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20 October 2016, Volume 37 Issue 10 Previous Issue    Next Issue

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A research on the factors of cross-border venture capital performance in China Tan Yi, Tang Linlu 2016, 37(10): 1-8.  Abstract ( 1075 )   Since the 1990s , with the acceleration of global economic integration process , venture capital showed a trend of internationalization, this investment behavior formed a new kind of international investment activity - cross-border venture capital investment. In recent years, cross-border venture capital occupies a pivotal position in the venture capital market in China . The main purpose of this paper is to explore whether localization experience is crucial to cross-border venture capital performance. After a review of the previous studies on the basis of literature ,this paper uses a dataset of 551 exit cases of cross-border venture capital from 1998 to 2012 as research materials.Based on previous measurement of foreign venture capital institution’s human resource, this paper improves and proposes a mesurement of cross-border venture capital’s localization experience in Chinese market from three aspects. The main conclusions are as follows: the age of investment time in the Chinese market and local industry experience are significant factors for the cross-border VC performance, that is, the longer of investment time in Chinese VC market and more investments involved in a certain industry, the better performance of a cross-border VC firm. What’s more, the investment duration and exit ways are also the determinants of cross-border venture capital performance. Related Articles | Metrics

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Credit Discrimination, the Cost of Debt and Technological Innovation Investment—An Empirical Study of Credit Allocation Efficiency Wang Zhenjie 2016, 37(10): 9-17.  Abstract ( 895 )   Using a the sample of Chinese A-listed manufacturing companies from 2007 to 2011, this paper investigates whether financial institutions like banks could optimize credit allocation efficiency with their information superiority, easing the financing constraints in the field of technological innovation. It reveals that“credit discrimination”lessens credit allocation efficiency, resulting in valuable financing resources shifting towards some state-owned enterprises (SOEs) lack of technological innovation motivation, which inevitably raising the financing constraints for private listed companies as well as small-scaled companies, consequently diverting technological innovation resources. With improving financial ecological environment and more government policy focusing on technology industry in recent year, the financing facilitations function and capital allocation function of credit market are strengthened, which to some extent, elevates the credit allocation efficiency and relieving the financing constraints of technological innovation. Related Articles | Metrics

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Research on relationship of intentional organizational forgetting，absorptive capacity and Innovation performance Huang Dujuan, Chen Song, Ye Jiangfeng 2016, 37(10): 18-25.  Abstract ( 1087 )   Abstract: In order to get rid of the fetter of the old technology and technology lock-in, the enterprises have to forget outdated knowledge proactively and abandon the established thoughts and core rigidity. Based on the relevant literature, this paper explores the impact of intentional organizational forgetting on innovation performance and the mechanism of absorptive capacity using the multiple regression analysis. The results reveal that relationships between intentional organizational forgetting, absorptive capacity and innovation performance are positive. Meanwhile there is a part of a mediating effect of the absorptive capacity (including recognizing and valuing, assimilating and transforming, integrating and applying) on the relationships between the intentional organizational forgetting and innovation performance. This study expands the studies of the influence of organizational forgetting on innovation performance by showing the direct and indirect influence of innovation performance. The results can help enterprises better understand the importance of intentional organizational forgetting, and its double effect on enterprise innovation through absorptive capacity. Keywords: intentional organizational forgetting; absorptive capacity; innovation performance Related Articles | Metrics

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Concept differentiation, paths and research framework of reverse innovation Xing Xiaoqiang, Ge Hufei, Tong Yunhuan 2016, 37(10): 26-34.  Abstract ( 966 )   Contrary to the traditional pattern in which innovations are first initiated in advanced countries and then diffused to developing ones, reverse innovation is the kind of innovation first developed or adopted in emerging markets and then accepted by advanced markets, reflecting the new tendency of change of emerging market status, distribution of global R&D resources and cross-border transferring of innovations. Based on the summary of the evolutionary process of innovation globalization, the paper discriminates the reverse innovation from the other innovation concepts which are specifically created for emerging market and then describes the different realization paths of the innovation. Finally, after developing the comprehensive theoretical framework in the research field, some research directions are suggested for future reference. Related Articles | Metrics

