| Innovation is the driving force of China's future economic development,and factor price distortion is one of the important factors affecting innovation.Excessive factor price distortion has a negative impact on enterprise innovation through excessive dependence on production factors,extrusion of enterprise innovation resources,rent-seeking behavior and so on,while moderate factor price distortion has a positive effect on enterprise innovation by reducing enterprise innovation cost and rationally embodying factor value.One of the important tasks of supply-side reform is to correct distortions in factor allocation.Therefore,improving the factor price distortions and maintaining them within a reasonable range is not only conductive to promote enterprise innovation,but also one of the problems that must be solved to promote supply-side reform.Based on this,this paper examines the impact of factor price distortions on manufacturing enterprise innovation,analyzes its mechanism of action,and studies the joint action of government intervention and foreign mergers and acquisitions.It is aimed at providing theoretical basis and policy implications for promoting market-oriented reforms and improving the innovation capability of manufacturing enterprises.The purpose of this paper is to solve the following problems.Firstly,based on existing researches and theoretical models,the influence mechanism of factor price distortions on manufacturing enterprise innovation is investigated in depth.Secondly,the above-mentioned effects are evaluated based on the combined data of industrial enterprise database and patent database.Thirdly,the policy suggestions to improve factor price distortions of manufacturing enterprises and promote their innovation are put forward.This paper is divided into eight chapters.The first chapter is the introduction.This chapter states the research background,research significance and possible innovations of the article.The second chapter is a literature review.Firstly,this chapter sorts out the relevant literatures about the factors and effects of factor price distortion and enterprise innovation.Secondly,it sums up the relevant literatures about the impacts of factor price distortion,government intervention and foreign mergers and acquisitions on enterprise innovation.Finally,it discusses and summarizes the deficiencies of the existing literatures.The third chapter is theoreticalanalysis.This chapter first defines the factor price distortion and enterprise innovation,and summarizes their current mainstream measurement methods.At the same time,it sums up the mechanism of their influencing factors.Secondly,it focuses on the mechanism of factor price distortion affecting enterprise innovation,including promotion and inhibition.Thirdly,it analyzes that the impact of factor price distortion on enterprise innovation is subject to certain constraints,and focuses on the linkage effects of government intervention and foreign mergers and acquisitions.Finally,it constructs theoretical models to derive the above relationships.The fourth chapter analyses the status quo of factor price distortion and presents empirical analyses of its influencing factors.Based on status quo analysis,index construction and fixed effect regressions,this chapter draws the following conclusions.Firstly,China's capital and labor prices have long been depressed,and there are obvious region,industry,ownership and urban-rural differences of wages.Secondly,by calculating the factor price distortion of Chinese manufacturing enterprises,it is found that there is a generally negative factor price distortion in Chinese manufacturing enterprises,and the degree of negative capital price distortion is higher than that of negative labor price distortion.The degree of negative factor price distortion in the eastern region is higher than that in the central and western regions.Factors such as export,use of factors,government subsidy,enterprise size,ownership and regional characteristics affect the factor price distortion of China's manufacturing enterprises.Among them,export,government subsidy,per capita GDP and factor marketization increase the degree of negative factor price distortion,while use of factors,enterprise size and government intervention play reverse roles.The degrees of factor price distortion of state-owned and collective enterprises are not significantly different from that of other enterprises,and the degree of negative factor prices distortion of foreign enterprises is significantly higher than that of other enterprises.There is industry difference in the impact of various factors.Chapter five is empirical analyses of the impact of factor price distortion on manufacturing enterprise innovation.The main conclusions are as follows.Firstly,there is an inverted U-shaped relationship between the total number of patents and the factor prices distortion in China's manufacturing enterprises.Holding all other variables constant,the threshold value of factor price distortion for manufacturing enterprises to increase in the total numbers of patents is about 4.879.Enterprises whose factor price distortions are lower than the threshold value have higher total numbers of patents with higher factor price distortions,while the total numbers ofpatents decrease with the increases of factor price distortions