Research on the impact of niche winner strategy on corporate co-innovation

doi:10.19571/j.cnki.1000-2995.2025.06.007

Abstract

Abstract: Small and medium-sized enterprises (SMEs) are the key forces that promote the high-quality development of China′s economy and society. However, due to constraints such as funding, talent and technology, their enthusiasm for participating in the co-innovation of large enterprises is not high. Under the background of developing new quality productive forces according to local conditions in the whole society, whether the "niche winner" strategy of SMEs can enhance their co-innovation capabilities has become an essential concern in the current practices and academics. Based on the data of A-share listed companies from 2011 to 2022, this paper adopted China′s batch-implemented policy of cultivating specialized, refined, differential and innovative (SRDI) "Small Giants" SMEs as a quasi-natural experiment. We used the PSM-DID method to examine the impact of the "niche winners" strategy on the co-innovation of SMEs. The results showed that the "niche winner" strategy significantly promotes SMEs′ co-innovation, mainly through mechanisms that alleviate financing constraints, enhance information transparency, and reduce operational risks. Moreover, based on the heterogeneity analysis of the TOE framework, it was found that the higher the degree of firm digital transformation, the more emphasis on the cooperation culture, and the higher the level of regional social trust, the more pronounced the promotion effect of the "niche winner" strategy on the corporate co-innovation. In addition, implementing the "niche winner" strategy has a more substantial incentive effect on the co-innovation for SMEs in the early and growth stages of innovation. The analysis of economic consequences showed that the increase of corporate co-innovation under the "niche winner" strategic orientation can help to enhance the firm′s market performance. Our study will not only expand the relevant research on the influencing factors of corporate co-innovation and the economic consequences of the "niche winner" strategy but also provide new empirical evidence for optimizing institutional supply to promote high-quality development of SMEs in China.

Key words: niche winner, co-innovation, specialized, refined, differential and innovative (SRDI), small- and medium-sized(SME), core competitiveness

Du Yaguang, He Ying. Research on the impact of niche winner strategy on corporate co-innovation[J]. Science Research Management, 2025, 46(6): 63-72.

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