企业创新是资源分配和创新投入的有机统一。基于2003—2021年A股上市公司样本数据，从创新广度和创新深度两个维度深入探讨企业创新活动对全要素生产率的影响机制。结果发现：创新广度与企业全要素生产率存在倒U型关系，创新深度对企业全要素生产率具有显著正向影响。异质性研究表明，相较于国有企业，非国有企业创新深度对全要素生产率的正向影响更加显著；相较于非高技术企业，高技术企业创新广度与全要素生产率的倒U型关系曲线更加陡峭。进一步研究表明，高市场化水平情景下，创新深度对企业全要素生产率的正向影响更显著；高知识产权保护水平情景下，创新广度与企业全要素生产率的倒U型关系曲线呈现峰值提高、拐点左移的特点，创新深度对企业全要素生产率的正向影响更显著，说明高知识产权保护水平地区企业创新效应更加显著，但随之而来的创新广度“门槛”问题也更加突出。由此，提出测度企业创新活动的新视角和新方法，进一步揭示不同市场化水平、知识产权保护水平下企业创新对全要素生产率的影响，以期为相关政策制定与实施提供理论参考。

In recent years, as China transitions from a phase of high-speed economic growth to a stage of high-quality development, enhancing total factor productivity (TFP) has emerged as a critical lever for fostering sustainable economic progress. Amidst this backdrop, corporate innovation stands out as a pivotal engine driving productivity enhancements and long-term economic growth. Solow (1956) underscored the significance of TFP in economic advancement, sparking widespread exploration into the underpinnings of productivity growth. Drawing upon a rich tapestry of research that delves into various facets of corporate heterogeneity, including R&D investments, workforce demographics, and industry characteristics, this study aims to scrutinize the intricate mechanisms by which corporate innovation influences TFP. Specifically, it ventures beyond conventional linear perspectives, adopting a novel lens focused on the dimensions of innovation's breadth and depth, thereby providing a robust theoretical foundation for policy formulation and implementation.
This study harnesses a dataset comprising A-share listed companies in China spanning from 2003 to 2021. By meticulously curating a sample reflective of the broader economic landscape, this investigation offers a comprehensive overview of the nexus between corporate innovation and TFP within the Chinese context. The study employs a multi-dimensional approach to quantify corporate innovation, distinguishing between innovation's breadth and depth. The breadth of innovation, indicative of the diversity and cross-disciplinary nature of a firm's innovative endeavors, reflects the firm's ability to engage in innovation across various technological domains. Conversely, the depth of innovation encapsulates the intensity and commitment of a firm towards innovation, signifying concentrated efforts in core technological advancements and improvements in production processes. Utilizing sophisticated statistical techniques, including regression analysis and robustness checks, the study evaluates the impact of these innovation dimensions on TFP. The analytical framework is further enriched by exploring the moderating effects of ownership structure, technological intensity, marketization level, and intellectual property rights protection on the innovation-TFP relationship. The investigation uncovers an inverted U-shaped relationship between the breadth of innovation and TFP, suggesting that while diversifying innovation across different technological fields initially boosts TFP, beyond a certain threshold, it may lead to diminishing returns. In stark contrast, the depth of innovation demonstrates a consistently positive influence on TFP, underscoring the importance of concentrated innovation efforts. Furthermore, the study reveals nuanced insights into how non-state-owned corporates, compared to their state-owned counterparts, and high-tech firms, relative to lower-tech firms, exhibit distinct patterns in how innovation's breadth and depth affect TFP. These findings highlight the complexity of the innovation-productivity paradigm, influenced by corporate characteristics and the external economic environment. The research also illuminates the critical roles of marketization and intellectual property rights protection. In regions with higher levels of marketization and stronger intellectual property protection, the positive effects of innovation depth on TFP are accentuated, thereby reinforcing the argument for fostering conducive economic and legal conditions for innovation.
This study introduces an innovative lens for assessing corporate innovation, emphasizing the dual dimensions of innovation's breadth and depth. By unraveling the intricate dynamics between different facets of innovation and TFP, it extends the existing literature and offers new pathways for theoretical exploration. Moreover, the findings bear significant implications for policymakers and business leaders, advocating for targeted strategies to cultivate an ecosystem that nurtures innovation and drives productivity growth. In conclusion, this research sheds light on the multifaceted relationship between corporate innovation and TFP, contributing valuable insights into the drivers of high-quality economic development. By advocating for nuanced policies that recognize the complexity of innovation activities, this study underscores the imperative of fostering a supportive environment for innovation, tailored to the diverse needs of corporates across different sectors and developmental stages. In the following research, the sample could be expanded and the specific reasons for the formation of the inverted U-shaped relationship between firms' breadth of innovation and total factor productivity could be further explored, along with further exploration of how to optimize the depth of innovation in order to maximize its positive impact on productivity.