管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (7): 29-43.

• 经济与金融管理 • 上一篇    下一篇

隐形冠军的价值效应：企业专精特新转型与全要素生产率

杜亚光1, 何瑛2, 郭檬楠3, 张晓哲4   

  1. 1. 中国社会科学院工业经济研究所, 北京 100006;
    2. 北京邮电大学经济管理学院, 北京 100876;
    3. 山西财经大学会计学院, 太原 030006;
    4. 中国进出口银行, 北京 100031
  • 收稿日期:2022-10-10 发布日期:2025-07-30
  • 作者简介:杜亚光，中国社会科学院工业经济研究所助理研究员，博士;何瑛（通讯作者），北京邮电大学经济管理学院教授，博士生导师，博士;郭檬楠，山西财经大学会计学院副教授，硕士生导师，博士;张晓哲，中国进出口银行科员，博士。
  • 基金资助:
    国家自然科学基金青年项目（72402014；72102132）；国家社会科学基金重大项目（22&ZD148）；国家社会科学基金重点项目（20AGL015）。

The Value Effect of Hidden Champions: Enterprise Specialized and Sophisticated Transformation and Total Factor Productivity

Du Yaguang1, He Ying2, Guo Mengnan3, Zhang Xiaozhe4   

  1. 1. Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing 100006;
    2. School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876;
    3. School of Accounting, Shanxi University of Finance and Economics, Taiyuan 030006;
    4. The Export-Import Bank of China, Beijing 100031
  • Received:2022-10-10 Published:2025-07-30

PDF (PC)

21

摘要： 为防止资本无序扩张，加快破解“卡脖子”难题，政府鼓励中小企业走专精特新高质量发展道路，但学术界对企业专精特新转型的研究尚处于探索阶段。本文以2011—2020年我国中小企业板、创业板和科创板的部分行业上市公司为研究对象，系统构建企业专精特新转型评价指标，实证检验企业专精特新转型对全要素生产率的影响。研究发现：企业专精特新转型程度与全要素生产率正相关，这主要是通过改善企业内部资本配置效率和劳动生产效率得以实现；两者作用关系在低融资约束企业、低行业竞争强度企业、低工业智能化水平企业以及非国有企业中更加显著；相比于一般中小企业，“小巨人”企业专精特新转型对全要素生产率的促进作用更明显；企业专精特新转型有助于进一步增强价值创造能力。本文研究结论丰富了隐形冠军企业、“精一赢家”企业的相关研究，为推动中小企业高质量发展提供了参考依据。

关键词: 专精特新, 全要素生产率, 隐形冠军, 隐性知识, 中小企业

Abstract: To prevent the disorderly expansion of capital and accelerate the resolution of bottleneck issues, the government encourages small and medium-sized enterprises (SMEs) to pursue a specialized and sophisticated path of high-quality development. However, the research on the enterprise specialized sophisticated transformation is still in the exploratory stage. Based on partial industry-listed firms on China’s SME board, ChiNext board, and Science and Technology Innovation board from 2011 to 2020, we construct evaluation indicators for enterprise specialized and sophisticated transformation and empirically explore the impact of enterprise specialized and sophisticated transformation on total factor productivity. The paper finds that the degree of enterprise specialized and sophisticated transformation is positively associated with total factor productivity, which arises from improving the efficiency of internal capital allocation and labor production. In addition, the relationship is enhanced under lower financing constraints, industry competition intensity, industrial intelligence level, and non-state-owned enterprises. Specifically, compared to ordinary small and medium-sized enterprises, the transformation of “Little Giant” enterprises significantly promotes total factor productivity. Moreover, specialized and sophisticated transformation helps enhance the firm’s value. Our conclusion enriches the literature on hidden champions and niche winners and has useful reference for promoting the high-quality development of SMEs.

Key words: specialized and sophisticated, total factor productivity, hidden champions, implicit knowledge, small and medium-sized