提高外部技术的吸收效率和合理配置创新资源提供了决策依据和政策建议。

Corporate technology indraught,property and inverted U-shaped performance: An empirical research on Chinese listed companies

This paper examines the relationship between corporate technology indraught, property and firm performance from the perspective of corporate investments using Chinese manufacturing listed companies for the period 2002-2009 as research samples. It is found that an inverted U-shaped relationship exists between technology indraught and firm performance. Technology indraught is beneficial to firm performance but only up to a tipping point due to diminishing marginal utility. Over this tipping point, excess technology indraught will have a negative impact on firm performance. This indicates that corporate technology indraught cannot sustainably improve firm performance. In addition, the nature of property has a moderating effect on the inverted U-shaped relationship between technology indraught and firm performance. The non-state-controlled companies using the external technology produce better financial performance than state-controlled companies do. The conclusion of this paper provides a new perspective and evidence for the economic consequence of technology indraught. Some valuable suggestions and theoretical guidance for enterprises to improve the absorption efficiency of external technology and rationally allocate innovation resource are put forward.