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A review of the relationship between venture capital and survival of startups: The recent evidence from the micro level Zhang Shuai, Wang Xueqing, Hou Xinyu 2020, 41(8): 1-12.  Abstract ( 221 )   Whether venture capital is capable of improving the survival status of start-ups company is an attractive yet controversial research topic. At present, no consensus has been reached on the positive effect of venture capital, mainly due to endogenous bias and selective bias, which brings enormous difficulties accurately measuring the treatment effect. In recent years a large number of peer-to-peer lending platforms get bankrupt in China after an unexpected rapid growth, which provides a rare quasi-experimental opportunity to systematically assess the effect of venture capital on the survival condition of the platforms.  This article aims to probe the following three questions: Can venture capital improve platform survival? Is the impact of venture capital differentiated? What is the mechanism of venture capital? We adopt a python-based crawler software to obtain the detailed information of 3176 platforms from a pubic website, including registered capital, business model, security model, venture capital, amount of venture capital, number of rounds of venture capital. We divide the samples into the treatment group and the control group, respectively, and employ the propensity score matching method and generalized propensity score matching method in the counterfactual framework to modify the selection bias and screening effect to get a more robust conclusion. Finally, it explores the mechanism of venture capital.  Our study on the role of venture capital in the survival profile of start-ups and the evolution of the industry has yielded valuable insights. First, empirical evidence shows that acquiring venture capital helps improve the living condition of invested enterprises. Propensity Score Matching method shows that, on average, compared with the control group, these platforms which receive venture investment reveals a 14% lower mortality rate and 9.13 months longer survival time. These differences remain after excluding endogenous bias and selective bias and stay robust under different matching approaches. Second, the decision-making of venture capital institutions is two-stage, with the first stage deciding whether to inject venture capital into the platform. The second stage is to determine the amount of venture capital. The two-part model demonstrates that registered capital and shareholder background affect the amount of venture capital obtained by the platform. The generalized propensity score method reveals that the impact of venture capital is heterogeneous. More specifically, only venture capital more than 10 million Yuan is sufficient to prolong the survival time of platforms. On average, 10 million yuan of venture capital increases the survival probability of a platform by 42% to 80%. With the increase in the amount of venture capital, the improvement effect is more significant. Third, the mechanism model confirms that venture capital works for start-ups through three channels, namely bringing in social capital, reputation upgrading, and financial support. Access to venture capital will help P2P platforms join official associations, gain credit recognition from third parties, and achieve capital increases. It is also necessary to point out that venture capital plays a role more "perfect" instead of "timely assistance" because of the screening effect. The function of venture capital is limited, which reminds it is unwise to exaggerate the role of venture capital blindly.  Our research has two policy implications: first, to govern improper advertising. A large number of P2P platforms highlight the equity participation of venture capital institutions, which may lead to abuse of venture capital institution′s reputation, and may also mislead low risk-preference investors to generate the illusion of implicit guarantees and rigid payments. Second, to control aggressive operation. Quite a few P2P platforms have become more aggressive in their business strategies after getting venture capital. They offer discounts, dividends, and other ways to attract ordinary investors. If this "aggressive operation" continues to fester, it will pose a massive risk to the entire online lending industry. References | Related Articles | Metrics

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A review of key impacting factors in the evolution process of open source design Li Yingzi, Zhang Shuo, Zhang Xiaodong 2020, 41(8): 13-22.  Abstract ( 164 )    Open source is developing rapidly as a mode of design and innovation in recent years. It has remarkable advantages in creative transformation of product, technical transformation, market orientation, and innovation with low cost and high customer satisfaction. In addition, open source design depends on the Internet to promote various kinds of resources agglomeration, open and sharing, enterprises can obtain more intellectual resources to improve innovation efficiency. Thus, enterprises are paying more and more attention to this type of innovation model and trying to exert more influence in the open source community. However, instability of members in the open source community make the process complex, dynamic, and uncertain. Therefore, it is important to recognize influence factors in open source design process, which can improve the design efficiency and success rate. In this paper, we have built a review framework according to OSS (open source software) evolution process model of Crowston to study on the impact factors.  Firstly, based on Grounded theory literature review, there are 5 steps including definition, searching, selection, analysis and proposal. In this paper, we have selected references with main key words "open source" and other subordinate key words such as user motivation, license, network size, network structure, cooperation mechanism, enterprise sponsorship and so on. Secondly, in light of the OSS evolution process model, impact factors of "input" phase and "process" phase are emphasized in this paper. We can find participants′ motivation is the core factors impacting on their continuous innovation, because motivation will impact on "behaviors"; The number of product modularization or difficulty and license restrictiveness influence the process at different phases; It is worth noting that the number of participants in open source community is not "the bigger, the better", because though more members will bring more ides or innovation resources, the coordination is more complex; In most researches, core members make most contribution in the open source community, but active members will bring vitality into community; It is worth noting that the number of free-riders is big and they never make contribution in the community; Thus, enterprises should set more reasonable and attractive strategies to make more members joining the community and keep the enthusiasm of participants for continuous innovation. Lastly, based on the above analysis, we can find that the participant is the key factor of the open source design. However, in this process, participant is free and autonomous. They can take part in the community or select task modules freely, and they also can exit any time. Thus, we have summarized the impact factors according to participant′s behavior (join the community): Pre-stage (before) and Post-stage (after), and proposed "two-continuous" to reflect characteristics of two stages respectively. In Pre-stage, participants continue to join the community and make continuous innovation or contribution in Post-stage, which are the key elements of the success in open source design process. Our study has reviewed the impact factors on open source design process, and we try to provide new ideas for enterprises to make better use of this innovation mode: obtain more innovation resources, improve innovation efficiency and deal with the relationship between enterprises and open source community. References | Related Articles | Metrics

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A research on relationship among external innovation knowledge search, resources bricolage and two-way open innovation Zhou Fei, Zhong Hongling, Lin Yifan 2020, 41(8): 23-30.  Abstract ( 248 )     Open innovation is a process in which multiple actors participate in interaction and business collaboration. It is also a process of systematic thinking, knowledge exploration, organizational memory and knowledge development across organizational boundaries. The aim of open innovation is finding the best "jobs" for knowledge or technology in the technology market. This requires attention not only to the internal knowledge R&D and development of the organization, but also to the embedding in the external knowledge network to find a balance between internal and external within the filed of technology development.  The existing research on the relationship between innovative knowledge search and open innovation still has the following two gaps. On the one hand, most of the existing researches only focus on the related researches on inbound open innovation, but relatively ignore the generating process and influencing mechanism of outbound open innovation. Due to the differences in innovation forms between inbound open innovation and outbound open innovation, there may be great differences in organizational patterns and innovation routes. On the other hand, although existing studies have discussed its possible influence on open innovation from the perspective of innovative knowledge search and resource bricolage, such independent studies often ignore the role of cross-over connection mechanism. Resource bricolage, as a method of creative use of resources under resource constraints, is not limited to the strength of the enterprise itself, but also emphasizes the process of maintaining the dynamic ability of the organization for the optimization of resource acquisition and utilization. Therefore, from the point of view of the process, resource bricolage is based on the existing resources of the enterprise, re-design the plan, and integrate the internal and external available resources of the organization. Resource bricolage requires the cooperation of the enterprise′s innovation search activities and other organizational actions to seek the best technological innovation strategy. For the implementation process of open innovation, external innovation knowledge search and resource bricolage are controlled and active activities of monitoring and evaluating new knowledge and resources. Therefore, this study believes that enterprises need to adopt an external-oriented strategic approach to seek more potential valuable knowledge outside the organization; Besides that, in the context of resource constraints, enterprises need to creatively utilize available resources internally, seize market opportunities brought by new resources, and promote two-way open innovation through interactive efforts from both sides. From the interaction perspective of resources bricolage and external innovation knowledge search, this study deem that enterprises needs through the right way to find the best "work" in acquiring knowledge or technology in the technology market, namely to promote enterprise in finding the equilibrium between external knowledge search and internal technology development, to better promote the two-way open innovation in the enterprise.  By investigating 176 companies from strategic emerging industries in the pearl river delta, this study found: (1) external innovation knowledge search all have a inverted U type influence on two-way open innovation significantly; (2) enterprise resource bricolage activities all impact on two-way open innovation significantly; (3) the interaction of external innovation knowledge search and enterprise resources bricolage impacts on outbound open innovation significant, but its direct impact on inbound open innovation is not significant. The research conclusions of this paper not only enrich the existing theories on the relationship between innovation knowledge search and two-way open innovation, but also discover the interactive effect between innovation search and resource bricolage from the perspective of cross-over effect, and expand the related research on resource bricolage. Our conclusion also provides some management enlightenment for enterprises to implement two-way open innovation strategy.  References | Related Articles | Metrics

