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20 February 2018, Volume 39 Issue 2 Previous Issue    Next Issue

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Which human capital is more effective in helping returnee entrepreneurs: Management or technology? Wang Shuyang, Gao Xudong 2018, 39(2): 1-9.  Abstract ( 616 )   Based on human capital theory, this paper explores the relationship between returnee entrepreneur’s human capital (managerial skill and R&D skill) and entrepreneurial performance, and uses a data including 205 returnee entrepreneurs in Shandong province to empirically test our arguments. Results show that experience from middle or top management positions and oversea patents are positively related to entrepreneurial performance, while local patents could not significantly improve performance. It is also found returnee entrepreneurs who have both manager experience and patents would achieve higher performance. This implies that there exists synergistic effect between managerial skill and R&D skill, and both managerial skill and R&D skill are limited to provide advantage for returnee entrepreneurs alone. Related Articles | Metrics

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An experimental research on innovation cooperative behavior of innovation network by core enterprises Cao Xing, Yang Chunbaixue, Gao Yuan 2018, 39(2): 10-18.  Abstract ( 686 )   With the background of innovation cooperative behavior in the innovation network under the guidance of the core enterprise, and the heterogeneity of the initial public goods game as the benchmark, through introducing various mechanisms, this paper enhances the effect and significance of the level of cooperation between network members, and selects the optimal mechanism. The results show that the effect of incentive mechanism and leadership mechanism alone can not maintain the high level of enterprise cooperation; the joint mechanism of punishment, rewards and punishments and leadership mechanism can effectively mitigate the vulnerability of enterprise cooperation. Related Articles | Metrics

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A research on the synergy innovation of technology and operation mode in logistics platform Zhang Jiping，Luo Wenping 2018, 39(2): 19-27.  Abstract ( 585 )   Logistics platform technology innovation system and operational mode innovation system both are complex open system and have important influence over sustainable development of logistics platform enterprises. In this paper, dissipative structure theory and entropy theory are used to study the entropy change of logistics platform technology innovation system and operational model innovation system .The synergy and innovation mechanism was discussed and the entropy change model of logistics platform technology and operational mode was build. Also, the paper analysis the entropy change of Minnesota Nestivo company. Using entropy change model not only can we know about the current operating status of logistics platform technology innovation system, but also provides theoretical guidance for future innovative activities of logistics platform enterprise. Related Articles | Metrics

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A research on cultivation of original emerging industries based on original cultivation capability Gong Huiqun, Huang Chao, Mei Shue, Zhong Weijun 2018, 39(2): 28-37.  Abstract ( 585 )   Based on the reality of lacking of the original cultivation of emerging industries, the concept of the original cultivation capability of emerging industries is put forward, and a theoretical model contained many factors is constructed, including resources and services of emerging industries, the hidden need, the original cultivation capability of emerging industries, original technology, lead market and the formation of original emerging industry, etc. And the mechanism and the path of the cultivation of original emerging industries through the original cultivation capability of emerging industries are analyzed. Using PLS-based structure equation model, an empirical analysis based on the questionnaires of 295 enterprises in the relevant areas of emerging industries in our country is conducted. The results suggest that the original cultivation capability of emerging industries can directly support the realization of original technology breakthroughs, the development of lead market, and eventually indirectly affect the formation of emerging industries; the cultivation of the original cultivation capability of emerging industries relies on the obtaining of the hidden need , resources and services in emerging industries; the original technology breakthrough and the lead market have significant positive correlation of the formation of original emerging industries ,and the lead market has stronger impact than the original technology breakthrough. In addition, in the process of the cultivation of original emerging industries, the impact mechanism of environmental factors, such as the negative adjustment effect of environmental uncertainty, and the positive adjustment effect of innovation environment, is empirically tested. Related Articles | Metrics

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Service resources, dynamic capabilities and competitive advantage from the perspective of ownership:An empirical study based on China’s science and technology industry  Wang Jing, Wu Guisheng, Wang Tao 2018, 39(2): 38-45.  Abstract ( 558 )   Abstract: At present, China is facing a transition from a planned economy to market economy, during which property rights system has become the key bottleneck that restricts the development of science and technology service industry in their competitiveness, so how to stimulate the competitive advantage of organizations become an important task in science and technology system reform. Based on 1150 valid questionnaires, we constructed the model reflecting the relationship among the service resources, dynamic capabilities and competitive advantage according to different system of ownership, and we carried on the empirical analysis aiming to discuss their different transmission mechanisms and impact paths under the different system of ownership. This study shows that the ownership has impact on regulating the relationship among resources, dynamic capability and competitive advantage, and the dynamic capability plays a partial intermediary role in all these organizations. The strength of the intermediary role from large to small in turn is state-owned enterprises, private enterprises, independent public institutions. This article believes that under the current property rights system, the competitiveness of all kinds of institutions are limited in their development. And improving the dynamic ability of the organizations in science and technology services industry would help improve the competitive advantage. Related Articles | Metrics

