The Research On The Innovation Of The Export Enterprises

More and more scholars believe that: Enterprises, indeed, are the true subjects andmain bodies of the innovation system. Thus, they begin to turn their attention to find outwhat are the important elements that affect or decide the innovation behaviors of theexporting companies at the microcosmic level of enterprises. As to the situation of ourcountry, this paper try to believe that: corporate governance、market competition andfinancial constraints are the three core factors that greatly affect company innovation,especially having studied so many related papers. The three factors simultaneouslycombined with each other, so to affect the company innovation.After inductively summarized the mechanism in which corporate governance andmarket competition effect the innovation, we concluded several related propositions. Andbased on the Dixit-Stiglitz(1977) monopolistic competition model, we theoreticallydiscussed the mechanism of how will the financial constraints affect innovation of theexport enterprises, and find that financial constraints block the enterprise from innovating.Then, using the even panel dates of189listing yet exporting firms from2009to2012period， we empirically tested the effects that the corporate governance、 marketcompetition and financial constraints have on the company innovation, from the view ofstate-owned-companies and non-state-owned-companies. And we did the regression withthe instrumental variable method and systematic GMM method to control endogenousproblem. With the control of the human capital, foreign capital, the scale of the companyand other related variables, the result was basically sound, that is, corporate governance、market competition and financial constraints all notably affect firm innovation, yetdifferently between the state-owned-companies and non-state-owned-companies. What’smore, the market competition will affect the innovation by changing the corporategovernance. After all these, we proposed some ways or measures that should be done topromote the innovation actions of our exporting enterprises, for reference.