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Service innovation process with multi-agent participation in the perspective of service ecosystem Zhang Pei, Yang Ying 2020, 41(8): 31-38.  Abstract ( 215 )   Multi-agent participation becomes the mainstream paradigm of modern enterprises′ service innovation process, and different actors participate in the process of service innovation and create value through interaction. Service innovation usually includes the stages of demand generation, demand processing and demand realization, and presents the characteristics of subject interaction, resource integration and process complexity. Theoretical research on the process of service innovation is mainly carried out from micro and macro perspectives. From the micro perspective, it focuses on the division of different stages of service innovation process, aiming to explore which stages are there, and how these stages are connected. The macro perspective focuses on the interaction between different subjects in the process, as well as how the subjects participate in the process, and analyzes the roles and positions of different subjects. However, despite the growing research interest in service innovation, the issue of multi-agent participation in the view of service ecosystem remains under-explored. What are the differences in the relationship between actors in different stages of service innovation? What is the knowledge mobility among different subjects? At present, these problems have not been explained clearly in academic circles, and lack of relevant empirical research.  Service ecosystem is a new theoretical perspective to study the process of multi-agent participation in service innovation. From the perspective of service ecosystem, multi-agent participation in service innovation process is a dynamic development process that relies on personalized innovation demand, interactive innovation subjects, integrated innovation resources, etc. to build a service ecosystem, resulting in resource sharing and integration and other interactive behaviors between subjects, so as to improve service innovation performance. Enterprises should create a good atmosphere of innovation, encourage multiple actors to participate in the process of service innovation, increase the breadth and depth of innovation search, so as to obtain more heterogeneous resources and improve the performance of service innovation. Against that backdrop, we adopt a service ecosystem perspective to analyze the service innovation process of multi-agent participation, and discusses the above problems from the perspective of multi-agent participation to fill the theoretical gap, so as to expand and improve the theoretical system of service innovation. Our research design includes two parts, model construction and research method description. In a model construction sector, a multi-agent participation model of service innovation process is constructed from the perspective of service ecosystem, and the process of service innovation is divided into three stages: service innovation leading, generation and output. There are obvious differences in the structure of subject relationship in different stages. The main body structure of the leading stage is the core action main body, and the structure is multi network type in generation stage, and then in output stage is complex system type for mature benchmarking enterprise. The model mainly reflects the dynamic characteristics of the relationship between the subjects and the system structure in different stages of service innovation, which leads to significant differences in knowledge co creation between the actors in the process of interaction, and then affects the differences in service innovation performance. In a research methodology section, we show how to selection case, and then present case data collection process, describe the whole process of software service project implementation.  In the case, the cooperation relationship between the actors is as follows. Actor A  is the service provider, which is the core service enterprise in the service ecosystem, actor B is the software service buyer, that is, the service recipient, C is the functional subject, including C1 and C2. C1 is the ERP software supplier of A, and C2 is the implementation partner of A. This is the fifth project cooperation between A and B, and the complexity and difficulty of the project are very high. Actor A adopts the way of multi-agent participation, the purpose is to integrate external resources to provide support for project delivery and ensure the successful launch of the project. The software service implementation process is divided into project research, scheme determination, project design, project implementation, project delivery, and operation and maintenance services. Project research and scheme determination belong to the leading stage of service innovation, project design and project implementation are the description and discussion of service innovation generation stage, project delivery and maintenance services are part of the expression of service innovation output stage. Through case analysis, this paper puts forward the following research propositions. The breadth and depth of participation of the actors have different impacts on the performance of service innovation, that is high participation breadth is easier to promote breakthrough service innovation, and high participation depth is easier to promote incremental service innovation. Knowledge co-creation is the core pre variable in the process of service innovation, outward oriented knowledge co- creation is easier to promote breakthrough service innovation, and internal knowledge co creation is easier to promote progressive service innovation. The scope of actors′ participation is easier to promote the formation of outward oriented knowledge co-creation, and the depth of actors′ participation is easier to promote the formation of inward knowledge co-creation.  This article makes two important theoretical contributions to the research on service innovation. First, it is to expand the general process model of service innovation proposed, based on the perspective of service ecosystem, the participants such as customers and suppliers are regarded as "actor", effectively identify the attribute characteristics such as the differential subject relationship, knowledge co creation and the participation degree of action subjects in the process of multi-agent participation in service innovation. Second, our case study found the internal influence of the participation of the actors, knowledge co-creation and service innovation performance in the process of service innovation. It not only provides a theoretical framework for the follow-up study of the internal mechanism of multi-agent participation in service innovation process, but also helps service innovation enterprises adopt effective service innovation strategies. References | Related Articles | Metrics

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An analysis of the development process of path dependence and path lock-in based on mapping knowledge domains Zhang Zhen， Yu Jintian， He Wei， Mei Yanlan 2020, 41(8): 39-48.  Abstract ( 238 )    Path dependence and lock-in are widely applied to explain the institutional change, economic evolution, geographical expansion, organizational reform, and technological innovation, so the research on it has important theoretical value. However, Studies on path dependence and lock-in have indicated several limitations, such as chaotic literature information, interdisciplinarity complexity, and development process vagueness, so that scholars cannot intuitively understand its evolution and research direction in a short time. Meanwhile, the existing research also points out the following characters in this field: (a) there is a lack of connection between the theory and empirical research of path dependence and lock-in, and (b) the future research trend is to focus on empirical research, and path lock-out. However, the number and scope of the literature sorted out by these research institutes are limited, and the conclusions of qualitative induction are relatively broad and lack of quantitative basis, which cannot fully reveal the development history, research hotspot and frontier in this field. It is found that the above problems are all related to the development process of path dependence and lock-in. Therefore, how to grasp the development process of path dependence and lock-in research quickly and comprehensively is the focus of this paper.   This paper focuses on exploring the development process of path dependence and lock-in in the research area of humanities and social sciences based on mapping knowledge domains and information visualization. Firstly, the process model of path dependence and lock-in development process by CiteSpace is built, which is an analysis process of one-to-one correspondence between method and content including research route, CiteSpace technology, and visualization mapping knowledge domains. Meanwhile, 328 literatures from web of science core collection database are pre-treated respectively. Secondly, the development process of path dependence and lock-in is analyzed emphatically: (a) the development history mapping knowledge domains including time-line mapping of evolution stage and cluster mapping of research topics variation are drawn and analyzed, and (b) the keyword co-occurrence mapping of research hotspot in recent five years is drawn and analyzed. The study contributes to path dependence and lock-in theory and visualization by the existing literatures of database and CiteSpace technology. According to the research, the development process of path dependence and lock-in can be categorized as follows: (a) the development history have gone through four stages: political policy, case study, lock-in or reform, and path creation, and (b) path lock-in, firms and political policy are three research hotspots in this area, and (c) there are three main developing trends, among which the research level is from macro-level to micro-level, the research ideas can be transited from the basic research of phenomenon interpretation to the development research of problem-solving, and lock-in mathematical modeling is replacing case study as the main research method.  So far, a panoramic knowledge mapping of path dependence and lock-in is displayed, and the development process of path dependence and lock-in research since 1985 has been cleared up from three aspects of development history, research hotspot and frontier, which confirms the viewpoints of lack of micro enterprise discussion and empirical research methods in the existing research, which provides a strong basis for later researchers to better grasp the research trajectories of this field, it also provides ideas for choosing their future research directions. Moreover, on the practical level of path dependence and lock-in, in the process of catching up and transformation, China′s latecomers are facing passive lock-in such as technology lock-in and low-end lock-in, but they also have the late-mover advantages with Chinese characteristics, and they are striving to catch up and surpass in the practice of breakthrough and lock-out through radical technology innovation and disruptive market innovation. References | Related Articles | Metrics