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A research on the path of innovation-driven development in regions lacking S&T resources Zhang Zhihe, Jiao Beibei, Li Yi, Li Yang, Yi Lan 2018, 39(2): 46-59.  Abstract ( 765 )   According to the WEF evaluation system, nowadays China has not fully met the conditions for implementing innovation-driven development. However, the imbalance in development of regional economy in China determines that special economies in certain regions might take the lead in satisfying innovation-driven conditions and would drive the leaping development of related regions through implementation of innovation. This provides a theoretical basis and realistic possibility for China to implement innovation-driven development in areas lacking in S&T resources. According to the thoughts above, this paper focuses on the analysis of essence and connotation of "scarcity of S&T resources" and "innovation-driven development". Based on these results, we answer the questions of whether innovation-driven development could be implemented in areas lacking in S&T resources, why innovation should be implemented in areas lacking in S&T resources and how to effectively implement innovation-driven development. Related Articles | Metrics

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An empirical comparison of evaluation index system of enterprise innovation efficiency Luo Lihua, Hu Xianjie, Feng Jun 2018, 39(2): 60-65.  Abstract ( 1009 )   The evaluation research of enterprise innovation efficiency has been a focus of academic attention, but the construction of the evaluation index system of enterprise innovation efficiency are carried out mostly by the absolute number of the resource input index and technology output index, while it is lack of research based on the relative number of the input and output index reflecting the achievements quality of science and technology. Therefore, based on the 2011-2013 525 Nanjing's high-tech enterprises date and through two kinds of evaluation index system, this paper uses difference analysis, feasibility analysis and practical analysis to verify the scientific nature of the evaluation index system of enterprise innovation efficiency, which is in the perspective of achievements quality. Related Articles | Metrics

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Can environmental regulations stimulate enterprises’ R&D efforts?—An empirical analysis based on the data of thermal power plants Ma Yanyan, Zhang Xiaolei, Sun Yutao 2018, 39(2): 66-74.  Abstract ( 521 )   The paper refines the study at the regional or industrial level to micro-enterprise level based on the Porter hypothesis and empirically analyzes the impact of environmental regulations on R&D effort of enterprises using zero-inflated models with application to Chinese thermal power listed companies. Firstly, environmental regulation intensity has a U-shaped relationship with Chinese thermal power plants’ R&D inputs. The relationship between environmental regulation intensity and R&D inputs is negatively regulated by enterprise scale. Enhancing the environmental regulation intensity can promote enterprises to increase R&D inputs. However, with the expansion of enterprise scale, the strengthening environmental regulation will reduce the R&D inputs. Secondly, environmental regulation intensity has an adverse U-shaped relationship with the number of patent applications of Chinese thermal power plants. The relationship between environmental regulation intensity and the number of patent applications is negatively regulated by enterprise scale. Therefore, if environmental regulation intensity is too high, the number of patent applications reduces. However, the problem will be eased and even reversed by the expansion of enterprise scale. Related Articles | Metrics

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Influence of knowledge potential difference on intellectual property risk in industry-university-institute cooperation Dai Yong， Lin Zhenyang 2018, 39(2): 75-85.  Abstract ( 624 )   For the intellectual property risk, the scholars were mainly studying the legal conflict of intellectual property faced by enterprises from the perspective of law, and relatively few researches were conducted on risks of intellectual property from the viewpoint of management in-depth study. In view of this, through analyzing the relationship of knowledge potential difference between the enterprise and the research party in the process of cooperation, the paper studies the intellectual property risks in the cooperation. The process of cooperative governance is introduced as a critical variable to construct a theoretical model exploring relationship among knowledge potential, intellectual property risk and two dimensions of cooperative governance. Then 213 questionnaires were collected and analyzed to verify our hypotheses. Statistic analysis shows knowledge potential difference has a significant effect on the risk of intellectual property; cooperative governance has different influence on the risk of intellectual property in terms of its two dimensions; cooperative governance also plays a moderate role in the relationship between knowledge potential and intellectual property risk. Related Articles | Metrics

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A research on the R&D expenditure behaviors during implementation of the stock option incentive scheme Chen Linrong，Qiu Yizheng，Wang Kemin 2018, 39(2): 86-93.  Abstract ( 517 )   In this paper，by the research of the listed companies that proclaimed the stock option incentive scheme in 2010-2012 and implemented this scheme in China，we study the role of the stock option incentive scheme on the R&D expenditure behaviors. We find that during the base period，the relation of the R&D expenditure intensity and whether to implement the stock option incentive scheme is significantly positive，but during the waiting period，the relation of the change of the R&D expenditure intensity and whether to implement the stock option incentive scheme is significantly negative. Which indicates that the managers have a strong motivation to get greater economic benefits by making use of the R&D expenditure to manipulate earnings，and we also find that the managerial power of the managers exacerbates this manipulation，as embedded in the corporate governance structure to protect the interests of small shareholders，the independent director system plays a role. The study can provide the constructive suggestions for the policy makers to adjust the relevant equity incentive policies. Related Articles | Metrics

