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市场准入负面清单制度是影响企业高质量创新的关键因素。本文基于异质性企业技术增长路径,构建了一个融合企业开拓创新精神、创新模式选择以及负面清单制度等要素的理论模型;同时,利用中国A股上市企业年报文本数据构建企业开拓创新指数,并通过实证分析论证负面清单制度对不同类型企业创新模式选择的影响机制。基准分析表明,负面清单制度能够显著促进开拓型企业选择颠覆式创新模式,并且促进保守型企业选择渐进式创新模式。影响机制分析表明,负面清单制度通过促进市场公平竞争与加剧市场风险两条路径,影响开拓型企业选择颠覆式创新模式;同时通过提升市场要素配置效率、促进市场公平竞争以及加剧市场风险三条路径,影响保守型企业选择渐进式创新模式。异质性分析表明,在内部治理水平较低、信息披露质量较低的企业中,以及在知识产权保护力度较高的城市中,负面清单制度对开拓型企业选择颠覆式创新模式的促进作用更为显著,对保守型企业选择渐进式创新模式的促进作用也更为显著。本文研究拓展了异质性企业创新理论与制度经济学的研究边界,为政府精准制定差异化创新激励政策、引导不同类型企业选择适配的创新模式提供实践参考。
Abstract：The negative list system for market access is a key factor influencing high-quality innovation by enterprises.Based on the technological growth paths of heterogeneous enterprises,this paper constructs a theoretical model that integrates elements such as the pioneering and innovative spirit of enterprises,the selection of innovation models,and the negative list system.Meanwhile,the enterprise pioneering and innovation index is constructed by using the annual report text data of A-share listed enterprises in China,and the influence mechanism of the negative list system on the choice of innovation models of different types of enterprises is demonstrated through empirical analysis.Benchmark analysis indicates that the negative list system can significantly encourage pioneering enterprises to choose disruptive innovation models and conservative enterprises to opt for incremental innovation models.The analysis of the influence mechanism indicates that the negative list system influences pioneering enterprises to choose disruptive innovation models through two paths:promoting fair market competition and intensifying market risks.At the same time,through three paths:enhancing the efficiency of market factor allocation,promoting fair market competition,and intensifying market risks,it influences conservative enterprises to choose the incremental innovation model.Heterogeneity analysis indicates that in enterprises with lower internal governance levels and lower quality of information disclosure,as well as in cities with higher intellectual property protection efforts,the negative list system has a more significant promoting effect on pioneering enterprises choosing disruptive innovation models,and also has a more significant promoting effect on conservative enterprises choosing incremental innovation models.This paper expands the research boundaries of heterogeneous enterprise innovation theory and institutional economics,providing practical references for the government to precisely formulate differentiated innovation incentive policies and guide different types of enterprises to choose suitable innovation models.
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衡芥荻,肖土盛,董启琛,等.2025.放松市场准入管制的收入分配效应——基于“市场准入负面清单”的准自然实验[J].南开经济研究,(3):195-214.Heng J D,Xiao S S,Dong Q C,et al.2025.Income distribution effect of deregulating market access:A quasinatural experiment based on the negative list system for market access[J].Nankai Economic Studies,(3):195-214.(in Chinese)