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Agglomeration externalities, heterogeneous technology and regional innovation efficiency Zhang Bin, Shen Neng 2020, 41(8): 49-59.  Abstract ( 239 )    Looking back on the development process of China′s reform and opening up, China actually transferred the low and mid-end links in the industrial chains of developed countries to the eastern coastal areas of China via low-cost labor and land resources and at the cost of the environment. This extensive way of growth has certain historical rationality, but it is not sustainable after all. Therefore, the fundamental purpose of China′s implementation of the innovation-driven strategy is to abandon this unreasonable growth mode, so as to push the economy into the development track of endogenous growth as soon as possible. It is well-known that regional innovation capability has become a decisive factor in establishing comprehensive competitiveness and gaining international competitive advantage for an area. A lot of existing researches suggest that spatial agglomeration could improve the innovation activities. For example, it makes the flow of knowledge and information more convenient. Using the innovation activities of 30 provinces and cities in 2009-2013 as a sample and from the perspective of industrial agglomeration, this paper measures the innovation efficiency of Chinese provinces and cities through super-efficiency meta-frontier function. Making use of exploratory spatial data analysis, this paper also emphasizes on exploring the influence of Marshall externalities, Jacobs externalities and Porter externalities on innovation efficiency.  The empirical results can be concluded as follows: (1) Agglomeration externality is an important factor for innovation efficiency. The difference between the economic development stage of the eastern, western and central regions leads to the different effect of agglomeration externality on the innovation efficiency. The eastern region benefits from Marshall externalities, Jacobs externalities and Porter externalities, but the central and western regions benefit only from Marshall externalities and Porter externalities. (2) The spatial spillover effects ignored in previous studies has important influence on the innovation efficiency. And the provinces and cities within the same group show the tendency of “Club Convergence”, considering that the groups are more similar in industrial structure and resource endowment. Based on the above research conclusions, this paper proposes the following policy recommendations: (1) Strengthen the linkage effect among different provinces/cities. Considering the spatial spillover effect of innovation efficiency in empirical outcomes, provinces/cities should strengthen cooperation with each other in innovation activities, and actively facilitate the exchange and sharing of technical knowledge among colleges, scientific research institutions and enterprises, creating a favorable knowledge spillover environment. (2) Speed up the construction of domestic market integration. Since the efficiency of innovation in the eastern, central and western regions all benefit from Porter externalities, the central government should break those segmented markets that develop at the expense of one another. It should encourage market competition, and promote the free flow of production factors such as talents among different regions. (3) The formulation and implementation of industrial plans should be based on the actual development level of the local economy. Local governments in many economically underdeveloped areas often emphasize one-sidedly the construction of complete industrial chains in the planning of related industries, hoping to rely on local superior industries to gather related upstream and downstream industries. Facts have proved that this kind of artificially created diversified industrial environment cannot promote the economic development of a province if its current development fails to reach a certain "threshold". Therefore, provinces/cities should formulate and implement industrial development plans based on local economic development and existing industrial foundations. References | Related Articles | Metrics

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A research on the evolution of intellectual property governance pattern in enterprise clusters Li Tuoyu, Wei Jiang, Hua Zhongsheng, Tong Zulong 2020, 41(8): 60-71.  Abstract ( 210 )    At present, relevant studies on Intellectual Property Governance are mainly focused on the view of appropriability, and the influence mechanism of Intellectual Property Governance is investigated from three aspects: isolation mechanism, appropriability regime and PFI. In cluster context, the proximity of network and the liquidity of innovation elements lead to the inefficacy of traditional Intellectual Property Governance on avoid the "free-rider", technology imitation, plagiarism infringing and such opportunism behavior, which also lead to the Intellectual Property Governance issues at the cluster level differences. The new technology, new equipment, new samples come out soon, competitors can occupy the market through simple imitation, reverse engineering methods with low cost. Enterprises that actually implement innovation investment and carry out innovation activities will not only fail to get the profit from innovation, but will even be squeezed out of the market by imitators. It is difficult for enterprises to maintain their enthusiasm for innovation, so it becomes a good choice for them to abandon innovation and imitate. In order to solve this problem, some cluster enterprises and related governance institutions have been trying to construct and implement in line with the construction of formal and informal Intellectual Property Governance, such as "the alliance convention on Intellectual Property Governance of Tonglu Pen Industry Cluster" "the safeguarding rights convention on Intellectual Property Governance of Wenzhou Smoking Set Industry" and so on, which effectively supplement lack of national property rights regime, effectively regulate the productive and innovative behavior of enterprise.  Some papers also find that when laws fail to effectively protect property rights, the governance subject of Intellectual Property will be extended from innovator to alliance, community and third-party institutions, etc., and the institutional arrangement of Intellectual Property governance will also be extended from judicial regulation to a set of formal or informal institutional arrangement with cluster field characteristics. So where did these institutions come from? How did it evolve? Previous studies of institutional theory focused on the role of subject behavior on the formation and evolution of field, and recently began to pay attention to the role of collective behavior at the meso-level on field system. However, these studies and practical explorations are still relatively scattered, and further theoretical and structural discussions are needed.  To explore the form and evolution of Intellectual Property Governance pattern in cluster field, this paper chooses Tonglu Writing Instrument Cluster as the research object, conducts exploratory case study and draws three conclusions based on the institutional theory. First, In the industrial cluster, due to the high degree proximity among the peers, the defect site of the "property protection" leads to the weak innovation of the cluster enterprises; Second, Innovative enterprises redefine and strength the boundary of the institutional field through the "horizontal", "vertical" and other institutional entrepreneurship strategy, promoting the Evolution of Cluster Intellectual Property Governance Patterns; Third, Based on dynamic perspective, The formation, growth and development of The Cluster Intellectual Property Governance Pattern such as Law-based Appropriability Pattern, Norm-based Community Self-discipline Pattern and Multi-governance Pattern based on muti-institution do not always follow the same path, which will evolve by way of spontaneous or artificial.  This study attempts to make the following marginal contribution: First, based on the perspective of legitimacy, this research constructs the Intellectual Property Governance model in cluster field, which also provides a new theoretical perspective and explores the new means for Intellectual Property governance. Second, based on the evolutionary perspective, this research deeps the institutional entrepreneurship research, delineates the dynamic evolution of Intellectual Property Governance model, and put forward the new architecture of PFI logic. References | Related Articles | Metrics

