战略差异对先进制造业企业研发投入的影响——基于商业信用融资的中介作用

doi:10.13776/j.cnki.resourcesindustries.20220614.001

摘要/Abstract

摘要： 先进制造业是推动我国经济高质量发展的重要力量，其发展主要靠创新驱动，如何助力先进制造业企业提升创新水平值得关注。以2013—2019年A股先进制造业上市公司数据为样本，对战略差异度与先进制造业企业创新投入的关系进行研究，实证结果表明：对于战略差异度不同的先进制造业企业，其研发投入的确存在显著差异，随着企业战略差异度的提升，其研发投入强度显著降低。中介效应检验发现，商业信用融资是战略差异度影响先进制造业企业研发投入强度的中介路径之一，即战略差异度会通过抑制先进制造业企业的商业信用融资规模来减少其研发投入。进一步研究发现，战略差异度对研发投入的抑制作用在融资约束大的先进制造业企业中更为显著。采用工具变量法、调整战略差异度的衡量方法进行检验后，结果依然稳健。研究结论为中国先进制造业企业合理选择战略定位、推进技术创新提供经验证据，拓展了战略差异影响企业研发投入的路径研究，并从企业战略的视角佐证了商业信用融资对于先进制造业企业技术创新所需资金支持的重要性。先进制造业企业应充分考虑其偏离行业常规战略可能产生的经济后果，特别是对研发投入的影响，在此基础上慎重确定适合其自身发展的创新战略。对于大多数先进制造业企业而言，在创新资源并不雄厚的情况下，实施跟随战略是比较明智的选择，盲目追求特立独行、实施异于行业常规的战略，反而可能不利于企业实现技术创新。企业也应注重优化自身信用状况，巩固其与供应商和客户等上下游企业之间的合作关系，以缓解战略定位差异所带来的融资约束，进而有利于企业开展技术创新活动。

关键词: 先进制造业, 战略差异, 研发投入, 商业信用融资, 融资约束

Abstract:

Advanced manufacturing plays a key part in China’s quality economic growth, mainly driven by innovation, which needs pay attention on how it works. This paper uses 2013 to 2019 A stock-listed advanced manufacturing companies data to study the tie between their strategic variance and innovation investments. Their research & development (R&D) investments vary largely with the strategies; the bigger the strategic variance, the lower the R&D investment. Trade credit financing is one of the mediating paths to impacting their R&D investments, suggesting strategic variance will decrease their R&D investments through constraining the advanced manufacturing companies’ trade credit financing size, outstandingly on those with more constraints. Results are still robust after verified by tool variable and adjusted strategic variances. This conclusion helps China’s advanced manufacturing select appropriate strategic position and advance technical innovation, and verifies the importance of trade credit financing on advanced manufacturing’s technical innovations. Advanced manufacturing companies need to consider the possible economic aftermath if they are off the conventional strategies, largely impacting their R&D investments. Most advanced manufacturing companies are suggested selecting a following strategy if they are not strong in innovative resources; their pursuit of eccentric strategy may be harmful to their technical innovation. This paper gives suggestions for advanced manufacturing companies on treasuring their credits, intensifying the ties with customers and suppliers, which may relieve their financing constraints due to strategic variance, favorable for their technical innovations.

Key words: advanced manufacturing, strategic variance, R&D investment, trade credit financing; financing constraints

中图分类号:

F270

聂志萍, 范晓雯. 战略差异对先进制造业企业研发投入的影响——基于商业信用融资的中介作用[J]. 资源与产业, 2023, 25(1): 122-131.

NIE Zhiping, FAN Xiaowen. IMPACTS OF STRATEGIC VARIANCE ON ADVANCED MANUFACTURING RESEARCH & DEVELOPMENT INVESTMENTS BASED ON MEDIATION OF TRADE CREDIT FINANCING [J]. Resources & Industries, 2023, 25(1): 122-131.

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