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| 文章编号：1672-3104(2018)05-0084-10 |
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通货膨胀、企业特征与创新研发——基于中国上市公司微观数据的实证研究 |
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董竹，潘凌云 |
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（吉林大学商学院，吉林长春，130012） |
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| 摘 要： 使用2006—2016年中国上市公司的微观数据，分析了通货膨胀如何影响企业创新。研究发现：通货膨胀对企业的创新活动存在明显的抑制效应，并且这种抑制效应具有非线性特征；通货膨胀与企业创新的关系受企业特征的影响，在国有企业中，其抑制效应较大，而在股权激励强度较大、会计信息质量较高的企业中，其抑制效应较小；通货膨胀弱化了企业创新活动的“生产率效应”。研究结果表明，适度控制通货膨胀并深化国有企业改革，提高股权激励强度，改善会计信息质量等对提升我国企业创新能力具有重要的现实意义。 |
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| 关键词： 通货膨胀；创新活动；企业特征；企业生产率 |
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Inflation, firm characteristics and innovation RD: An empirical study on the micro-data from China's listed companies |
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DONG Zhu, PAN Lingyun |
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（School of Business, Jilin University, Changchun 130012, China） |
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| Abstract: The present study, by adopting the micro-data from China's listed companies from 2006 to 2014, analyzes how inflation affects firm innovation. The findings are as follows. First, inflation has a significant inhibitory effect on the innovation activities of firms, and there should be a clear non-linear characteristic of such inhibitory effect. Second, the relationship between inflation and innovation is influenced by the characteristics of firms. Among state-owned enterprises, the inhibitory effect is larger, but the inhibitory effect is less in firms with higher equity incentive intensity and higher accounting information quality. Finally, inflation weakens the “productivity effect” of innovation activities, which also shows that the inflation hinders the promotion of innovation. Therefore, it is of important realistic and practical significance for boosting innovation capability of China’s companies to control inflation moderately, to deepen the reform of state-owned companies, to improve the intensity of equity incentives, and to better the quality of accounting information. |
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Key words: inflation; innovative activities; firm characteristics; firm productivity |
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