How does IUR cooperation affect the market performance of enterprises?

How does IUR cooperation affect the market performance of enterprises?

Liu Feiran, Hu Lijun, Fan Xiaoqun

Science Research Management ›› 2023, Vol. 44 ›› Issue (1) : 155-163.

PDF(1338 KB)

PDF(1338 KB)

Science Research Management ›› 2023, Vol. 44 ›› Issue (1) : 155-163.

How does IUR cooperation affect the market performance of enterprises?

Liu Feiran¹, Hu Lijun², Fan Xiaoqun³

Author information +

History +

Abstract

In recent years, research cooperation between enterprises and universities and research institutions has attracted increasing attention from policy makers and academic circles, which is called Industry-University-Research (IUR) cooperation. Current studies generally agree that IUR cooperation has a significant effect on technological innovation of enterprises, but they generally ignore the effect of IUR cooperation on market performance of enterprises. Therefore, the core research problem of this paper is to analyze and investigate the effect and internal mechanism of IUR cooperation on enterprise market performance.

This paper based on the data of listed companies in China from 2007 to 2018, measures the level of Industry-University-Research (IUR) cooperation with joint patent application, and discusses the mechanism of the impact of IUR cooperation on the market performance of enterprises from the perspective of technological innovation level and technological commercial value of enterprises, furthermore, from the perspective of the breadth and depth of IUR cooperation, this paper analyzes the heterogeneous influence of IUR cooperation model on enterprise market performance. The study had the following findings:

First, IUR cooperation significantly inhibited the market performance, which is measured by increase rate of business revenue and Tobin′s Q value, which indicated that IUR cooperation inhibited the development of enterprises in product market and capital market at the same time, and the empirical estimation results after adjustment lag period showed that this negative effect could last for 2-3 years. This conclusion is still robust after the adjustment of various empirical methods and the consideration of model endogenicity.

Second, in the investigation of internal mechanism, this paper measures the technological innovation level of enterprises by the number of application of invention patents and utility model patents, and measures the technological commercial value of enterprise by the proportion of intangible assets generated by technological innovation in the total assets of enterprises, and the study found that although the IUR cooperation can significantly improve the level of enterprise′s technological innovation, but it cannot effectively increase commercial value of technology, combined with the amount of the opportunity cost, which indicates the internal mechanism that IUR cooperation inhibiting the market performance of enterprises.

Third, in order to further study the heterogeneous influence of the IUR cooperation model, this paper measures the cooperation breadth index by "the number of different universities or research institutions cooperating with enterprises", and measures the cooperation depth index by "the average number of cooperation between the enterprise and each cooperation object", it is found that the breadth of IUR cooperation significantly inhibits the market performance of enterprises, while the depth of cooperation has a U-type influence on the market performance of enterprises. In other words, for a small number of enterprises with deeper cooperation, the in-depth integration of IUR cooperation will help enterprises to improve the market performance. This indicates that the blind expansion of cooperation objects and the lack of in-depth integration of IUR institutes may be an important reason for the IUR cooperation to inhibit the market performance of enterprises.

The research of this paper shows that the current IUR cooperation of Chinese enterprises not only fails to help enterprises get further development, but also inhibits the performance of enterprises in the market, which will seriously reduce the initiative of enterprises to participate in the IUR cooperation. In addition, blind pursuit of extensive IUR cooperation and the lack of in-depth integration of IUR cooperation may be an important reason why IUR cooperation inhibits the market performance of enterprises. Therefore, it is necessary to accelerate the industrialization of IUR cooperation and optimize the cooperation mode.

Key words

industry-university-research (IUR) cooperation / market performance / technological innovation / commercial value of technology

Cite this article

Download Citations

Liu Feiran, Hu Lijun, Fan Xiaoqun. How does IUR cooperation affect the market performance of enterprises?[J]. Science Research Management. 2023, 44(1): 155-163