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A study of labor-intensive industry clusters upgrading under the perspective of national value chains: A case study of Zhejiang Puyuan sweater industry cluster Qian Fangming, Ning Zijun 2018, 39(2): 94-99.  Abstract ( 550 )   Havinggreatly contributed to China’s coastal areas’ economic growth, the labor-intensive industry clusters are undergoing severe challenges. Under the background of promotingsupply side structural reform, it is vital to study its upgrading issues. Taking ZhejiangPuyuanSweater Industry Clusteras an example, this paper studies this upgradingin the perspective of domestic value chain. The research indicates that labor-intensive industry clusters can fulfill its function upgrading on the basis of domestic markets, while the specialized markets’ upgrading can boost this function upgrade.Also, the value chain supporting system is the key factor influencing the function upgrading. Related Articles | Metrics

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An empirical study of corporate performance and management hidden corruption in Chinese SOEs based on behavioral economics Bai Zhiqi, Chen Yan, Wang Xi, Yu Hongjian 2018, 39(2): 100-107.  Abstract ( 614 )   From the point of view of behavioral economics, this study theoretically explains and empirically tests the relationship between the intrinsic control mechanism of corporate performance and management hidden corruption within Chinese SOEs by using a data of Chinese State-owned listed companies in China ‘A stock market’ between year 2010 to 2014. Results suggest that managements’ individual fraud risks are raised under the dual impact of reference point effect and over-optimism. As results of the management hidden corruption increased when company performance continues improving. Further, this study finds that internal governance mechanism and external regulations affect the relationship between corporate performance and management hidden corruption in Chinese SOEs. Results of this study suggest that high quality internal control systems and external regulations such as the “Eight-Point Regulation” effectively restrain management corruption. Related Articles | Metrics

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Testing of influence factors on the manufacturing enterprises servitization Xiao Ting, Huang Xianming 2018, 39(2): 108-116.  Abstract ( 507 )   Manufacturing firms are increasingly transforming from manufacturing of products to provision of services, namely undergoing innovation of servitization. The goal of this paper is to provide new evidence for this servitization of eastern and central regions of China’s manufacturing industry and test previous findings based on case studies with a large, firm-level data set. The empirical analysis results indicate that service turnover of manufacturing firms is still small compared with that of physical products. Regional differences play only a minor role in explaining the degree of servitization. Firm size is of more relevance. Results reveal an inverse U-shaped relationship between firm size and servitization which points to advantages of medium size firms in servitization. Moreover, servitization is positively related to product complexity and the likelihood that the firm introduces product innovation. Related Articles | Metrics

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Influence of abusive supervision on employee’s knowledge sharing Xiao Xiaohong, Liu Wenxing, Wang Xingdong, Ding Zhihui 2018, 39(2): 117-124.  Abstract ( 700 )   Although many scholars have explored the influencing factors of knowledge sharing, these studies focusing on positive influencing factors of knowledge sharing, few studies pay little attention to negative influencing factors of knowledge sharing. Thus, this study explores the impact of abusive supervision on knowledge sharing, especially examining the mediating role of organizational identification and the moderating of person-organization fit. This study has collected 348 questionnaires in two wave way. The results show that abusive supervision has significantly negative impact on knowledge sharing; organizational identification mediates the relationship between abusive supervision and knowledge; person-organizational fit moderates the effect of abusive supervision on knowledge sharing. Related Articles | Metrics