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The Taxology Research and Strategy evolution of Latecomer Enterprise’s Reverse Innovation: Based on the Dominance Degree of Key Steps in innovation Process Xu Yusen, Xu Nana 2016, 37(10): 35-42.  Abstract ( 761 )   Abstract: In recent years, the cases about reverse innovation have been continually explored and summarized in the emerging countries, which makes the taxology research of reverse innovation become more and more necessary at a theoretical level. First, based on the enterprise involvement and dominance degree of Idea/Concept Generation step and R&D step in innovation process, four typical types of reverse innovation have been classified, including “low in Idea/Concept Generation and low in R&D”, “high in Idea/Concept Generation and low in R&D”, “low in Idea/Concept Generation and high in R&D”, and “high in Idea/Concept Generation and high in R&D”. To corresponding types, the innovation strategies have been brought forward, named “market racing strategy”, “niche market strategy”, “development-oriented strategy”, “overall-oriented strategy”. Then, the enterprise capabilities to assure the strategy implementation have been discussed. At last, the paper summarizes the evolving laws of the reverse Innovation. Related Articles | Metrics

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An empirical Study on the influence of innovation openness to innovation performance of enterprise Guo Wei 2016, 37(10): 43-50.  Abstract ( 1151 )   This study selected 400 enterprises from Shandong Jiangsu, Fujian, Shanxi, Sichuan Provinces’ Economic Development Zones as the research objects, and discusses the influence of enterprise innovation openness on enterprise open innovation performance, then using the mediating effect model with an adjustment variable examined the mechanism of the absorbing capacity and innovation appropriability . The result shows that, the breadth and depth of opening has a positive influence on the absorbing capacity and the innovation performance; the absorbing capacity plays the intermediary role in the innovation and opening degree and open innovation performance; innovation appropriability has a positive regulation effect between the absorbing capacity and open innovation performance. Related Articles | Metrics

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Promotion Incentive, Growth and R&D Expenditure of ChiNext Company Kang Hua, Hu Wenxiu, Wu Zuguang, Zhao Xin 2016, 37(10): 51-59.  Abstract ( 841 )   this paper investigated the impact of promotion incentive on R&D strategy with a pooled data sample of the 1145 publicly listed Chinese ChiNext companies for the period 2009-2013. The results showed that the top managers’ promotion incentive was significantly negative to R&D and the staffs’ promotion incentive was significantly positive to R&D. Further evidence showed the growth could moderate the relationship between staff promotion incentive and R&D. Related Articles | Metrics

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A research on the evolution of the business model innovation in Chinese PC online game industry Xie Peihong, Cheng Li 2016, 37(10): 60-68.  Abstract ( 1043 )   Based on evolutional logic, composition and innovation-driven factors of business model, this paper describes the basic principle of corporate business model is how to create value, deliver value and obtain value. Based on existing literatures and case studies, the article finds out that business model made up of “who are we doing for”, “what we offer”, “how to offer” and “how to profit” four key elements, and new technology, competitive pressure, consumer demand and entrepreneurship mainly drive business model innovation. Based on constructing the theoretical model of the evolution of business model innovation, we analysis in detail business model evolution process of Chinese PC online game industry. Finally, it gives the possible direction of business model innovation of PC online games industry in the near future. Related Articles | Metrics

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A study of the relationship between intellectual capital and innovation performance based on the life cycle of enterprises 2016, 37(10): 69-78.  Abstract ( 991 )   Intellectual capital plays different roles in innovation performance in different life cycle stages of enterprise. According to the panel data model and the modified value added intellectual coefficient and the panel data of the Chinese listed companies from 2007 to 2012, this paper empirical study of the relationship between the intellectual capital and innovation performance of the enterprise in different life cycle stages. The results show that the total investment intellectual capital of enterprise has a significant positive effect on innovation performance in the life cycle stages. Human capital investment in the life cycle phase has little impact on innovation performance, even a negative role in growth period. Process capital investment, relational capital investment and innovation capital investment plays a significantly positive role of innovation performance respectively in the life cycle. In the growth and decline stages, innovation capital investment effect coefficient is larger than others. In the mature stages, relationship capital investment effect coefficient is larger than others. The conclusion of the research provides empirical basis of innovation performance and investment decision-making reference for enterprises in different life cycle stages. Related Articles | Metrics

