CAJ | 학술논문

本文以中国第十轮经济周期和上市公司所处的行业周期为背景，利用224家上市公司2464个样本数据，实证检验了2000－2010年宏观经济环境和行业周期性对公司技术创新水平的影响。研究结果显示：相对经济繁荣时期，上市公司在经济衰退时期具有更高的技术创新水平；相对非周期性行业，上市公司在周期性行业具有更高的技术创新水平；技术创新水平在经济紧缩期高于扩张期是由于周期性行业公司所导致的；国有上市公司由于融资易得性较民营上市公司有更高的技术创新水平，政府应选择经济萧条期对民营企业提供研发补贴和税收优惠以弥补其研发资金的不足，提高其技术创新水平。
본문이중국제십륜경제주기화상시공사소처적행업주기위배경，이용224가상시공사2464개양본수거，실증검험료2000－2010년굉관경제배경화행업주기성대공사기술창신수평적영향。연구결과현시：상대경제번영시기，상시공사재경제쇠퇴시기구유경고적기술창신수평；상대비주기성행업，상시공사재주기성행업구유경고적기술창신수평；기술창신수평재경제긴축기고우확장기시유우주기성행업공사소도치적；국유상시공사유우융자역득성교민영상시공사유경고적기술창신수평，정부응선택경제소조기대민영기업제공연발보첩화세수우혜이미보기연발자금적불족，제고기기술창신수평。
Based on the 10th round of business cycle and the cyclical industries of listed company, and using the 2464 sample data in 224 listed companies, this essay examines the impact of macroeconomic environment and industry perio-dicity on the enterprise technology innovation from 2000 to 2010.The results show that compared with economic booms, the listed companies have a higher level of technological innovation in recessionary times;compared with the non-cycli-cal industries, the listed companies have a higher level of technological innovation in industry periodicity;that technolog-ical innovation in the economic contraction is higher is due to the industry periodicity;that the state-owned listed com-panies have a higher level of technological innovation than that of private listed companies is due to the availability of fi-nancing, so the government should choose economic recession to provide subsidies and tax breaks in order to make up for the inadequacy of enterprise research and development, and improve the level of technological innovation of private enter-prises.