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A research on the effect of equity and debt financing on technological innovation performance Zhang Ling 2020, 41(8): 95-104.  Abstract ( 525 )   Technological enterprises are faced with high risks of technology innovation. A good financing system can improve technological innovation performance by tolerating and bearing the risk of technological trial and error and commercial exploration. Equity financing and debt financing have different risk tolerance for technological innovation, which makes different supporting effects on high-risk technological innovation projects. From the perspective of risk tolerance, this paper reveals the influence path of equity and debt financing on technological innovation decision-making, and expands the research framework that financial institutions′ risk tolerance capacity and entrepreneur risk preference endogenously affect enterprise technological innovation. This article is not only of great significance for enriching the existing science and technology finance theory, but also of practical value for technology management departments to formulate science and technology financial policies to encourage innovation. The key of financial system to support innovation is the risk tolerance and risk-taking of financial intermediaries and financial markets for high-risk innovation projects. There has been controversy in academic circles about whether equity financing or debt financing can better support technological innovation. Scholars generally believe that debt financing has advantages for low-risk traditional industries, while equity financing has more advantages for high-risk technology industries. In fact, compared with debt financing, the equity financing allows companies to obtain long-term equity financing support directly from the capital market without collateral, and equity financing can better disperse the risk of technological innovation than debt financing. Therefore, the risk tolerance of equity financing to technological innovation risk is higher than that of debt financing, which can encourage entrepreneurs to carry out technological trial and business exploration. To sum up, equity financing with higher risk tolerance can enhance entrepreneurs′ risk preference more than debt financing, and endogenously encourage risk-averse entrepreneurs to become risk-biased entrepreneurs, thus improving the technological innovation performance of the whole society. Based on the transnational dynamic panel data of 52 countries or regions in the world′s major economies from 1996 to 2013, this paper empirically tests the impact of equity financing and debt financing on technological innovation performance by using system generalized method of moment and panel econometric model. The main conclusions of this paper are as follows: (1) equity financing has higher risk tolerance to technological innovation failure than debt financing, which can enhance entrepreneurs′ risk preference and encourage technological innovation; (2) there is a significant positive correlation between equity financing and technological innovation, and a significant negative correlation between debt financing and technological innovation; (3) mature stock markets in developed countries have greater risk tolerance than emerging stock markets in developing countries, and are more conducive to promoting technological innovation; (4) compared with debt financing, equity financing has a positive impact on the performance of technological innovation in both economic uptrend period and economic downtrend period. These findings have some important policy implications and suggestions for countries to improve their financing support system of innovation. First, enhance the risk tolerance of the stock market and bank intermediaries, and rely on the external financing system to tolerate and absorb the technological innovation risks of high-tech enterprises. Second, reduce the restrictions on equity financing of science and technology enterprises and encourage the development of multi-level capital markets. Third, improve the mechanism of risk compensation for technological innovation through government interest discount, loan guarantee and intellectual property pledge. Fourth, give full play to the role of the stock market and banks as financial stabilizers to maintain financial stability and enhance the ability of finance system to support technological innovation of enterprises. References | Related Articles | Metrics

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A research on the selection of dual routine governance based on disruption events Xiao Yao, Guo Jingjing, Li Quansheng 2020, 41(8): 105-113.  Abstract ( 161 )    To address fosters of organizational adaptation,innovation firms are encouraged to deploy exploration routine and exploitation routine. The dual routine effects of these mechanisms have been previously examined but not in specific context. This study examines the effects of exploration and exploitation routine on fosters organizational adaptation, incorporating the moderating influence of a ‘shift parameter’—disruption. Our study contributes to a better understanding of the disruption,exploration and exploitation routine,and its performance implications. We tested our hypotheses using questionnaire survey by 7 internet firms which 132 questionnaires from Alibaba, Baidu, Meituan, Dianping, Beibei, TP-link and Maxio. Choosing internet firms are appropriate for two reasons:first,as a most representing firm in China nowadays internet firms became high speed developing and high technology.Turnover and restructuring,technology change and extreme events happened in these firms frequently and so that they believe organizational adaption is a critical driver of firm success.Study on disruption events and learning should be appropriate in these sample.Second,exploitation and exploration learning has huge distinguish results in organizational adaption using internet firms because internet firms′ characteristic.Thus,we believe choosing internet firms are appropriate for our study.In addition,in our setting, the questionnaire survey consist of two phases: First of all,we invited 10 internet firm engineers for interview, questioned about organization learning status when disruption events happened such as turnover,restructuring,technology change and extreme events. Furthermore,snowballing 10 internet engineers from Alibaba, Baidu, Meituan, Dianping, Beibei, TP-link and Maxio (which Alibaba, Baidu, Dianping and Beibei are software internet firms and others are hardware internet firms ) to send 200 questionnaires to them, 157 questionnaires recovered and 132 valid. The questionnaire recovery rate is 66%. Our results show that, as predicted,the disruption events dimension moderate the relationship between exploration routine and exploitation routine in their complementary effect on organizational adaptation.This finding is consistent with the routine race and dynamic disruption arguments proposed by Edward and Madsen&Desai and more developments in that domain.However,the more importance,we find that compared with exploration routine,the positive influence of exploitation routine on organizational adaptation is stronger in first-phase disruption events not supported.Exploration and exploitation both have significant and positive effect to organization adaptation in first-phase disruption,but our empirical research results shows exploration routine on organization adaptation is stronger in inside disruption.This yields two reasons for this results.First,exploitation routine benefits organization adaptation not only needs tacit knowledge, but also depends on organization strong tie.First-phase disruption including restructuring,employee turnover and task change render organization adaptation needs more heterogenicity explicit knowledge and weak tie.Second,exploration routine render organization  have more long-term recover ability which is more benefits for organization adaptation in inside disruption.Another hypothesis is supported which compared with exploitation routine,the positive influence of exploration routine on organizational adaptation is stronger in second-phase disruption events.Surprisingly,prior literature always highlight exploitation and exploration both benefits for organization,our empirical research results shows under the outside disruption condition,exploitation routine has significant and negative effects on organization adaptation.This results suggestive of the possibility that the different routine method influences the organization adaptation distinct way. First,this paper suggests important roles for disruption actors in setting the exploration and exploitation on organization adaptation.We found first-phase disruption and outside disruption not harm but benefits for organization adaptation.Our research is among the first to conceptualize,operationalize,and measure disruption events and examine its effect on organizational adaptation. We depart the disruption events for two parts:first-phase disruption including restructuring,employee turnover and task change which happened inside organization environment,as a comparison, outside disruption including market structure change,technology change and extreme events which happened outside organization environment, we highlight exploration and exploitation routine effect organizational adaptation dissimilarity under the inside or outside disruption.Such disparate influence is an important part of dual routine and organization government,and perhaps even undervalued,in the literature. Second,our research provides a new perspective to understand the different way to gain the organizational adaptation.In particular,this paper′s perspective suggests that through exploration routine and exploitation routine,organization members can survive from turnover,restructuring,technology and task change,extreme events depends on exploration which including weak tie between individual and explicit knowledge acquirement,or exploitation which including strong tie and tacit knowledge acquirement to gain organisational adaptation. Furthermore,our perspective implies that effectiveness of choosing different way gain better adaptation to firm environment under the dissimilarity disruption events,it may be promising to investigate how a firm′s routine under the disruption events and choose different way to gain a better performance.In essence,our results suggest important interactions between dual routine method and organizational adaptation under the inside and second-phase disruption events. Finally,our research also implications for the burgeoning stream on dual routine. Prior literature always suggested that exploration and exploitation benefits for organization performance,the distinct between exploration routine and exploitation routine highlights the long-term and short-term performance and different tie and knowledge individual gain from the routine.However,our research argued that under different circumstance exploration routine and exploitation routine may negative for organizational adaptation.For example,strong tie and tacit knowledge will be useless or obsolete when technology or task change.On the other hand,organization member turnover not only hurts organization performance but also disrupts existing knowledge and routine for interacting and accomplishing tasks.Thus,our study provides a new sights to understanding exploration and exploitation for organizational adaptation. This paper′s findings also contribute to the research and practice of organizational governance. Our study′s framework suggests that routine method show dissimilarity effect on organizational adaptation. Indeed, we find exploration routine and exploitation routine improve rates,differences and associated with first-phase disruption and outside disruption.Speculatively, firm adaptational developing process could potentially raise by different routine method under the disparate circumstances. In particular,this paper′s results highlight which routine method could be better when turnover and restructuring,technology and task change or extreme events happened. It suggests firm how to get organizational adaptation or performance through choosing routine method when disruption events occurred. References | Related Articles | Metrics