References

[1] Chesbrough H. Open innovation: the new imperative for creating and profiting from technology［M］.New York: Harvard Business Press, 2006.
[2] 樊霞,黄妍,朱桂龙.产学研合作对共性技术创新的影响效用研究[J].科研管理,2018,39(01):34-44.
[3] 姜文宁,罗津,关汉男.区域高校资源禀赋、产学研合作强度与企业创新绩效[J].上海交通大学学报(哲学社会科学版),2020,28(01):75-86.
[4] Guzzini, E., & Iacobucci, D. Project failures and innovation performance in university–firm collaborations[J]. Journal of Technology Transfer, 2017, 42(4), 865–883.
[5] Garcia, R., Araújo, V., Mascarini, S., Santos, E. G., & Costa, A. R. How long-term university-industry collaboration shapes the academic productivity of research groups[J]. Innovation-the European Journal of Social Science Research, 2020,22(1), 56–70.
[6] Tether, B. S. Who co-operates for innovation, and why: An empirical analysis[J]. Research Policy, 2002,31(6), 947–967.
[7] Jones, J. , & Graciela, C. D. Z. Doing well by doing good: a study of university-industry interactions, innovationess and firm performance in sustainability-oriented australian smes[J]. Technological Forecasting & Social Change, 2016,S0040162516301949.
[8] 白俊红,卞元超.政府支持是否促进了产学研协同创新[J].统计研究,2015,32(11):43-50.
[9] 胡军燕,陈子虹,周明泽,金芸.政府资助、产学研互动对企业创新绩效的影响——基于广东省调研数据的实证研究[J].当代经济科学,2016,38(05):99-105+127-128.
[10] Hong, W., & Su, Y.-S. The effect of institutional proximity in non-local university–industry collaborations: An analysis based on Chinese patent data[J]. Research Policy, 2013,42(2), 454–464.
[11] Belderbos, R., Carree, M. A., & Lokshin, B. Cooperative R&D and Firm Performance[J]. Research Policy, 2004,33(10), 1477–1492.
[12] Lee C, Lee K, Pennings J M, et al. Internal capabilities, external networks, and performance: a study on technology‐based ventures[J]. Strategic Management Journal, 2001: 615-640.
[13] Ahuja G. Collaboration Networks, Structural Holes, and Innovation: A Longitudinal Study[J]. Administrative Science Quarterly, 2000, 45(3): 425-455.
[14] Bakouros Y L, Mardas D, Varsakelis N C, et al. Science park, a high tech fantasy?: an analysis of the science parks of Greece[J]. Technovation, 2002, 22(2): 123-128.
[15] Lewis G, Partnerships for Profit: Structuring andManagingStrategic Alliances[M]. TheFree Press,NewYork,NY,1990.
[16] Veugelers R, Cassiman B. R&D Cooperation Between Firms and Universities: Some Empirical Evidence from Belgian Manufacturing[J]. International Journal of Industrial Organization, 2005,23(5), 355–379.
[17] Wirsich A, Kock A, Strumann C, Schultz, C. Effects of University–Industry Collaboration on Technological Newness of Firms[J]. Journal of Product Innovation Management, 2016,33(6), 708–725.
[18] George, G., Zahra, S. A., & Wood, D. R. The effects of business-university alliances on innovative output and financial performance: a study of publicly traded biotechnology companies[J]. Journal of Business Venturing, 2002,17(6), 577–609.
[19] Monjon, S., & Waelbroeck, P.. Assessing spillovers from universities to firms: evidence from French firm-level data[J]. International Journal of Industrial Organization, 2003, 21(9), 1255–1270.
[20] Faems, Dries & Looy, Bart. The role of inter-organizational collaboration within innovation strategies: towards a portfolio approach[J]. Katholieke Universiteit Leuven, Open Access publications from Katholieke Universiteit Leuven,2003.
[21] Zahra, S. Technology strategy and performance: a study of corporate-sponsored and independent biotechnology ventures[J]. Journal of Business Venturing ,1996,11 (4), 289–321.
[22] Fukugawa, N.University spillovers into small technology-based firms: Channel, mechanism, and geography[J]. The Journal of Technology Transfer , 2013.38 (4): 415–31.
[23] Un, C. A., and K. Asakawa. Types of R&D collaborations andprocess innovation: The benefit of collaborating upstream in theknowledge chain[J]. Journal of Product Innovation Management, 2015, 32(1): 138–53.
[24] Cohen, W. M., Nelson, R. R., & Walsh, J. P. Links and Impacts: The Influence of Public Research on Industrial R&D[J]. Management Science, 2002,48(1), 1–23.
[25] L?fsten, H., & Lindel?f, P. R&D networks and product innovation patterns—academic and non-academic new technology-based firms on Science Parks[J]. Technovation, 2005, 25(9), 1025–1037.
[26] Klevorick, A. K., Levin, R. C., Nelson, R. R., & Winter, S. G. On the sources and significanceof interindustry differences in technological opportunities[J]. Research Policy, 1995,24, 185–205.
[27] Kanama, D., & Nishikawa, K. What type of obstacles in innovation activities make firms access university knowledge? An empirical study of the use of university knowledge on innovation outcomes[J]. Journal of Technology Transfer, 2017,42(1), 141–157.
[28] Eom, B. Y. , & Lee, K. Determinants of industry–academy linkages and, their impact on firm performance: the case of korea as a latecomer in knowledge industrialization[J]. Research Policy , 2010, 39(5), 0-639.
[29] Schwartz, M., Peglow, F., Fritsch, M., & G, J. What drives innovation output from subsidized R&D cooperation?—Project-level evidence from Germany[J]. Technovation, 2012,32(6), 358–369.
[30] Bower, D. Company and Campus Partnership[M]. Routledge, New York, 1992.
[31] Cyert, R.M., Goodman, P.S. Creating effective university–industry alliances: an organizational learningperspective[J]. Organ. Dyn. 1997,25 (4), 45–57.
[32] 杨典.公司治理与企业绩效——基于中国经验的社会学分析[J].中国社会科学,2013(01):72-94+206.
[33] 林莞娟,王辉,韩涛.股权分置改革对国有控股比例以及企业绩效影响的研究[J].金融研究,2016(01):192-206.
[34] Hall B H , Harhoff D . Recent Research on the Economics of Patents[J]. Annual Review of Economics, 2012, 4(1):541-565.
[35] 黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(04):60-73.
[36] 顾群，翟淑萍．融资约束、代理成本与企业创新效率———来自上市高新技术企业的经验证据[J]．经济与管理研究，2012，（5）．
[37] 徐宁,徐向艺.控制权激励双重性与技术创新动态能力——基于高科技上市公司面板数据的实证分析[J].中国工业经济,2012(10):109-121.
[38] Schilling M． A．，Phelps C． C． Interfirm collaboration networks:The impact of large － scale network structure on firminnovation ［J］． Management Science，2007 ( 6 ) : 1113－ 1126．
[39] Veugelers R, Cassiman B. R&D Cooperation Between Firms and Universities: Some Empirical Evidence from Belgian Manufacturing[J]. International Journal of Industrial Organization, 2005,23(5), 355–379.
[40] Un, C. A. , Cuervo-Cazurra, A. , & Asakawa, K. R&d collaborations and product innovation［J］. Journal of product innovation management, ,2010,27(5), P.673-689.
[41] 高霞,其格其,曹洁琼.产学研合作创新网络开放度对企业创新绩效的影响[J].科研管理,2019,40(09):231-240.

PDF(1338 KB)

Accesses

Citation

Detail

Sections

Recommended

/

〈

〉