摘要
面对宏观经济政策的不确定,企业是否可以“主动求变”?基于产品主导逻辑与服务主导逻辑,本文区分并检验了经济政策不确定性对产品创新(价值链上游)和服务转型(价值链下游)的影响。本文选取2004—2016年中国A股制造业上市公司作为研究样本,配套了上市公司数据库、手工整理的服务业务数据库以及“全球经济政策不确定性指数”。研究结果发现,经济政策不确定性会显著降低产品创新,尤其创新性更高的突破式创新;相反,不确定性会显著提升服务业务占比,促进制造企业向服务转型。进一步地,本文从政府—企业关联的视角,分析了具有异质性资源或能力的企业面对不确定性的策略选择差异。在高不确定性环境中,无制度关联企业具有更强的动机和能力从价值链上游的产品研发转向下游的服务环节。相比国有企业,非国有企业更有可能借助服务转型来应对政策波动。本文为经济政策不确定性的影响提供了更为细致和丰富的实证依据。
Confronting economic turbulence and policy uncertainties,could manufacturing firms take any effective measure to reduce the potential negative influence?Drawing upon the theoretical perspectives of good dominant logic versus service dominant logic,this paper differentiates the effects of policy uncertainties on product innovation versus on service transition.By selecting A-share listed manufacturing firms as the research sample,this study matches the multiple sources of data which contain the database of the listed companies,manually collected service business data and the“Global Policy Uncertainty Index”.This study reveals several interesting findings.Policy uncertainty is negatively correlated with product innovation,especially radical innovation,whilst it is positively related to service transition.Further,from the perspective of government-enterprise link,this paper explores the differences between strategic choices from companies with heterogeneous resources or capabilities when they face the policy uncertainty.Generally,with a high level of policy uncertainty,firms without institutional ties or non SOEs are more likely to move from the upper value chain focusing on product innovation into the lower chain focusing on service activities.This paper thus deepens our understanding of the influence of economic policy on business activities.
作者
张峰
刘曦苑
武立东
殷西乐
ZHANG Feng;LIU Xi-yuan;WU Li-dong;YIN Xi-le(School of Economics, Nankai University, Tianjin 300071, China;Nankai University Binhai College, Tianjin 300071, China;National School of Development, Peking University, Beijing 100871, China;China Academy of Corporate Governance, Nankai University, Tianjin 300071, China;School of Business Administration, Zhejiang Gongshang University, Hangzhou 310018, China)
出处
《中国工业经济》
CSSCI
北大核心
2019年第7期101-118,共18页
China Industrial Economics
基金
教育部人文社会科学重点研究基地重大项目“国有企业治理转型中的多重逻辑、分类治理与机制演化”(批准号18JJD630003)
中央高校基本科研业务费资助项目“新时代中国特色社会主义经济建设实践与理论”(批准号63185009)
国家自然科学基金面上项目“混合所有制企业中的竞争性制度逻辑、多重冲突与治理机制研究”(批准号71572085)
关键词
政策不确定性
产品创新
服务转型
制造企业
policy uncertainty
product innovation
service transition
manufacturing firm
作者简介
张峰,南开大学经济学院、滨海学院教授,博士生导师,管理学博士;刘曦苑,北京大学国家发展研究院硕士研究生;武立东,南开大学中国公司治理研究院教授,博士生导师,管理学博士;通讯作者:殷西乐,浙江工商大学工商管理学院讲师,管理学博士,电子邮箱:yinxile@126.com。