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Influence of cross-domain technology convergence on firms′ new product development performance Wang Yuan, Zeng Deming, Wen Jinyan 2020, 41(8): 114-122.  Abstract ( 229 )    Since the 21st Century, multi-point breakthroughs and cross-integration of information, biology, new energy, new materials have laid the foundation for a new round of industrial revolution. Technological convergence has become an important symbol of the rapid rise of new industries and new business forms, and has an important impact on the development of new technologies and new products that cannot be ignored. For example, the deep fusion of biotechnology and nanotechnology has created a new bio-nanotechnology that opens up research and market space for a variety of disruptive new drugs (e.g. monoclonal antibody drug zevalin and targeted drug delivery technology Doxil for cancer treatment). The combination of pharmaceutical technology and food manufacturing technology has created a functional food industry, and the combination of pharmaceutical technology and cosmetic manufacturing technology has created a cosmeceuticals industry. However, technology convergence may also lead to some new socioeconomic problems. Such as the integration of intelligent robotics and traditional manufacturing greatly improves production efficiency, but also replacing the traditional labor-intensive production technology. "Internet finance" has created a new financial service model with great market potential, but it has also led to the squeeze on the traditional financial industry. The mode of technological innovation has gradually changed from the traditional mode of scientific breakthrough to the mode of technological fusion. Therefore, scientific and objective analysis of cross-field technology convergence is of great research significance and scientific value in guiding major disruptive technological innovation and new product development. Technology convergence refers to the phenomenon that the originally independent technologies cross their boundaries penetrate each other to give birth to new technologies. As the core power of industrial transformation, technology convergence is considered as the important factor to promote formation of emerging industries and development of new products. In recent years, technology convergence has been widely concerned by scholars, although some scholars have put forward the theoretical concept of complementarity and substitution, because of the inherent fuzziness and complexity of the fusion phenomenon, the measurement and analysis of technology fusion are difficult. The quantitative investigation of its impact on new product development performance is seldom studied. Therefore, how to use scientific methods and objective data to compare and analyze the internal characteristics of complementarity and substitution technologies convergence and the impact mechanism on the performance of enterprise new product development needs to be solved urgently. Based on the panel data about new products, patents and enterprise characteristics of 343 new energy automobile enterprises in China from 2005 to 2017, this paper measures complementarity and substitution technology convergence by coupling structure and substitution relation of patents′ IPC, and empirically analyzes the relationship between cross-domain technology convergence and new product development performance of corporations, by applying fixed- effect negative binomial regression model. The results show that: (1) There is a positive relationship between the substitution technology convergence and the performance of new product development of firms. This is because when enterprises integrate alternative technologies, the relevance between technologies can help enterprises endow original technologies with new additional functions and stronger competitiveness in a relatively short time, thus accelerating the optimization of product system performance. At the same time, the compatibility between similar technical elements can effectively improve the reliability and market acceptance of new products, which is conducive to the improvement of new product development performance. (2) While the relationship between complementary technology convergence and new product development performance of firms presents a U-shaped one. This is because in the early stages of R&D, enterprises can greatly promote the emergence of new technologies and develop more new products by introducing advanced technologies in other fields that are highly complementary with their own technologies. However, in the later stage of commercialization, the demand information in different fields may be distributed in different enterprises, the realization of complementary technical knowledge integration and product optimization by enterprises will generate more and more time-consuming coordination costs and conversion costs, which is not conducive to the further increase of new product development performance. Some scholars believe that the emergence of different types of technologies in the same patent reflects the correlation of technologies, which reveals the fusion of technologies between different industries. Based on the characteristics of technology combination relationship, this paper divides technology convergence into two types: complementary technology convergence and substitution technology convergence and empirically analyzes the influence of these two different technology convergence methods on the performance of new product development of enterprises. Therefore, on the one hand, the innovation of the measurement method of the convergence of complementary and substitution technologies is realized in theory, which provides a quantitative prediction tool for the technological evolution of enterprises. On the other hand, it provides new ideas for enterprises to effectively carry out cross-field technology integration strategy, improve the performance of new product development and accelerate the pace of industrial transformation and upgrading.  However, due to the difficulties in data collection, this paper also has some limitations. (1) Patent data is an important way to identify the phenomenon of technologies intersection and the technological evolution. In this paper, only the patent′ IPC analysis method is used, and the subsequent research can incorporate the patent citation analysis method and the patent′ IPC analysis method into the technology convergence analysis framework, and provide a more accurate predictive tool for the comprehensive investigation of the cross-domain technology convergence and its dynamic evolution. (2) In this paper, a single sample data of the new energy vehicle industry is used to analyze the research. In this paper, a single sample data of the new energy vehicle industry is used to analyze the research problems. The subsequent research can be upgraded to the industrial level, and a comparative analysis is carried out in combination with a number of different industries, so as to provide more general suggestions for enterprises to construct a reasonable technological development path.  References | Related Articles | Metrics

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Urban green innovation level and decomposition of its determinants in China Wang Bo, Zhang Yongzhong, Chen Lingshan, Yao Xing 2020, 41(8): 123-134.  Abstract ( 335 )   As China′s economy enters the new normal, the traditional development momentum advantage is no longer available. "Green innovation", as the integration point of "innovation driven" and "green development", has become an effective means to break through the constraints of environment and resources and promote sustainable development. Clarifying the driving factors of urban green innovation and identifying the contribution of different factors play an important role in urban sustainable development. This paper uses the 2005-2016 Chinese patent full-text database to identify the number of green patents at the prefecture-level city level, and uses regression method to identify the main determinants and their contribution to the differences in regional green innovation levels.  This paper finds that: (1) From the perspective of the development level of Green Innovation: the level of green innovation in China shows the obvious characteristics of unbalanced development among regions. The overall development of the eastern region is relatively rapid, while that of the central and western regions is relatively slow. The green innovation output of different cities shows polarization. The smallest city has no green innovation output, while the largest number has reached 11070 green invention patent applications. (2) From the perspective of driving factors: there are differences in the factors that affect green innovation output in different regions. The marginal influence of innovation input factors on green innovation output in the eastern region is more obvious, while the green innovation output in the central region is jointly affected by economic development indicators, innovation input factors and government behavior, while the green innovation output in the western region shows the characteristics of government behavior leading, and the proportion of the second and third industries has significant positive effect on the green innovation in the western region. (3) From the perspective of contribution decomposition, different factors have different contributions to green innovation in different regions. Among them, the level of economic development is the main factor that affects the inequality of innovation and development among regions. As a direct factor that affects innovation output, innovation input plays a decisive role in the impact of green innovation. At the same time, the government′s behavior has obvious regional characteristics, and its contribution to the central region is more obvious.  According to the analysis results of this article, the policy recommendations are as follows: (1) Strengthen cross-regional green innovation exchange and cooperation. On the one hand, while further developing green innovation in the eastern region, it should increase the radiation effect on other regions, and use its own advantages to promote green and innovative development in the central and western regions. On the other hand, the central and western regions should increase green innovation. Innovative investment, make full use of abundant resources and technological advancement advantages, learn from each other′s strengths, and strive to narrow the gap with the eastern region. (2) Formulate a factor-driven policy that integrates with the actual situation of the city to improve the level of urban green innovation. For the eastern region, in order to stimulate the further development of green innovation, science and technology R&D investment and talent introduction should be strengthened; for the central region, while increasing scientific research personnel and capital investment, it should further deepen fiscal decentralization and strengthen regional economic development; To promote the further increase of green innovation output in the western region, we should vigorously strengthen the development of the secondary and tertiary industries in the western region, and at the same time expand the new space for economic development, focusing on the economy to promote the coordinated development of green innovation. (3) Establish and improve a guarantee system for coordinated development of green innovation among regions. The local governments in the central and western regions should continue to strengthen their support for local green innovation development, and use the guiding role of regional policies to promote higher-quality development of green innovation; while the eastern region should follow the development characteristics of a market economy and release it by improving market-oriented institutional mechanisms. Green innovation vitality promotes high-level development of green innovation. References | Related Articles | Metrics

