伴随资金流的技术溢出

以上市高新技术企业为例，通过建立Tobit模型，实证分析了股东技术水平对企业创新绩效的影响，进而探讨资金流带来的技术溢出机制。研究发现：高新技术企业与股东呈现出分离的空间布局特征，其中股东和资金流空间主要分布在中国的东部地区；股东技术水平对被投资企业创新绩效有正向影响并表现出稳健的结果；同时，股东作为区域外联系的对象，其投资行为使得创新主体之间相互作用的门槛更低，通过建立通畅的知识人才互动管道和更低的研发合作门槛，实现了技术溢出。并做出以下建议：资金流带动的技术外溢增加了技术学习的新路径，创新落后地区在引入高新技术企业限制的情况下，可引入携带技术的资金以达到补充效果。

Another Alternative for Technology Spillover: Influence of Shareholders’ Technical Level on Innovation

With the advent of the era of the knowledge economy, innovation has become a significant engine of economic development. In this context, China has recently experienced dramatic economic restructuring with its vision to transform its growth pattern into a knowledge-driven development. Meanwhile, innovation becomes an increasingly crucial issue in the realm of economic geography. Economic geographers of related research have focused on the performance of knowledge externalities in specific spaces. In recent years, apart from geographical proximity, the concept of nongeographical proximity (e.g., organizational proximity, social proximity, institutional proximity, and cognitive proximity) has also attracted the attention of scholars. Either geographical proximity or non-geographical proximity, their essences are to increase the interaction between the shareholders and high-tech enterprises and then generate knowledge spillovers. With the assumption of the technology spillover also brought by non-geographical proximity, high-tech enterprises might be able to acquire new knowledge and expand the diversity of their knowledge bases from the frequent interactions with the shareholders. Furthermore, fewer researches had focused on the effect of shareholders’ technological level on firms’ innovation performance brought by the extra linkage built by investment from external shareholders. In order to unravel the relationship between shareholders’ technological level and high-tech enterprises’ innovation performance, this research collects data from the online databases, including Tencent location service (https://lbs.qq.com/tool/getpoint/index.html), National Enterprise Credit Information Publicity System (http://www.gsxt.gov.cn/index.html) and Qichacha (http://www.gsxt.gov.cn/index.html). By utilizing the data of 794 high-tech enterprises located in national high-tech industrial parks as samples, this article estimates the effect of shareholders’ technological level on innovation in the high-tech enterprise with a Tobit model within the framework of the knowledge production function. Based on the empirical evidence, this article proposes the three following findings: First, the average distance between the first shareholder and high-tech enterprise is 288 km. The shareholders are mainly distributed in the three core metropolitan regions (i.e., the Bohai Rim region, the Yangtze River Delta region and the Pearl River Delta region) in eastern China, and capital flows are mainly among or between these regions. Second, the shareholders’ technological level has a positive effect on improving enterprise innovation performance which is measured by the number of patents and software, because the investment behavior is conducive to enhance the convenience of technological interaction between shareholders and the high-tech enterprises. Third, the analysis of the technology spillover mechanism: the investment behavior lowers the threshold of interaction between the innovation subjects, and the technology spillover is realized through the establishment of a smooth flow of knowledge talents and a lower threshold for R&D cooperation. Finally, the article further affirms that capital flows can break through the spatial boundary and bring technology spillover, which provides a new way to facilitate the technology learning process of high-tech enterprises. Also, the following suggestions are put: With its limitation of attracting high-tech enterprises, local government can encourage local enterprises to introduce investment from enterprises with high technological level for promoting their innovation performance.