创新陷阱对企业生产效率的影响研究

High-quality innovation is critical to sustainable economic development. In this study, we firstly construct a firm-level innovation trap index using micro data of intellectual property rights and listed firms in China during 2007-2020. Secondly, we use innovation trap index to measure the risk of low-quality innovation output and analyze its impact on firm's productivity and firm value. It is found that: 1) The innovation trap index is negatively associated with firm's total factor productivity. 2) Firms "caught" in the innovation trap will suffer from a decline in firm's productivity, which further leads to a decline firm value in the future. 3) The negative impact between innovation trap index and firm's productivity is more pronounced in firms with more industrial competitions, in firms with lower financing capabilities, and in private firms with limited resource. In addition, we conduct a quasi-natural experimental study and the result shows that the improvement in the quality of corporate innovation guided by national policy in 2013 facilitates firms with higher innovation capabilities to improve productivity and to enhance value creation, while those caught in innovation trap suffer more severely.