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Discussion on the first driving factor for enterprises’ investment Zhang Xindong, Yu Jing 2018, 39(2): 125-134.  Abstract ( 604 )   Cash flow and growth opportunities have been widely considered as the two core elements in investment decision. However, when we think further, among the two, which is the most important driving force in investment? The question has got little attention. Furthermore, in view of the different effects on enterprise development derived separately from intangible assets and tangible assets, this paper explores the primary driving force behind the two kinds of investment respectively. Meanwhile, since the external environment is vital in decision-making, this research further studies the effect of macroeconomic condition and investor sentiment on the investment sensitivity to cash flow and growth opportunities. In order to obtain more accurate and more significant results, we selected public companies from National Innovative Enterprises, which are listed on the website of the Ministry of Science and Technology of the People’s Republic of China from 2006 to 2013 as samples. We refer to the investment-decision model from McLean and Zhao (2014). (Here insert the formular (4) in page 3 of our paper) Here, I/A is defined as the investment rate of intangible asset and the investment rate of tangible asset separately, and the growth opportunity q and the cash flow CF/A are the main explanatory variables. The macroeconomic condition E and the investor sentiment S are taken into account as well. Referring to Baker and Wurgler (2006), and considering the reality of China's financial market, we constructed an investor sentiment index with six variables: the closed-end fund discount, the trading volume, the number of IPOs, the average first day’s return of IPOs, the new investor accounts and consumer confidence index. Macroeconomic conditions are likely to affect investor sentiment, so all the sentiment variables are regressed on four macroeconomic variables and the residuals from these regressions are used as the investor sentiment proxies in our tests. We use the macroeconomic condition and investor sentiment proxies in the same regressions, so the effect of one variable is measured while the other is controlled. Meanwhile, different from the current studies, the contents of the intangible asset investment here include the increment in accounts of "intangible asset" and "development expenditure" and the R&D expenses, which cover the true input of enterprises’ R&D activities. This paper gets a significant conclusion that the growth opportunities sensitivity to intangible asset investment is almost equal, even stronger, compared with the cash flow. However, tangible asset investment is more sensitive to cash flow, rather than growth opportunities. The first driving factor of total asset investment is cash flow as well, which is consistent with the current situation that most business investments are tangible asset investments in China. Furthermore, when considering external environment, we find that investor sentiment strengthens the effect of growth opportunities on intangible asset investments, while expansive macroeconomic condition makes tangible asset investments more sensitive to cash flow. In summary, we put forward a novel and unique perspective to consider the issue of driving factors in investment decision-making. We adopt McLean and Zhao’s model (2014) to Chinese enterprises investment problems. Our highlights lie in distinguishing intangible asset investment and tangible asset investment, and taking the macroeconomic condition and at the same time the investor sentiment into account. This paper contributes much in academic value to both enterprise investment theory and investment-driving research. What is more important, in this innovation-driven era, intangible asset is increasingly becoming the key element of corporate success, making determining its primary driving factor essential. This paper also has important practical significance for enterprise innovation and R&D investment decision-making. Related Articles | Metrics

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Relationship between university-industry collaboration and research performance of universities: The moderating effect of university types Wang Xiaohong, Zhang Ben 2018, 39(2): 135-142.  Abstract ( 526 )   The influence of university-industry Collaboration on research performance of universities and the moderating effect of university type were empirically examined using 2007-2014 panel data of 88 universities in China, with the Sys-GMM model. It was found that: (1) The intensity of UIC had an inverted U-shape effect on the research performance of universities; (2) The university type had a negative moderating effect on the relationship between UIC and research performance of universities. This paper enriched the theory of CEEUSRO. Moreover, the theoretical reference for universities to make UIC policies was provided. Related Articles | Metrics

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Formation mechanism of the core competence of strategic emerging industry Wang Hongqi, Yang Zhongji, Wu Jianlong, Li Yue 2018, 39(2): 143-151.  Abstract ( 574 )   Core competence is the footstone of competence advantage. Based on the thoughts of the comprehensive advantage theory, this paper reveals formation mechanism of strategic emerging industry core competence based on leading advantage by the methods of interpretive case study and patentometric embedded to investigate the new energy vehicles’ development history in China. The results show that, firstly, the industry core competence keeps improving from imitational innovation competence of niche product, independent development competence of product seriation to industry synergy innovation competence of full expansion, accompanying with leading advantage’s three-stage dynamic evolution which goes through scattered fragments network, single hub-and-spoke network and multi-hub small world network; secondly, Both core competence and leading advantage evolve with comprehensive advantage developing simultaneously; thirdly, the strategic emerging industry leading advantage upgrades and core competence accumulates continuously on the forces of innovation-driven, demand-pulled and policy guided. This research aims to provide theory guide and decision reference for strategic emerging industry core competence foster and comprehensive advantage strategy management based on core competence. Related Articles | Metrics

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A research on directional returns to scale of science funding program under congestion Duan Peixin, Meng Wei 2018, 39(2): 152-160.  Abstract ( 497 )   There are two types of study on returns to scale, one is based on the basic concept of economics that inputs change in proportion, and the other is based on the concept that inputs do not change in proportion, and they study directional returns to scale or directional congestion respectively. Based on the fact that the funding scale and team size are disproportionate in the general program of NSFC with congestion, we construct the directional DEA model under congestion and study the directional returns to scale with congestion. In order to avoid choosing directions randomly in the study of the directional DEA model, we fit congestion rates of different directions and we consider the direction of least congestion rate as the relative best investment direction. Then we determine the optimal investment interval. At last, by taking the general program of three disciplines in 2011 as example, we conduct an empirical analysis and the result shows that the research on returns to scale under congestion has more practical value. We also find different disciplines are different between the relative best investment direction and the optimal investment interval to improve performance and they are also different strategies for further enhancing the performance of the general program of NSFC in the future. Related Articles | Metrics