社会信任影响企业创新的作用路径研究

Research on Effect and Function Path of Social Trust on Enterprise Innovation

中文关键词:  社会信任  创新投入  创新效率  融资约束  资本成本  代理成本 

英文关键词:social trust  innovation input  innovation efficiency  financing constraint  capital cost  agency cost

中文摘要:

      党的十九大指出,创新是引领发展的第一动力,要建立以企业为主体、从市场为导向、产学研深度融合的技术创新体系,如何充分发挥企业的创新主体作用对于现阶段贯彻新发展理念、构建新发展格局至关重要。以2008—2017年沪深两市A股上市公司为研究样本,实证考察了社会信任对企业创新投入和创新效率的影响及其作用机制。研究发现:社会信任显著提高了企业的创新投入和创新效率；社会信任主要通过缓解融资约束和降低资本成本来提高企业的创新投入,主要通过降低代理成本来提高企业的创新效率。研究结论表明,政府应充分认识和发挥社会信任这种非正式制度对企业创新的促进作用,积极引导和培育社会信任,完善上市公司治理机制,畅通社会信任提升企业创新的机制路径。

英文摘要:

      The 19th National Congress of the Communist Party of China has pointed out that innovation is the primary driving force for development. We should establish a technological innovation system in which enterprises play the leading role, the market is the guide, and production, education and research are deeply integrated. How to give full play to the role of enterprises as the main body of innovation is very important to carry out the new development concept and construct the new development pattern at the present stage. Based on the A-share listed companies on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2008 to 2017 as research sample, this paper empirically examines the impact and function mechanism of social trust on enterprise innovation input and innovation efficiency. The research finds that social trust significantly improves the innovation input and innovation efficiency. Social trust improves the innovation input mainly by alleviating the financing constraints and reducing capital cost. Social trust improves the innovation efficiency mainly by reducing agency cost. Further research shows that social trust plays a more significant role in promoting the innovation input and efficiency in non-state-owned enterprises. The research conclusion indicates that the government should understand completely and give full play to the role of such informal system as social trust in promoting the enterprise innovation, actively guide and cultivate social trust, improve the governance mechanism of listed companies, and unimpeded the mechanism path of social trust to promote the enterprise innovation. 