经济与管理研究2026，Vol.47Issue(6)：96-111,16.DOI:10.13502/j.cnki.issn1000-7636.2026.06.007
国家科技研发项目何以提升企业价值?
How Do National Scientific and Technological R&D Projects Enhance Enterprise Value?
摘要
Abstract
Against the backdrop of strengthening China's strategic scientific and technological strength and promoting greater self-reliance and strength in science and technology,enterprises have become the core undertakers of national scientific and technological research and development(R&D)projects.They shoulder the important mission of accelerating breakthroughs in strategic technological research,ensuring industrial independence and controllability,and safeguarding national security and stability.Whether enterprises can develop technological potential through strategic technological innovation(STI)and effectively convert it into economic returns,environmental benefits,and social values directly affects their enthusiasm and endogenous motivation for innovation.This also determines the core value and sustainability of STI under national scientific and technological R&D projects,which constitutes the core research question of this paper. From the perspective of STI,this paper empirically investigates the impact of national scientific and technological R&D projects on enterprises'comprehensive value and the underlying mechanisms,using panel data from A-share listed companies in China from 2011 to 2023.The empirical results show that STI enhances enterprise value,and this conclusion remains valid after a series of robustness tests and endogeneity treatments.Mechanism analysis reveals that the enhancement is achieved mainly through three channels:technical standard leadership,innovation network collaboration,and market reputation enhancement.Heterogeneity analysis further indicates that the value-added effects of STI are more pronounced among private enterprises,large enterprises,enterprises with one-period lagged exploratory innovation,and enterprises with applied innovation in the current period.According to these findings,this paper offers the following policy implications:deepening the cultivation of the leading power of technical standards and building an innovation ecology led by technical standards;optimizing the combination of policy tools and strengthening the coordination among the main bodies of innovation networks;and giving play to the market reputation promotion mechanism of STI and forming a virtuous circle of positive market feedback. This paper explores the promoting effect of STI on the comprehensive value of enterprises from both theoretical and empirical aspects.It enriches the connotation cognition and measurement methods of enterprise value,and broadens the theoretical framework of STI and enterprise value.In addition,it provides empirical evidence for strengthening breakthroughs in strategic technology,enhancing the comprehensive value of enterprises,optimizing the national strategic-oriented,organized scientific and technological innovation paths,and laying a solid foundation for industrial independence and controllability and national security technology.关键词
国家科技研发项目/战略性技术/企业价值/技术标准/创新网络/市场声誉Key words
national scientific and technological R&D project/strategic technological innovation/enterprise value/technical standard leadership/innovation network collaboration/market reputation enhancement分类
管理科学引用本文复制引用
王伟光,王洋洋..国家科技研发项目何以提升企业价值?[J].经济与管理研究,2026,47(6):96-111,16.基金项目
国家自然科学基金面上项目"吸收能力—技术体制匹配下的企业战略性技术创新机理研究"(72172055) （72172055）
国家自然科学基金面上项目"企业战略性技术创新转移扩散机制和模式研究"(72472067) （72472067）
