| 摘要: |
| 创新引领经济社会发展，企业在创新过程中受制于诸多因素，其中下游企业形成的买方市场势力对企业创新有着不可忽视的影响。本文以我国战略新兴产业2014－2019年上市公司的数据为研究样本，构建面板模型实证检验不同经营状况下买方市场势力对企业创新的影响，通过研发投入的不同衡量方式进行稳健性检验，并按企业所有权性质进行异质性检验。研究表明，买方市场势力对企业创新存在显著的抑制作用，且当企业营业收入下降时，抑制作用显著增强；相较于非国有企业，国有企业中这种抑制作用更强，经营状况不佳带来的影响也较强。据此，我国企业需要在提升创新能力的过程中增强市场竞争力，同时还需优化与上下游客户的关系，降低市场势力带来的不利影响。 |
| 关键词: 企业创新；买方市场势力；经营状况；研发投入 |
| DOI： |
| 分类号:F831.5 |
| 基金项目:新疆维吾尔自治区社会科学基金项目“双循环新格局下金融赋能新疆战略新兴产业的发展策略研究”（20BJY043） |
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| Research on the Impact of Buyer’s Market Forces on Corporate Innovation from the Perspective of Operational Heterogeneity——Based on the Empirical Data of Listed Companies in Strategic Emerging Industries |
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HE Wen-bin，LU Xiao-yu
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（School of Finance，Xinjiang University of Finance and Economics）
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| Abstract: |
| Innovation leads economic and social development，and enterprises are subject to many factors in the process of innovation，among which the buyer’s market force formed by downstream enterprises has a non-negligible impact on enterprise innovation.Based on the data of listed companies in China’s strategic emerging industries from 2014 to 2019 as a research sample，the panel model empirically tests the impact of buyer’s market forces on enterprise innovation under different operating conditions，returns to robustness through different measurement methods of R&D investment，and conducts heterogeneity tests according to the nature of enterprise ownership.The research shows that the buyer’s market force has a significant inhibitory effect on enterprise innovation，and when the operating income of enterprises declines，the inhibition effect is significantly enhanced；Compared with non-state-owned enterprises，this inhibition effect is stronger in state-owned enterprises，and the impact of poor operating conditions is also stronger.According to this，Chinese enterprises need to enhance market competitiveness in the process of enhancing innovation capabilities，and at the same time，they need to optimize the relationship with upstream and downstream customers to reduce the adverse impact of market forces. |
| Key words: Enterprise Innovation；Buyer’s Market Forces；Business Conditions；R&D Investment |