李双圆,徐晓莉.2025.二元政策组合能否提升企业突破式创新效率?——兼论技术创新与转化[J].软科学,39(8):59-68.Li S Y,Xu X L.2025.Can dual policy combinations enhance enterprise breakthrough innovation efficiency?:Analyzing technological innovation and transformation[J].Soft Science,39(8):59-68.(in Chinese)
刘长庚,王宇航,彭千芮.2023.反垄断有助于提高企业劳动收入份额吗?[J].南开经济研究,(4):163-180.Liu C G,Wang Y H,Peng Q R.2023.Can antitrust help increase labor income share of enterprises?[J].Nankai Economic Studies,(4):163-180.(in Chinese)
师博,侯迎信,王铮.2025.数字化转型如何赋能企业突破式创新?[J].财经问题研究,(3):58-69.Shi B,Hou Y X,Wang Z.2025.How does digital transformation empower corporate breakthrough innovation?[J].Research on Financial and Economic Issues,(3):58-69.(in Chinese)
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唐亮,杨国玉,佟梦霞.2025.耐心资本投资赋能突破式创新的理论逻辑和实证证据[J].上海经济研究,(7):25-36.Tang L,Yang G Y,Tong M X.2025.Theoretical logic and empirical evidence of patient capital investment in enabling radical innovation[J].Shanghai Journal of Economics,(7):25-36.(in Chinese)
王晓燕,姚爽.2025.突破式创新抑或渐进式创新:数字金融与企业创新选择[J].经济学报,12(3):138-154.Wang X Y,Yao S.2025.Radical innovation or incremental innovation:Digital finance and enterprise innovation choice[J].China Journal of Economics,12(3):138-154.(in Chinese)
杨仁发,陆瑶.2025.市场准入管制放松与企业长期投资——兼论耐心资本的形成[J].中国工业经济,(6):159-177.Yang R F,Lu Y.2025.Market access deregulation and corporate long-term investment:On the formation of patient capital[J].China Industrial Economics,(6):159-177.(in Chinese)
张杰,郑文平.2018.创新追赶战略抑制了中国专利质量么?[J].经济研究,53(5):28-41.Zhang J,Zheng W P.2018.Has catch-up strategy of innovation inhibited the quality of China's patents?[J].Economic Research Journal,53(5):28-41.(in Chinese)
张宽,雷卓骏,李后建.2023.市场准入管制与企业全要素生产率:来自负面清单的证据[J].世界经济,46(5):152-176.Zhang K,Lei Z J,Li H J.2023.Market access control and corporate total factor productivity:Evidence from the negative list[J].The Journal of World Economy,46(5):152-176.(in Chinese)
张悦,许永斌.2023.市场准入负面清单制度与企业全要素生产率[J].财贸研究,34(9):85-95.Zhang Y,Xu Y B.2023.Negative list system of market access and total factor productivity of enterprises[J].Finance and Trade Research,34(9):85-95.(in Chinese)
张悦,许永斌,汪顺.2023.负面清单制度与企业创新信息披露[J].财经研究,49(9):124-137,153.Zhang Y,Xu Y B,Wang S.2023.Negative list system and enterprise innovation information disclosure[J].Journal o f Finance and Economics,49(9):124-137,153.(in Chinese)
周志方,韩尚杰,程序.2023.市场准入管制放松与企业创新——基于“市场准入负面清单制度”试点的准自然实验[J].财经研究,49(11):125-139.Zhou Z F,Han S J,Cheng X.2023.Deregulation of market access and corporate innovation:A quasi-natural experiment based on the pilot of"negative list system for market access[J].Journal of Finance and Economics,49(11):125-139.(in Chinese)
Acemoglu D,Akcigit U,Celik M A.2022.Radical and incremental innovation:The roles of firms,managers,and innovators[J].American Economic J ournal:Macroeconomics,14(3):199-249.
Ash E,Hansen S.2023.Text algorithms in economics[J].Annual Review of Economics,15:659-688.
Giannetti M,Liao G M,Yu X Y.2015.The brain gain of corporate boards:Evidence from China[J].The Journal of Finance,70(4):1629-1682.
Li K,Mai F,Shen R,et al.2021.Measuring corporate culture using machine learning[J].The Review of Financial Studies,34(7):3265-3315.
Melitz M J,Ottaviano G I P.2008.Market size,trade,and productivity[J].Review of Economic Studies,75(1):295-316.
