作者：唐清泉 李萍
摘要/Abstract
基于新兴国家、地区市场体制和创新投资活动两大热点问题，本文选取中国这一新兴市场的代表，在中国社会主义市场经济的特殊背景下，将创新活动分为探索式创新和利用式创新，引入探索式创新/利用式创新比重这一指标衡量创新投资的选择。从企业层面研究管制性壁垒、垄断和创新投资选择三者的关系。结果显示：存在一般程度管制性壁垒的市场中，市场结构对探索式创新投资选择的促进作用最强；不存在管制性壁垒的市场，市场结构对探索式创新投资选择的影响是正向的；而高管制性壁垒下的市场，市场结构带来的是探索式创新投资的下降。
Based on two hot issues of the emerged markets and innovation investment activities, this paper selects China, which has a socialist market economy system, as a representative of the emerged markets. In this paper, the innovation activities are divided into exploratory innovation and exploitative innovation, thus we use the the proportion of exploratory innovation to exploitative innovation as an indicator to measure innovation investment choice. At the enterprise level, we study the relationships of policy towards barriers, the monopoly and innovative investment options. The results show: For industries which have a general degree of policy toward barriers, monopoly promotes the exploratory innovation/ exploitative innovation strongest; For industries which have no policy toward barriers, monopoly also has a positive effect on choosing exploratory innovation; For industries which have a high degree of policy toward barriers, monopoly has a negative effect on choosing exploratory innovation.