which are across the threshold value.There is also an inverted U-shaped relationship between the number of invention patents and the factor price distortion,and the threshold value of factor price distortion is about 6.876.There are no significant impacts of factor price distortion on the numbers of utility model and design patents.Secondly,the relationship between the numbers of patents and factor price distortions of manufacturing enterprises in the eastern region is consistent with the overall sample estimates.The threshold values of factor price distortion for the total number of patents and invention patents are 5.296 and 6.469,respectively.The factor price distortions of manufacturing enterprises in the central region inhibit the total numbers of patents and design patents.On average,factor price distortions increase by 1%,the total numbers of patents and design patents of manufacturing enterprises in the central region decrease by about 0.0013 and 0.0028,respectively.There is no obvious correlation between factor price distortion and number of patents in manufacturing enterprises in Western China.Thirdly,there are industry and ownership differences in the impact of factor price distortion on the number of patents in China's manufacturing enterprises.Chapter six is empirical analyses of the impact of factor price distortion on manufacturing enterprise innovation under government intervention.The main conclusions are as follows.Firstly,the impact of factor price distortions of manufacturing enterprises on the total numbers of patents is affected by the degree of government intervention.In the case of the average level of government intervention in 2007,there is an inverted U-shaped relationship between the total numbers of patents and factor price distortions of manufacturing enterprises.Holding all other variables constant,the threshold values of factor price distortion for the total numbers of patents and invention patents are 4.797 and 6.862,respectively.These two threshold values are close to those in the previous paper.Secondly,the degree of government intervention in the market will affect the threshold values of factor price distortion for the total number of patents and invention patents.With the decreasing degree of government intervention,the threshold values of factor price distortion for manufacturing enterprises to increase in the total numbers of patents and invention patents are decreasing.Among them,the threshold value of factor price distortion for the total number of patents decreases and tends to 4.170,while it decreases and approaches 6.828 for the number of invention patents.Thirdly,the influence of government intervention has obvious heterogeneity.The seventh chapter is the empirical analyses of the impacts of factors price distortion and foreign mergers and acquisitions(FMA)on manufacturing enterprise innovation.The main conclusions are as follows.Firstly,in the absence of factor price distortion,there is a positive correlation between the total number of patents of Chinese manufacturing enterprises and FMA.Holding all other variables constant,a change in an enterprise's ownership from domestic to foreign in the previous year is estimated on average to be associated with an increase in the total number of patents of this enterprise by approximately 0.526.FMA promote enterprise innovation.When the ownership of an enterprise swithes from domestic to foreign in the previous year,the numbers of invention,utility model and design patents experience increase by approximately 0.782,0.434 and 0.633,respectively.Secondly,in the case of factor price distortion,the impacts of FMA on the total numbers of patents and invention patents are affected by factor price distortion.Holding all other variables constant,the threshold values of factor price distortion for a manufacturing enterprise to increase in the total numbers of patents and invention patents from FMA are about 26.870 and17.030,respectively.The total number of patents increases after a FAM takeover when the factor price distortion is lower than the threshold,while it decreases when the enterprise surpass the threshold.It is the same with invention patents.In the case of the average degree of factor price distortion in 2007,the total numbers of patents and invention patents experience increases by approximately 0.434 and 0.539 after a FAM takeover,respectively.Factor price distortion weakens the role of FMA in promoting the total numbers of patents and invention patents.The impacts of FMA on the numbers of utility model and design patents are not affected by factor price distortion.The influence of factor price distortion is mainly manifested in the negative factor price distortion,while the positive factor price distortion has no effect.Thirdly,the role of factor price distortion lies in the heterogeneity of FMA mode,FDI source and industry.The last chapter puts forward the policy recommendations to improve factor price distortion and promote enterprise innovation.Firstly,the main conclusions of the article are summarized.Secondly,detail measures to improve factor price distortion and promote enterprise innovation are provided according to these conclusions.Finally,the shortcomings of this paper and future research prospects are presented. |
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