摘要
形成发明专利等创新产出并不是企业创新活动的终点,通过生产性固定资产投资将发明专利转化为产品,才能真正实现创新驱动发展,真正构建新发展格局。通过研究生产性固定资产投资对企业创新产出与企业绩效关系的影响,发现生产性固定资产投资能够强化企业创新产出对企业绩效的正向影响;生产性固定资产投资可以通过提高营业毛利率和缩短现金转换周期两个路径实现上述强化作用;生产性固定资产投资的上述强化作用,在高技术行业、中美贸易摩擦较强时期以及非国有企业中更加显著。本文将企业创新的研究向前延伸了一步,也更符合创新驱动发展和构建新发展格局的现实需要。
The formation of innovation outputs such as invention patents is not the end of enterprise innovation activities.Only by transforming invention patents into products through productive fixed asset investment can we more effectively implement the innovation-driven developnent and promote the construction of the new development paradigm.By studying the impact of productive fixed asset investment on the relationship between firm innovation output and firm performance,the results show that productive fixed asset investment can strengthen the positive impact of firm innovation output on firm performance.Production fixed asset investment can achieve the above strengthening effect by increasing operating gross margin and reducing cash conversion cycle.The above strengthening effeet of productive fixed asset investment is more significant in high-tech industries,in periods of stronger Sino-US trade friction and in non-state-owned enterprises.The essay extends the research of enterprise innovation a step forward,and is also more in line with the realistic needs of innovation-driven development and the construction of a new development pattern.
作者
雷宇
盛兆杰
文华
Lei Yu;Sheng Zhaojie;Wen Hua
出处
《金融学季刊》
2023年第3期24-46,共23页
Quarterly Journal of Finance
关键词
生产性固定资产投资
企业创新
企业绩效
productive fixed asset investment
enterprise innovation
enterprise performance
作者简介
通讯作者:雷宇,广东财经大学会计学院/粤港澳大湾区资本市场与审计治理研究院教授,联系方式:雷宇,广东省广州市海珠区仑头路21号广东财经大学会计学院,E-mail:leiyu@gdufe.edu.cn;盛兆杰,广东财经大学会计学院硕士研究生;文华,广东财经大学会计学院硕士研究生。
