| Under the background of China's implementation of innovation driven development strategy as well as building an innovative country,how to optimize the allocation of innovation resources and to improve the efficiency of innovation are among the key issues calling for focus.When the factor market is distorted,factors of production,such as labor and capital,are unable to achieve the most effective allocation of market mechanism,leading to the possible restriction of usage and selection mechanism in enterprise.The significantly reduced allocation efficiency may result in the inhibition of innovation efficiency by reducing the innovation and enthusiasm of the enterprise.The degree of distortion of the factor market will play a crucial role in the aggregation,distribution and transformation of factors,which will affect the efficiency of the enterprise's application of innovation resources.Therefore,how does the factor market distortion affect the innovation of enterprises? Does it directly inhibit the efficiency of innovation? If so,what other features are affected by the inhibition process? The study of these problems is of great significance to optimize the allocation of innovation resources and promote the construction of innovation oriented country.Hence,based on the review of the relevant literature and theory,this study measured the factors market distortion of 2007-2015 China industry using the translog production function method.Then,we theoretically explored the relationships between factors market distortion and enterprise innovation efficiency,and then analyzed the conduction mechanism of how four factors market distortion,limited factor mobility,price signal distortion,rent-seeking behavior and low technology traps,affect the innovation efficiency of enterprise respectively.Then,we included a total of 3542 samples from 506 listed high-tech enterprises in 2009-2015 according to the density and data integrity innovation and production activities,and estimated how factors market distortion affects enterprise innovation efficiency based on the DEA Malmquist index model.The results indicate that:Firstly,factors market distortion varies between disparate industries in China while the capital market distortion is worse than that in the labor market.Secondly,both the distortion of the labor market and the capital market can significantly inhibit the innovation efficiency of high-tech enterprises.Thirdly,these inhibitions are affected by the characteristics of different enterprises.Among these,the scale of enterprises is negatively correlated with the inhibitory effect of labor market distortions on innovation efficiency,while is positively correlated with the inhibitory effect of capital market distortion;both enterprise profit rate and technology intensity amplify the inhibitory effect of factors market distortion on the innovation efficiency in high-tech enterprises;on the contrary,the ownership of enterprises(state-owned)reduced the inhibitory effect of these two factor market distortion on innovation efficiency in high technology enterprises.This study estimated factor market distortion by industry,which enriched the research perspective of factors market distortion degree;analyzed the conduction mechanism of factors market distortion affects enterprise innovation efficiency from the micro level,as well as use the enterprise micro sample to verify the relationship between them,to provide reference for the improvement of the production efficiency of enterprise innovation. |
PDF Full Text Request