首台套重大技术装备保险与企业创新
周冬华1,2，彭剑飞3
（1.江西财经大学 会计学院，江西 南昌330013；
2.江西财经大学 数据资产研究中心，江西 南昌330013；
3.上海财经大学 会计学院，上海200433）
摘要：如何从制度层面保障首台套的应用推广成为我国创新战略实施的关键。本文以2010—2019年沪深A股上市公司为研究样本，实证检验首台套重大装备技术保险（以下简称“首台套保险”）的购买对企业创新的影响及其作用路径。研究发现，首台套保险显著提升了企业创新水平；企业集团内购买首台套保险的产品越多，企业创新水平越高。首台套保险主要通过破除首台套产品市场推广难题以及提升参保公司风险承担水平来促进企业创新水平提升。进一步地，首台套保险对东部地区以及市场竞争更激烈的企业创新水平影响更显著。论文的研究结论为中国制造业从“制造大国”向“制造强国”的转变提供了经验证据，对我国实施创新战略具有重要的现实意义。
主要研究结论：作为解决首台套产品市场推广难题，进而激励装备制造业自主创新的长效工具，首台套保险的有效性直接关系到我国制造企业的高端转型。基于此，本文以2010—2019年沪深A股上市公司为研究样本，实证检验了购买首台套重大技术装备保险对企业技术创新的作用效果及其影响路径。研究发现：(1)首台套保险显著提升了企业的技术创新水平，并且集团内购买首台套保险的产品越多，技术创新能力越强;(2)企业参保首台套保险后，不仅打破了首台套产品的市场推广难题，从需求端扩大了首台套产品的市场规模，提升了企业持续创新的积极性,还降低了企业面临的外部风险，转嫁了企业因产品质量缺陷而需要承担的责任，从而提升企业对创新风险的承受能力，由此参保企业的技术创新水平显著提高。(3)首台套保险对东部地区的企业以及市场竞争更激烈的企业有更显著的激励作用。
The first set of major technical equipment insurance and innovation of enterprises
Zhou Donghua1,2, Peng Jianfei3
(1.School of Accounting, Jiangxi University of Finance and Economics, Nanchang 330013, Jiangxi, China;
2.Research Center of Data Assets, Jiangxi University of Finance and Economics, Nanchang 330013, Jiangxi, China;
3.School of Accounting, Shanghai University of Finance and Economics, Shanghai 200433, China)
Abstract:In order to change the unfavorable situation of high-tech equipment manufacturing industry and upgrade China from a manufacturer of quantity to one of quality, the Ministry of Industry and Information Technology of China, the Ministry of Finance of China and the China Banking and Insurance Regulatory Commission jointly launched the first set of major technical equipment insurance (FMTEI) aimed to encourage independent innovation for high-tech industry in China in 2015. Whether the FMTEI can effectively solve the sales problem of the first set of products, and then improve the enthusiasm of the insured enterprises for independent innovation is directly related to whether China can successfully realize the high-tech upgrade of the equipment manufacturing industry. Therefore, it is particularly important to study the incentive effect of the FMTEI on enterprise innovation.
This paper examined the impact and mechanism of FMTEI on enterprise technological innovation, based on the A-share listed companies in Shanghai and Shenzhen from 2010-2019. The results showed that the FMTEI significantly improves the technological innovation of enterprises, and the more products insured by FMTEI in the group, the stronger the technological innovation ability. In addition, after the enterprises participated in the FMTEI, it not only solves the problem of sales the first set of products, expanded the market sales of the first set of products, and enhanced the enthusiasm of the enterprises′ innovation; it also reduced the external risks faced by the enterprises, transferred the responsibility of the enterprises due to the defects of product quality, and thus improved the enterprises′ ability to bear the innovation risks and enhanced the technological innovation level of the participating enterprises. The level of technological innovation of the insured enterprises is also significantly improved. Furthermore, the FMTEI has a more significant incentive effect on enterprises in the eastern region and enterprises in more competitive markets.
This paper has several policy implications: firstly, FMTEI has a significant incentive effect on the participating enterprises. Therefore, the equipment manufacturing industry should use them to manifest the sales of those product, which can be solve the external market risk, to achieve a virtuous cycle of "R&D innovation - new product sales - R&D innovation". Secondly, the government′s pilot project to promote the FMTEI has its policy effect, but the relevant departments should learn from the valuable experience of the pilot project to develop more effective first set of insurance products. In particular, the government in the central and western regions should be further improved to give full play to the incentive effect of the FMTEI. Thirdly, high-tech manufacturing enterprises should give full play to the role of the FMTEI risk underwriting in the face of the international complexity environment, which should verify the quality and innovation of the products through a more competitive market from the domestic market to the international market, and completely get rid of the constraints of technology in foreign developed countries.
The enlightenments of this paper are as follows: Firstly, the first set of major technical equipment insurance (FMTEI) is the first long-term incentive mechanism for independent innovation in high-tech industries in China, which is also one of the specific insurances in China. This paper is the first of its kind to study the relationship between FMTEI and innovation, which is helpful assessment of the policy effect of the FMTEI. Secondly, the literature studies on insurance and corporate innovation have focused on directors′ and supervisors′ liability insurance, technology insurance, patent enforcement insurance, and product liability insurance, and little literature has yet discussed the relationship between FMTEI and corporate innovation. Therefore, this paper investigated the impact of FMTEI on corporate innovation, which is beneficial to enrich the research related to the field between insurance and financial management. Thirdly, this paper verified the incentive effect of FMTEI on enterprise innovation from the view of marketing and risk taking, which helps to clarify the path of the effect of FMTEI on enterprise innovation, thus providing empirical evidence to further enhance the enthusiasm of enterprise independent innovation and promote high-tech transformation of equipment manufacturing industry.
Key words:first set of major technical equipment insurance (FMTEI); enterprise innovation; marketing promotion; risk taking
引用本文：周冬华，彭剑飞.首台套重大技术装备保险与企业创新[J].科研管理,2023,44(9):80-90.
转自：“科研管理”微信公众号
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