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Is industrial policy to enhance the efficiency of capital allocation or disrupt the market fair? 2016, 37(10): 79-92.  Abstract ( 846 )   Industrial policy will generally support the development of key industries, promoting industrial upgrading; but at the same time it also will disrupt the market fair, leading to resource misallocation. In this paper, with multi-linear model, more than 700,000 companies’ data samples from China's industrial enterprises database (1999-2007) is used to study the affection of industrial policy on capital allocation efficiency. The empirical results show: industrial policy will reduce the efficiency of capital allocation, the negative impact on capital allocation efficiency of private enterprise is more serious; how the industrial policy is implemented is influenced by the relationship between the government and the market, and good government and market relations can enhance the effectiveness of industrial policy ; financial mismatch positively impact the capital allocation efficiency of enterprises, which will be weaken by the industrial policy; further analysis showed that major industrial policy can improve the efficiency of capital allocation. Conclusions indicate past basin flooding irrigation kind of industrial policy is inefficient, the focus of industrial policy should help companies get viability. Industrial policy can not completely rely on the government, and a better way is through improving the relationship between government and the market, letting the market play a leading role in resource allocation. Related Articles | Metrics

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The evolutionary dynamics of Alliance Portfolio Configuration Network Zhan Kun, Shao Yunfei, Tang Xiaowo 2016, 37(10): 93-101.  Abstract ( 715 )   In this study, we examine the evolutionary dynamics of Alliance Portfolio Configuration Network (APCN) and investigate structural characteristics construct that includes diversity, partner, functional, and management. This research focuses on focal firm, using social network analysis and longitudinal case analysis to create measure for DT Mobile TD-LTE APCN. Firstly, we try to explain the motivation of enterprise enter or establish Alliance Portfolio. And then, we investigate the effects of structural, connectedness, and dynamic changes in synergies on the performance of APCN. Finally, on the basis of this research, we summarizes the evolutionary framework of APCN. Our findings suggest that configuration diversity in an alliance portfolio will provide broadened resource, learning benefits when resources and information are shared across networks. The results also indicate that there was a negative relationship between network effect and network size、inter-linked. Moreover, different control strategies and reconstruction of networks based on the optimal match of evolution cycle under focal firm is the one showing the best results to improve the effect of networks. Related Articles | Metrics

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Mechanism of multiple embedded on cluster’s innovation——Empirical Study of two Clusters in Zhejiang Province Xiang Yongsheng, Wei Jiang , Zheng Xiaoyong 2016, 37(10): 102-111.  Abstract ( 730 )   Cluster firm’s innovation capability is influenced by multiple embeddedness such as regional culture, netwok stucture and ralation of knowledge network.Through empirical research on clusters of Shaoxing and Wenzhou,we find that different dimensions of regional culture have important influences on the structure and relationship of firm’s knowledge network, which in turn brings different effects to firm’s exploratory innovation and exploitative innovation.At the same time, based on firm’s low investment in innovation, it should be from the perspective of whole innovation process and specific context to analyze the role of knowledge network. Related Articles | Metrics

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Effects of TMT Team Processes, Team Trust on Decision Performance from the Perspective of Team Reflexivity Liu Xihuai 2016, 37(10): 112-120.  Abstract ( 1046 )   This paper firstly introduces team reflexivity and team trust to top management team (TMT) theory, sorts out and summarizes relevant literatures, puts forward research hypotheses and theoretical frame, and then studies the mediating effects of TMT team trust between team processes and decision performance and the moderating effects of TMT team reflexivity between team processes and team trust by hierarchical regression analyzing the sample data of questionnaire. The results show that TMT processes have significant positive effects on decision performance; TMT processes also have significant positive effects on team trust;team trust also have significant positive effects on decision performance.Therefore, Team trust can mediate the positive effects of team processes on decision performance. In addition,TMT team reflexivity can moderate the positive effects of team processes on team trust. Related Articles | Metrics

