国家科技研发项目何以提升企业价值？

——基于战略性技术创新的视角

王伟光　王洋洋

（辽宁大学）

摘要：国家科技研发项目是国家集聚创新资源，突破战略性技术，保障产业自主可控的核心工具。作为此类项目的核心承担主体，企业通过参与国家科技研发项目、开展战略性技术创新实现自身价值的实质性跃升，不仅关乎其竞争力培育，更是衡量国家科技研发项目战略成效的重要维度。本文基于战略性技术创新视角，选取2011—2023年沪深A股上市公司面板数据，实证研究了国家科技研发项目对企业综合价值的影响效应和作用机制。研究发现，国家科技研发项目引导下的战略性技术创新能提升企业价值；其作用机制主要有技术标准引领、创新网络协同以及市场声誉提升三个方面。在私营企业、大企业、滞后一期的探索型创新企业、当期的应用型创新企业中，战略性技术创新的价值增值效应更为明显。积极参与国家科技研发项目，提升对战略性技术的攻关突破能力，有益于企业筑牢关键核心技术自主可控根基，促进其经济、环境与社会价值提升，为产业以及国家发展主导权提供保障。

关键词：国家科技研发项目；战略性技术；企业价值；技术标准；创新网络；市场声誉

作者简介：王伟光，辽宁大学经济学院教授、博士生导师，沈阳，110136；王洋洋，辽宁大学经济学院博士研究生，通信作者。

基金项目：国家自然科学基金面上项目“吸收能力—技术体制匹配下的企业战略性技术创新机理研究”（72172055）；国家自然科学基金面上项目“企业战略性技术创新转移扩散机制和模式研究”（72472067）

引用格式：王伟光,王洋洋.国家科技研发项目何以提升企业价值?——基于战略性技术创新的视角[J].经济与管理研究,2026,47(6):96-111.

How Do National Scientific and Technological R&D Projects Enhance Enterprise Value?

—From the Perspective of Strategic Technological Innovation

WANG Weiguang, WANG Yangyang

(Liaoning University, Shenyang 110136)

Abstract: Against the backdrop of strengthening China’s strategic scientific and technological strength and promoting greater self-reliance and strength in science and technology, enterprises have become the core undertakers of national scientific and technological research and development (R&D) projects. They shoulder the important mission of accelerating breakthroughs in strategic technological research, ensuring industrial independence and controllability, and safeguarding national security and stability. Whether enterprises can develop technological potential through strategic technological innovation (STI) and effectively convert it into economic returns, environmental benefits, and social values directly affects their enthusiasm and endogenous motivation for innovation. This also determines the core value and sustainability of STI under national scientific and technological R&D projects, which constitutes the core research question of this paper.

From the perspective of STI, this paper empirically investigates the impact of national scientific and technological R&D projects on enterprises’ comprehensive value and the underlying mechanisms, using panel data from A-share listed companies in China from 2011 to 2023. The empirical results show that STI enhances enterprise value, and this conclusion remains valid after a series of robustness tests and endogeneity treatments. Mechanism analysis reveals that the enhancement is achieved mainly through three channels: technical standard leadership, innovation network collaboration, and market reputation enhancement. Heterogeneity analysis further indicates that the value-added effects of STI are more pronounced among private enterprises, large enterprises, enterprises with one-period lagged exploratory innovation, and enterprises with applied innovation in the current period. According to these findings, this paper offers the following policy implications: deepening the cultivation of the leading power of technical standards and building an innovation ecology led by technical standards; optimizing the combination of policy tools and strengthening the coordination among the main bodies of innovation networks; and giving play to the market reputation promotion mechanism of STI and forming a virtuous circle of positive market feedback.

This paper explores the promoting effect of STI on the comprehensive value of enterprises from both theoretical and empirical aspects. It enriches the connotation cognition and measurement methods of enterprise value, and broadens the theoretical framework of STI and enterprise value. In addition, it provides empirical evidence for strengthening breakthroughs in strategic technology, enhancing the comprehensive value of enterprises, optimizing the national strategic-oriented, organized scientific and technological innovation paths, and laying a solid foundation for industrial independence and controllability and national security technology.

Keywords: national scientific and technological R&D project; strategic technological innovation; enterprise value; technical standard leadership; innovation network collaboration; market reputation enhancement

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