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Innovation additionality effect and action mechanism of high-tech enterprises′ identification policy 2020, 41(8): 135-141.  Abstract ( 189 )   With the sustained growth of high-tech industries, high-tech identification policy has become a focus of innovation policy studies. This paper has introduced two emerging concepts, additionality and signal effect, to better understand and evaluate the effect of high-tech identification policy. Originated in Europe, additionality was used to responding to the suspicion of government R&D funding legitimacy at first. Now, the central issue on additionality analysis framework is to determine whether government R&D funding has resulted in new innovative activities in the private sector, and to what extent. It is generally believed that additionality could be divided into input additionality, output additionality and behavioral additionality, this study has investigated input additionality and output additionality are used in. Signal effect means that the government gives high-tech identification to some firms, which conveys quality information of the firms to potential investors in the market. The asymmetry of market information potential investors need the government to act as an intermediary role and send signal to the market. So, in this paper, we study whether signal effect changes the effect of the high-tech identification policy on firm innovation additionality. In this study, we address sample selection bias by applying the propensity score matching approach. We solve the following key issues. First, does the incentives of high-tech identification policy influence firm innovation additionality? Second, how does the signal effect change the effect of the high-tech identification policy on firms′ additionality? Third, how does the ownership intensity change the effect?  The study applies the empirical research paradigm based on the innovation data of the new three board stock companies of Hubei Province in 2015, 2016 and 2017, after controlling for sample selection bias, the results show that: (1)On the whole, output additionality is positively related to high-tech identification policy, but such effects are not obvious in input additionality; Compared with substantive innovation, high-tech identification policy′s output additionality is more obvious in strategic innovation.  (2)Heterogeneity exists in the regulatory effect of signal effect. Financial support system has a negative regulatory effect on the positive correlation between the input additionality and high-tech identification policy. Financial support system has a negative regulatory effect on the positive correlation between output additionality and high-tech identification policy. Equity circulation has a positive regulatory effect on the positive correlation between the output additionality and high-tech identification policy, while the effect for input additionality is negligible. (3)Ownership concentration has a negative regulatory effect on positive correlation between the output additionality and high-tech identification policy, while the effect for input additionality is negligible.  References | Related Articles | Metrics

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Agglomeration externality, innovation and corporate profitability of the low-medium technology industry Yang Chao, Huang Qunhui, He Jun 2020, 41(8): 142-147.  Abstract ( 163 )   Low-medium technology (LMT) industry, as a key role of China′s manufacturing, has different technological paradigm and development path from high technology industry. The innovation activities of LMT industry mainly focus on non-research and development (R&D), such as improving manufacturing technique and product quality, optimizing production process and supplying new products. However, most researches have employed the indicators that reflected the innovation level of high technology industry (e.g., R&D intensity) to measure the innovation activities of LMT industry. Thus, the innovation activities of LMT industries may be underestimated or even ignored. Based on the data of wood-processing enterprises (i.e., plywood, chipboard, fiberboard and wood floor enterprises), this study introduces innovation as an intermediary variable to accurately explore the impact of LMT enterprises′ innovation activities on business performance. The wood-processing industry has been in the mature stage of industry life cycle and has more dependence on non-R&D activities: improving the stability of the on-sale products, launching new products, etc. When the innovation activities are converted into new products, the maximum economic benefits can be obtained. Therefore, we use the proportion of delivery value of new products in the total delivery value to measure the innovation level of wood-processing enterprises. In this way, the bias estimation caused by the improper indicator of innovation can be avoid. The independent and dependent variables of this study are agglomeration externalities and enterprise profitability, respectively, because China′s wood-processing enterprises are almost agglomerated in geographic distribution and agglomeration externalities exert a positive effect on enterprise profitability. The agglomeration externalities include MAR externalities, Porter externalities and Jacobs externalities, while the enterprise profitability is reflected by the proportion of net profit in the total assets of wood-processing enterprises. 〖JP3〗In this study, we make two hypotheses: one is that the agglomeration of the wood-processing enterprises has externalities and stimulates their innovative activities (H1). The other is that the innovation activities of wood-processing enterprises help to improve the profitability (H2). The regression analysis is conducted for 15 times (including 3 full sample regressions and 12 industry-level regression) to test the hypotheses. The results show that there are linear relationship between agglomeration externalities and innovation in the 13 regression analysis, which illustrated the correctness of the hypothesis one. While the hypothesis two is not supported by our study with 5 regression results revealing a mediating effect (including 2 perfect mediating effect and 3 partial mediating effect). The differences of the empirical results mainly from the functional heterogeneity of intermediate products and final products. Specifically, the manufacturers of wood floor survive in the monopolistic competition market, because wood floor, as a final product, can be directly accessed by consumers. The manufacturers of wood floor need to pay closely attention to consumer preferences so that they can make corresponding adjustments in the product properties and parameter. With the differentiation strategy, the monopoly power is capable to be consolidated. While the manufacturers of wood-based panel compete in the perfect competition market, because wood-based panel is the category of the intermediate products. The manufacturers produce as the standardized specifications, thus there is no significant differences in wood-based panel. In final, the manufacturing enterprise more relies on cost advantage to compete, resulting in the less enthusiasm for innovation.  In summary, the influence of innovation on enterprise profitability is affected by the positions in the value chain. Only the innovation activities of final product manufacturers can significantly enhance enterprise profitability, while for intermediate product manufacturers, innovation exerts little impacts on its profitability. References | Related Articles | Metrics

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Firm nature, executive characteristics and investment efficiency Yan Weichen，Xiao Xing，Wang Yiqian 2020, 41(8): 148-159.  Abstract ( 231 )    In recent years, the Chinese government has been actively improving the investment system of state-owned enterprises (SOEs). In 2004, the state council issued the decision of the investment system reform to encourage the state-owned enterprises to move towards market-oriented investment. In fact, SOEs are under the control of the government. And the government can not only directly hold the shares of listed SOEs, but also indirectly control the listed SOEs through complex control chains. The investment decisions of the two types of SOEs are also influenced by different government controls to some extent.  In addition, due to the absence of SOE owners in China, the executives, who hold the important investment decision-making rights of firms, play a crucial role in the investment efficiency of firms. On the one hand, executives may conduct rent-seeking and invest free cash flow in non-profit projects in order to seek personal gains (e.g., political promotion, etc.) which results in an inefficient investment expansion. On the other hand, executives′ personal professional experience and background can also be reflected in investment decisions. Thus, they also make rational investment decisions based on their professional and technical background. Domestic and foreign scholars make a series of research on investment efficiency based the agency theory and asymmetric information theory, and research scopes from the enterprise external government intervention, legal governance environment, the relationship between the corporate banking to the internal corporate governance, equity incentive, executive personal characteristics. However, as two important aspects that affect the investment efficiency, the nature of state-owned enterprises and characteristics of senior executives, which is the decisive factor of SOE′s investment efficiency? That is to say, the nature of state-owned enterprises or the characteristics of senior executives plays the dominant role in investment efficiency of SOEs. So far, we do not know this answer. In order to answer the above question, this paper uses the sample of executive turnover data from 2003 to 2013 of SOEs and empirically tests the influence of the type change of state-owned enterprises and the type change of senior management on the investment efficiency of enterprises. The empirical results show that if the state-owned enterprises change the nature from market-oriented (state-owned enterprises holding) to administrative-oriented (government holding), or the executives change the characteristic from non-administrative background to administrative background, the investment efficiency of enterprises will be decreased. If the executives change the characteristic from non-professional background to professional background, the investment efficiency of the enterprise will be increased. Taking the differentiation of enterprise types into consideration, it is found that in administrative-oriented SOEs, changes the executives′ administrative background having a deeper impact on investment efficiency, while in market-oriented SOEs, changes the executives′ professional background having a deeper impact on investment efficiency. In addition, compared with the characteristics of executives, the nature of SOEs has a more dominant impact on investment efficiency. Overall, our results can help us to further deepen the reform of the SOEs and provide useful guidance of SOEs management personnel selection. We suggest that the relation between the nature of state-owned enterprises, characteristics of senior executives and SOE′s investment efficiency for the following reasons. First, if the state-owned enterprises change the nature from market-oriented to administrative-oriented, why does the investment efficiency of enterprises decrease? Compared to administrative SOEs, market-oriented SOEs whose direct controlling shareholder are SOEs, are much less administrative. And they are given the rights, such as autonomy right and the right to control retained earnings, etc. by the government. So their behavior is relatively market-oriented and their executives are more motivated. Moreover, the performance of market-oriented SOEs directly affect parent company′s performance, at the same time, parent company has the incentive to supervise its market-oriented SOEs, which lead to more efficient investment. Therefore, when faced with investment decisions, administrative SOEs may gravitate towards non-economic government targets under the influence of government policy, while market-oriented SOEs are separated from some of their non-economic objectives and face market competition more directly. Second, if the executives change their characteristic from non-administrative background to administrative background, why does the investment efficiency of enterprises decrease? The investment decisions faced by the executives of state-owned enterprises in China are guided by the government policies and even subject to the government′s governance objectives. Moreover, the non-economic objectives of state-owned enterprises also determine that in addition to normal production and operation activities, SOEs should undertake non-economic objectives such as employment and taxation. Administrative executives, who are influenced by the environment, are more likely to complete these goals through non-efficiency investments. In addition, under the influence of decentralization competition, local government officials get promoted by stimulating GDP growth. So there is an opportunistic tendency of excessive investment, which may transfer the motivation to the state-owned enterprise executives under local government officials′ control. Third, if the executives change their characteristic from administrative background to non-administrative background, why does the investment efficiency of enterprises increase? Scholars have also conducted a series of studies on the impact of senior executives′ professional background characteristics on investment, among which, based on the "financial skills perspective", scholars have showed the impact of senior executives′ professional background characteristics on investment. Custódio et al. state that executives with finance backgrounds can respond more flexibly to professional decisions. Because they have more financial theory knowledge during their careers and long-term practice, which makes them better able to understand and apply this knowledge. Scholars Graham et al., MAO Xinshu and others also believe that executives with professional backgrounds can have a deeper understanding of the financial status of enterprises and financial policies. According to Fortune 500 enterprises, Jensen et al. find that executives with financial and technical background can bring more diversified investment methods to enterprises and improve the investment efficiency. Graham et al. show that executives with MBA degree are more familiar with investment models and can apply them skillfully, which in turn leads to more rational investment decisions. Therefore, SOEs should select appropriate executives according to their own development needs and government arrangements. Executives with administrative backgrounds can be selected to implement government policies and arrangements, while executives with professional backgrounds can be selected to improve their operating conditions and enhance their investment efficiency. The research contribution of this paper may be mainly reflected in the following three aspects: First, this paper first empirically analyzes which of the two influencing factors, the nature of state-owned enterprises and the characteristics of senior executives, has the dominant influence on SOEs′ investment efficiency, and the research conclusion provides the direction for state-owned enterprises to improve investment efficiency in a more targeted way in the near future. Second, firms and executives in the literature on the influence of investment efficiency is often based on static perspective, and with the help of the SOEs′ executives turnover background, this paper adopted the Change Model and difference-in-difference (DID) Model, empirically studying the effect of firm nature and executive characteristics on SOE investment efficiency from a dynamic perspective. The empirical results, to a certain extent, control the effect of endogenous, and they provide new evidence of understanding the nature of the state-owned enterprises and executive characteristics of enterprise economic consequences. Third, the SOEs′ executives take double roles of "economic people" and "political people". Previous research will always mix together two kinds of identities to analyze the impact on the investment efficiency. But, in this paper, it divides the double roles, that is the administrative-background executive reflects the identity of "political person", and professional-background executive reflects the identity of "economic person". Empirical results are more in line with the actual situation and it contributes to the evaluation of previous related literatures. References | Related Articles | Metrics