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Study on cluster networks and innovation performance based on the adjustment effect of inside and outside the enterprise Zhu Jianmin， Shi Xudan 2016, 37(10): 121-128.  Abstract ( 551 )   The relationship between cluster networks and innovation performance receives extensive attention of scholars. In view of the shortage of the existing research, this article divides the cluster networks into two dimensions creatively, business networks and technology networks. And through the questionnaire survey, using hierarchical regression analysis, the paper analyzes the adjustment effect of external market environment and internal innovation strategy. The research results show that both of the business networks and technology networks have positive influence on innovation performance; the level of competition ‘impact on business networks and innovation performance is inverted-U shaped, the level of competition can positively adjust the relationship between technology networks and innovation performance, and the degree of instability can positively adjust the relationship between business networks and innovation performance; the business networks and incremental innovation interactively affect innovation performance, and the technology networks and breakthrough innovation interactively affect innovation performance. Related Articles | Metrics

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Identifying intelligence value of information by object-based computing Zou Yimin, Zhang Zhixiong 2016, 37(10): 129-136.  Abstract ( 694 )   In order to help intelligence analyst to find out high valuable information from a large number of web resources, improve their efficiency of using network information. This paper proposes a new method for identifying intelligence value of information by object-based computing properties of knowledge objects and relations along them. During the research, there are three aspects. Firstly, by building intelligence attention model, the interest of information analyst and their prior domain knowledge is translated into machine-readable computable structure model. Secondly, identify the important objects of the web resource based on knowledge object grid. Using explicit concepts and their behavior reveal important intelligence clues inherent in the discourse. Lastly, the web resource released by DOE website is chosen as the experimental data, which verifies the important role of knowledge objects and relations along them in identifying intelligence value of information. Related Articles | Metrics

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Impact factors and forecasting of compensation on patent infringement damage in China He Ningxin, Li Liming 2016, 37(10): 137-145.  Abstract ( 1136 )   Based on the samples of 605 patent infringement cases judged during the year 2002 to 2012, the empirical study is conducted to explore the impact factors of compensation about the patent infringement damage in china by using the multiple regression analysis model. The results show that 12 variables, such as ‘the time of infringement’, ‘the number of infringers’ variables have a significant effect on the amount of damage judged. Secondly, by selecting the above 12 variables and establishing a BP neural network model, the study forecasts the amount of damage. The results show that by applying this model, the accuracy of forecasting for compensation on IP infringement ranging from RMB 0-50,000 can reach 94%; the accuracy of forecasting for compensation on IP infringement ranging from RMB 50,000-100,000 can reach 68%; the accuracy of forecasting for compensation on IP infringement ranging from RMB100,000-500,000 can reach 85%. Finally, some recommendations are given to improve patent compensation system in china. Related Articles | Metrics

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Study on the UIR in Jiangsu Province：Based on the Perspective of Social Network Analysis Zhan Kan， Sun Junhua 2016, 37(10): 146-152.  Abstract ( 1028 )   Based on the statistics of University-Industry Relationship (UIR) of 56 colleges in Jiangsu province during 2007-2012, this paper analyzed the situation of UIR by Social Network Analysis (SNA). We can find that there is still much room for the improvement of UIR, for most universities, actively participating in the UIR helps to get more funding, and promote colleges’ scientific research output, but too much participation is likely to have some influence on the quality of teaching, the autonomy of the researchers, and the direction of university development. Related Articles | Metrics

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Model of the refined knowledge services and empirical research based on large data Ying Xuan， Sun Jiqing 2016, 37(10): 153-160.  Abstract ( 904 )   This paper points out that the traditional knowledge service model is still on the base of the inherent resources or system, and its service is “point-to-point” extensive static service specific to users independent interests, which is low efficiency; however, the users’ research process is dynamic, there is a significant demand shift state, forming a dynamic continuous process. Thus proposed the concept of Elaborating Knowledge Service, based on users’ academic research process, this paper would dynamic trace the demand shift state of users in different study process, using “face-to-face” knowledge space to greatly improve the effect of knowledge service, and through experimental study validate the formation of user demand shift and knowledge space, as well as the theoretical and practical significance of the issues raised in this paper. Related Articles | Metrics