摘要
基于我国科教兴国战略和"十二五"时期扩大科技创新的制度背景,构建理论模型以分析异质要素资本对企业成长的作用机理。在此基础上,运用沪深两市2008-2013年度A股企业样本数据探讨技术资本和知识资本与企业成长的关系,考察了技术资本与知识资本配置结构如何影响企业成长,进而验证了当前市场环境下二者对企业成长的相对重要性。研究结果表明,技术资本和知识资本的均衡配置有利于企业成长;技术资本和知识资本具有协同和均衡效应,二者应共同投资且在要素资本结构中的比重不能差距过大。以企业当前发展状况而言,技术资本对企业成长的贡献比知识资本更大,该研究为我国企业成长和优化要素资本配置结构提供了有益参考。
Survival and growth are the basic goals of the enterprises. The production theory of economics suggests that the allocation and investment of different kinds of production elements are important ways to enterprise growth. Currently, physical capital, human capital, monetary capital and other traditional element capital are the main types of capital that sustain the growth of enterprise in China. However, on one hand, with the exhaustion of resources and the increasing of human capital cost, the contribution of traditional element capital to enterprise growth has been reduced. On the other hand, technology capital, knowledge capital and other emerging capital are gradually becoming a new driving force for enterprise growth. According to the theory of element capital, the balanced alocation of different capital elements, especially the balanced allocation of technology capital and knowledge capital, is an important factor that affects the growth of enterprise. Therefore,based on the institutional background of technology innovation during the period of 'Twelfth five-year plan' of China, this paper discusses the mechanism of heterogeneous element capital to the enterprise growth by constructing theoretical models. And based on the mechanism and the sample of Chinese public listed enterprises from 2008 to 2013, this paper analyzes the relationship between technology or knowledge capital and enterprise growth, then examines the impact of the allocation structure of technology capital and knowledge capital on enterprise growth and their relative importance in the current market environment. The results show that the technology capital and knowledge capital are conducive to enterprise growth. Besides, technology capital and knowledge capital have balance effect and synergy effect, so both of them should be invested together and the investment gap between them in the elements capital structure should not be too large. In terms of the current development of Chinese enterprise, the contribution of technology capital to the
出处
《南开管理评论》
CSSCI
北大核心
2017年第3期90-99,共10页
Nankai Business Review
基金
国家自然科学基金项目(71302003)
国家社会科学基金项目(15BJL021)资助
关键词
企业成长
技术资本
知识资本
要素资本均衡配置
Enterprise Growth
Technology Capital
Knowledge Capital
the Balanced Allocation of Heterogeneous Elements