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Corporate social innovation process from the perspective of stakeholder network—A case study Sheng Ya, Jiang Xuhong 2020, 41(8): 160-170.  Abstract ( 207 )   In recent years, aging of population, environmental pollution and other social problems have become increasingly prominent. As an effective means to solve such problems, social innovation has attracted extensive attention and gradually evolved into a worldwide phenomenon. As one of the three main bodies of social innovation (government, society and enterprise), enterprises are attracting more and more. However, the relationship between corporate social innovation and the rights of stakeholders has been neglected by researchers. It also makes the actual work difficult. In fact, many stakeholders are involved in the process of social innovation, their rights demands, relationship of rights and the network they constitute have an important impact on the process of social innovation, and the internal mechanism is worth exploring.  This paper first clarifies the concept of stakeholder network based on the relationship of rights and dividing the corporate social innovation process into four stages(creative generation, creative evaluation, design & development,  implementation), and then constructs a theoretical model of the process of enterprise social innovation in the perspective of stakeholder network, and uses the social network calculation method to make a detailed case study on the different stages of the social innovation process of the garbage collection in Zhejiang Jiu Cang Company.  (1)Creative generation stage. The relationship of rights between senior executives and government is strong, followed by the relationship of rights between partners and the community, and the relationship of rights between shareholders and other stakeholders is the weakest. In this stage, the overall relationship of rights among stakeholders is not very strong, and the difference of relationship of rights among stakeholders is large. Senior executives have the highest degree of centrality in the overall network, and senior executives have the same degree of intermediation centrality as the government, and has the highest degree of intermediation centrality among stakeholders, it indicating that they have strong control ability over other stakeholders. The proximity to center between senior executives and the government is the same, which is the lowest in the network, it indicating that they have a strong right to obtain resources and information in this stage. The degree of centrality of shareholders in this stage is lower, and the corresponding degree of rights is lower also. (2)Creative evaluation stage. Shareholders, executives, governments and employees have more relationship of rights with other stakeholders respectively, while communities, partners, suppliers and customers have less relationship of rights with other stakeholders respectively. In this stage, the overall relationship of rights among stakeholders in the network is closer than that in the creative generation stage, and the difference of relationship of rights among stakeholders is reduced. Shareholders have the highest degree of degree center in the overall network, followed by senior executives and governments. The degree of intermediary center of shareholders, executives, government and employees is higher in the overall network, which indicates that they have strong control ability in the network. (3)Design and development stage. Shareholders, executives and customers have more relationship of rights with other stakeholders respectively, followed by employees, governments, partners and suppliers, and the community has the least relationship of rights. The main stakeholders did not change compared with the creative evaluation stage, but has more relationship of rights. Shareholders still have the highest degree of centrality in the overall network, followed by executives, employees, customers et al. The intermediary center degree of shareholders, executives and employees is higher in the whole network, which indicates that they have strong control ability. (4)Implementation stage. Senior executives have more relationship of rights with other stakeholders, and less relationship of rights with employees, customers, communities and governments. The overall relationship of rights among stakeholders decreases slightly, and the difference of relationship of power reaches the maximum value in the social innovation process. Senior executives have the highest degree centrality, great rights, and the highest intermediary centrality.  The conclusion is that (1) The process of social innovation is an action that cooperative and open, rather than closed and isolated, the operation subjects of social innovation coexist in multiple ways, only with the diverse participation and cooperative innovation of the whole society could improve the practice and prospects of social innovation fundamentally; (2) In the process of enterprise social innovation, stakeholders have different rights demand, and the network density, degree of node and centrality of the rights relationship also evolves in different stages. Executives, government and community are the main stakeholders, and shareholders, employees, clients, collaborators and suppliers are also indispensable stakeholders. They play different roles in the four stages of social innovation due to different rights relations; (3) Pay attention to coordination the relationship of rights among stakeholders in the corporate social process, the basic means is adjust the relationship between interests and power, in order to achieve the symmetry and balance between them, provide sufficient impetus for corporate social innovation. References | Related Articles | Metrics