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(1)在制度背景部分,本文详细介绍了市场准入正面清单与负面清单制度的内容,并对比阐述了历年负面清单制度的差异。限于篇幅,制度背景的详细内容请见附录A,附录可通过中国知网检索并下载。
(1)当m=fo时,企业类型为开拓型,分别表示开拓型企业在选择颠覆式创新模式时用于颠覆式创新和渐进式创新的研发投入,并且加总等于总投入,即R。当m=co时,企业类型为保守型,R分别表示保守型企业在选择颠覆式创新模式时用于颠覆式创新和渐进式创新的研发投入,并且加总等于总投入,即R。
(1)颠覆式创新成果拓展了原有渐进式创新形成的技术框架,开拓了技术发展的新领域。企业任意一条生产线的颠覆式创新成果能为其他生产线的渐进式创新提供新思路与新方法,使其他生产线得以在新技术领域开启一系列渐进式创新。以无线充电技术为例,它颠覆了有线充电技术设备的应用场景,让消费者摆脱对充电线的依赖。在此基础上,插线板、手机、汽车以及芯片等生产线纷纷布局无线充电产品,对现有产品线进行技术升级,进而获得市场竞争优势。可见,颠覆式创新成果能够对渐进式创新产生溢出效应。
(2)两个参数的定义与经济学涵义请见附录B,附录可通过中国知网检索并下载。
(1)鉴于核算企业开拓创新指数尚属首次,本文利用已有的方法、数据以及指标对开拓创新指数进行有效性检验,相关内容备索。本文选择词典法构建企业开拓创新指数的原因请见附录E,附录可通过中国知网检索并下载。
(2)与中心词平均词向量相似度较高的词语与中心词的意思相近,可以作为相似词来表征开拓创新精神。此外,作者邀请了10位创新经济领域专家,结合财报文本语料的上下文语境筛选词典词语,以确保所选词典词语的准确性。开拓创新扩充词集以及语句实例备索。
(1)限于篇幅,指标选择的具体依据与理由,详见附录F,附录可通过中国知网检索并下载。
(3)限于篇幅,描述性统计结果备索。
(4)社会科学文献出版社出版。
(1)市场风险机制检验、异质性分析与稳健性检验的内容请见附录G,附录可通过中国知网检索并下载。
(1)本文使用op方法计算上市企业生产率,具体过程可参考Giannetti et al.(2015)的研究。
(1)限于篇幅,推导过程备索。
(2)负面清单制度还可以通过市场风险机制和公平竞争机制影响开拓型企业选择渐进式创新模式,理论解释与颠覆式创新模式相似,此处不再赘述。进一步地,本文推导出?2,意味着市场风险会先抑制负面清单制度本应发挥的促进市场要素配置效率提升作用,进而间接阻碍开拓型企业选择渐进式创新模式。限于篇幅,详细论述备索。
(3)本文推导出?2,意味着市场风险会先抑制负面清单制度本应发挥的促进市场要素配置效率提升作用以及促进市场公平竞争作用,进而间接阻碍保守型企业选择渐进式创新模式。限于篇幅,推导过程备索。
(1)限于篇幅,在稳健性检验阶段,本文只给出基于开拓型企业样本组的估计结果。
(2)对应n=-1的情况。
(1)对于本文研究而言,意向性处理效应指的是双重差分模型以开拓型企业作为划分控制组的标准,其隐含的假设前提是样本企业均会受到负面清单制度的影响。然而,在现实中,由于各地区市场准入门槛降低幅度并不统一,部分企业面临的市场准入成本依旧很高,该类企业就会继续选择以往的创新模式,即其创新模式不受负面清单制度的影响;那么意味着上述假设不成立,可能干扰回归估计结果。
(2)参考张杰和郑文平(2018)、Li et al.(2021)以及李四海和李震(2023)的做法,三个指标的构造方法为:(1)利用企业研发投入额的对数衡量企业创新力度;(2)利用销售额占总资产的比重表征资产周转率;(3)利用企业发布的违规事件报告来判定企业是否受到行政处罚。
基本信息:
中图分类号:F832.51;F273.1
引用信息:
[1]张杰,胡浩然.负面清单制度如何影响企业颠覆式创新模式选择？[J].经济学报().
基金信息:
教育部人文社会科学研究青年基金项目“信贷市场扭曲与全要素生产率——基于信贷资金搜寻匹配的动态模型研究”（21YJC790159）; 国家自然科学基金青年项目“数字贸易重塑国际国内收入分配的效应、机制与路径研究”（72503120）; 山东省高等学校“青年创新团队计划”团队项目“山东加快建设绿色低碳高质量发展先行区研究”（2025RWE016）的资助
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2026-05-07