摘要
中国已逐渐步入技术“登高望远”阶段,技术需求转变和深层次对外开放使得外资能否带来关键技术这一命题亟需得到答案。据此,本文立足于《鼓励进口技术和产品目录》政策,克服了过往研究中关键设备难以识别的难题,实证检验了外资对关键设备引进的影响及其后续技术发展表现。研究发现,外资控股下企业能够引进数目更多、价值更高的关键设备,但是外资控股下企业引进的关键设备在后期发生了更多资产减值,并对企业实质创新成果产生了负面影响,这种现象在战略性新兴行业、长期机构投资者持股比例较低、公司内部治理水平较低的企业中更加显著。进一步分析表明,外资引进关键设备对企业盈利能力造成了负面影响。同时,相比于引进普通设备的外资企业,引进关键设备的外资企业后期外资股东退出的概率显著更高。本文立足于大国崛起关键时期中国技术需求的转变,为中国关键领域技术进步路径的选择提供了参考建议,也对如何更好地建设高质量开放型经济具有重要启示。
China's technology has been approaching the forefront.The transformation of technology demand and deep-seated opening policies make it urgent to answer the proposition of whether foreign capital can bring key technologies.This paper empirically tests the impact of foreign capital on the introduction of key equipment and its subsequent technological development performance.The study finds that foreign capital can introduce a larger number of key equipment with higher value,but after the introduction of key equipment,foreign capital immediately accrues significantly more provisions for impairment of fixed assets and harms substantive innovation output.This phenomenon is more significant in strategic emerging industries,companies with low long-term institutional investor ownership,and companies with low internal governance.Further analysis shows that the introduction of foreign key equipment has a negative impact on the profitability of enterprises.At the same time,compared with the foreign enterprise introducing general equipment,the foreign shareholder withdrawal probability of the foreign enterprise introducing key equipment is significantly higher.This paper not only provides reference and suggestions for the choice of the path of technological progress in China's key fields but also has important enlightenment on how to better build a high-quality open economy.
作者
王钰涵
步丹璐
Wang Yuhan;Bu Danlu
出处
《会计研究》
北大核心
2023年第9期134-148,共15页
Accounting Research
基金
国家社会科学基金后期资助项目一般项目(19FGLB045)阶段性研究成果。
关键词
关键设备
外资
创新
资产减值
技术发展
Key Technical Equipment
Foreign Capital
Innovation
Asset Impairment
Technological Development
