大企业引领了创新发展吗？

——基于中国上市公司示范效应的研究

孙锦萍　董志勇

（北京大学）

内容提要：大企业在中国创新中扮演了重要角色。与既有文献从创新能力和创新效率的视角关注大企业创新的“支撑”作用不同，本文从社会互动的视角关注大企业创新的“引领”作用。基于2007—2022年中国沪深A股上市公司数据，本文采用社会互动理论常用的线性均值模型研究大企业创新对同行业内其他企业创新的影响。研究结果表明：大企业创新存在明显的示范效应，且大企业创新对规模较大、国有企业以及位于东部和中部地区的其他企业发挥着更为明显的示范效应。机制分析结果表明，大企业创新示范效应源于企业的竞争性动机和高管的声誉获取动机。进一步，大企业创新示范效应是通过高管之间的交流式学习和企业之间的观察式学习等学习方式实现的。最后，大企业创新示范效应遵循先内后外律，对与其具有相同产权性质的其他企业创新的促进作用更明显。本文从行业内不同规模企业创新关系的视角研究了大企业的创新示范效应，考察并肯定了中国大企业在创新中发挥的关键引领作用，同时也为政策制定者出台创新支持政策提供进一步的理论参考。

关键词：企业规模；示范效应；企业创新；同群效应；线性均值模型

作者简介：孙锦萍，北京大学经济学院助理研究员，北京，100871；董志勇，北京大学经济学院教授、博士生导师，通信作者。

基金项目：国家社会科学基金青年项目“异质性创新视角下环保补贴政策驱动产业绿色转型升级研究”（23CJY022）；2024年度济南市哲学社会科学“揭榜挂帅”课题“济南市推动区域协调发展与加快‘济南都市圈’建设的实践研究”（JNSK2024J003）

引用格式：孙锦萍,董志勇.大企业引领了创新发展吗?——基于中国上市公司示范效应的研究[J].经济与管理研究,2024,45(11):104-125.

Do Large Enterprises Lead Innovation Development?

—Based on the Demonstration Effect of Listed Enterprises in China

SUN Jinping, DONG Zhiyong

(Peking University, Beijing 100871)

Abstract: Large enterprises play a crucial role in driving innovation in China. Unlike existing literature that emphasizes the supporting role of large enterprises’ innovation, this paper focuses on their leading role from the perspective of social interaction. Using data from A-share listed companies in Shanghai and Shenzhen from 2007 to 2022, this paper empirically tests the demonstration effect of large enterprises within the same industry based on the linear mean model. It indicates that large enterprises’ innovation can enhance other enterprises’ innovation. In addition, the demonstration effect of large enterprises is pronounced for larger, state-owned enterprises (SOEs) and enterprises located in the eastern and central regions of China.

The empirical results remain robust after conducting a series of robustness and endogeneity tests, including replacing the proxy variables, adopting a lagged one-period approach, using the negative binomial regression, adjusting the criteria for defining large enterprises, and employing the instrumental variable method and the system generalized method of moments (SYS-GMM).

In terms of mechanism, this paper examines the generative motivation and methods of demonstration effects of large enterprises’ innovation. Among them, the generative motivation reveals two types of motivations: corporate competition and executive reputation. The former indicates that increasing industry competition will increase the willingness of enterprises to imitate large enterprises, while the latter reveals that young executives will increase their imitation of large enterprises to gain a reputation. The generative methods include two ways for enterprises: communicative learning and observational learning. On the one hand, the communication brought about by the hometown relationship and native place relationship between executives enables enterprises to learn the innovative behaviors of large enterprises through communicative learning. On the other hand, the higher the innovation return of large enterprises, the stronger their willingness to learn.

In terms of extensibility analysis, this paper discovers the demonstration effect law of large enterprises’ innovation. Empirical analysis based on ownership indicates that enterprises are sensitive to the innovation behaviors of large enterprises with the same ownership. Specifically, large SOEs exert a significant demonstration effect on the innovation of other SOEs, while large non-SOEs have a demonstration effect on the innovation of other non-SOEs.

In the current context, China stands at a critical juncture in its innovation-driven development. It is imperative to clarify the demonstration effect of large enterprises’ innovation and the underlying mechanisms, as this understanding is vital for policymakers in formulating effective innovation support policies and fostering enterprise innovation. This paper offers a new perspective on the role of large enterprises within the context of an innovation-driven development strategy and further affirms the leading role of innovation by large enterprises in China’s innovation system.

Keywords: enterprise size; demonstration effect; enterprise innovation; peer effect; linear mean model

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