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A research on the legalization mechanism of internet entrepreneurial enterprises driven by opportunity window Zhang Qiang, Sun Ning, Zhang Lu, Wang Jianguo, Hao Xiaoyan 2020, 41(8): 171-180.  Abstract ( 133 )    Countries in transition are going through a profound process of institutional reform, with imperfect systems and lack of stability. As a result, Internet enterprises are faced with institutional situations featuring lack of regulation, institutional flexibility and the game between political and business in the development process. In this context, rapid market reform and lack of system have generated a large number of opportunity Windows, which have provided new ideas for Internet start-ups to be Legitimacy. Relying on the opportunity window brought by active emerging markets, Alipay has gradually established its legal status through diversified legalization strategies and become the leading enterprise in the third-party payment industry. Didi broke through the legal barriers of the traditional taxi industry to achieve rapid development; Tencent Finance has become a leader in the mobile payment market by gaining cognitive legitimacy through social platforms. Therefore, in-depth exploration of the legitimacy acquisition logic of Internet start-ups under the local system and market context has become a hot issue in current entrepreneurial research. Windows of opportunity refer to "the length of time for the development space of the market to exist", during which enterprises can enter new markets and realize profits and returns on investment. The opportunity window is created by the combination of one or more factors, such as technology paradigm shift, business cycle turnover or government policy regulation , which can be further divided into four dimensions: technology window, demand window, stakeholder window and policy window. It can be found that the opportunity window covers multi-level situational factors of demand, market and system, which provides an important theoretical basis for explaining the legalization of entrepreneurial enterprises under institutional flexibility. Organizational legitimacy refers to the consistency between the social values related to or represented by organizational activities and the accepted code of conduct of the social system , Weber was introduced from the field of political science to the field of sociology for the first time to discuss social order and norms, early research focused on governance legitimacy and political legitimacy, etc., Later, influenced by the theories of strategy, resource, innovation and entrepreneurship, the research scope has been extended to enterprises, non-profit organizations and other fields, the research content continually get rich and perfect. Legalization research based on the background of western mature market economy generally has two kinds of views: institutional view and strategic view. Scholars of the system view represented by Dimaggio focus on internal guidance, emphasizing the internalization of social regulation, norms and cognition, and believe that legitimacy, as an internal need of an enterprise, can be obtained through organizational isomorphism or organizational convergence. Scholars of strategic view represented by Elsbach lay emphasis on external guidance, emphasize the initiative role of enterprises, and believe that enterprises can build legitimacy by compliance, selection, manipulation, creation and other legalization strategies in response to institutional environment. Based on the interpretation of the local institutional context, it is believed that informal relationships such as strategic alliances, entrepreneurs′ social skills and relationship networks(especially political relations) are important driving factors for new enterprises to break the legal constraint. On the other hand, taking the legitimacy acquisition process in the internationalization of emerging economies as the research object, it points out that organizational resource liquidity is the micro basis for enterprises to choose legalization strategy, and further explains that complementary resources in transnational strategic alliances can help enterprises construct organizational legitimacy to cope with the "dual" institutional situation. It can be found that the existing research in the process of legitimacy for emphasizes the system factors, mapping to the domestic research is focus on strategic alliance and the important role of organizational resources, this article has provided the beneficial reference and revelation, but still there are a few points can continue to deepen the single institutional factors: (1) Flexible situation cannot fully explain the system or the system of Internet start-ups legalization of strategic actions, the chance factors need to consider the market situation, from the Angle of the window of opportunity to build a more complete analysis framework. (2) Existing studies focus on the relationship between organizational resources and legitimacy, ignoring the important role of different types of dynamic capabilities in the acquisition mechanism of organizational legitimacy, and cultivating and constantly improving the dynamic capability system is an important factor for entrepreneurial enterprises to break resource constraints and build competitive advantages. (3) The existing research focuses on the static point of view, the lack of analytical from the perspective of dynamic evolution mechanism of legitimacy for Internet start-ups, it studies have shown that legitimacy is not "once and for all" and "overnight" , so you need to complement ability elements, from the perspective of dynamic evolution update and upgrade the enterprise resource and ability, in order to better resolve the complex environment of the Internet start-ups to build strategic actions in the process of legal status. Based on the above practical and theoretical background, this paper uses case study method to construct a theoretical framework of opportunity window, dynamic capability and legalization strategy evolution from the perspective of dynamic evolution, aiming to solve the following problems: What roles do opportunity window and dynamic capability play in the legitimacy acquisition of Internet start-ups? Study found that: (1) Organizational legitimacy construction path including "trigger-response-action" three links: the window of opportunity to trigger the enterprise dynamic ability to complete the strategic use of cognitive level focus, dynamic capacity and adaptive behavior level select legal strategy in response to the opportunity window, finally legalized by strategic guidance enterprise strategic action to achieve legitimacy. (2) The process of organization legalization is accompanied by constant transition from low-order dynamic capability combination to middle-order dynamic capability combination and then to higher-order dynamic capability combination. At the same time, the enterprise strategic action also presents the behavior characteristic from passive to active. The research results have made theoretical contributions to the research on the legitimacy of start-ups in the local context, and have enlightening significance for Internet start-ups to break through the legitimacy constraints of emerging industries. References | Related Articles | Metrics

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An empirical study of the measurement model for the emergence fitness of enterprise organizational capability system Ke Xing, Zhang Linling, Peng Jingli 2020, 41(8): 181-192.  Abstract ( 216 )   Organizational capabilities are the foundation of sustained competitive advantage for enterprises, industries, regions, and a country. This paper studies the formation and evolution of organizational capabilities at the enterprise level according to the system emergence principle, which has important practical significance and academic value. This paper proposes a conceptual model of emergence process of enterprise organizational capability system, and intends to borrow information entropy to measure the emergence fitness of the system. Besides, This paper builds a measurement model and index system for the emergence fitness of enterprise organizational capability system by using the concept and models of information entropy. In addition, the authors select Kunming Yunnei Power Co., Ltd. as a case, and determine 22 indicators according to the specific situation of Yunnei Power as well as obtain the relevant data and information from 2008 to 2012 by means of use of the methods as interview, questionnaire, and text analysis. And, the authors complete an empirical study about Kunming Yunnei Power Co., Ltd. by using Matlab7.0 Toolbox. The research findings are as follows:  Firstly, we construct the conceptual model of the emergence of enterprise organizational capability system based on the systems theory, and  for the first time propose the new concept, that is, enterprise organizational capability system is a complex adaptive system with multiple Agents based on organizational processes and organizational routines. Organizational capabilities emerge in the system, when the organizational processes within, and between pioneer enterprises, follower enterprises, and complementary innovative companies in the system operate in accordance with organizational routines and become integrated. In times of digitalization, enterprise organizational capability is a competence to design, monitor, restructure, and optimize organizational processes within and between the pioneer enterprises, follower enterprises, and complementary innovative companies which is suitable for the digital transformation, digital business model innovation,  construction of innovation ecosystems and support of orderly operation of business processes. It is embodied as the management capability to continuously improve the efficiency and  effect of the orderly operation of the organizational processes of the system according to the organizational routines of the pioneer enterprises, follower enterprises and complementary innovative companies in the system.  Secondly, we build the measurement model and index system of the emergence fitness of  enterprise organizational capability system with general applicability by using the concept and measure method of information entropy. According to the concept of information entropy, we propose that the entropy in the enterprise organizational capability system can be divided into positive entropy and negative entropy. We also propose that the positive entropy in the enterprise organizational capability system includes the entropy of organizational process and the entropy of organizational routine, and the negative entropy includes the direct environmental entropy and the indirect environmental entropy, which provides an analytical approach for measuring the emergence fitness of the enterprise organizational capability system by applying the information entropy. In addition, we propose that the entropy change process of enterprise organizational capability system can be divided into two parts. The first part is the "entropy flow" of the system, which refers to the entropy changes generated when the system Agents, including pioneering enterprises, following enterprises and complementary innovative companies, exchange materials, energy and information with the external environment. The second part is the "entropy generation" of the system, which refers to the entropy change caused by the distribution and operation of the organizational processes within and between the pioneering enterprises, following enterprises and complementary innovative companies in the system, and the evolution of the organizational routines followed by the distribution and operation of these organizational processes, as well as the interaction between these organizational processes and organizational routines. The entropy flow reflects the adaptability of the system to the external environment, the entropy generation reflects the coordination degree of the organization processes and the organization practices in the system, and the total entropy change represents the integral emergence of the enterprise organizational capability system. Thirdly, we conduct the empirical study based on the case study of Kunming Yunnei Power Co.,Ltd. The case study shows that the empirical analysis results of the measurement model for the emergence fitness of corporate organizational capability system are basically consistent with the trend of corporate organizational capability strength from 2008 to 2012, and reflect the abundant emergent phenomena and formation mechanism of the strong emergence of corporate organizational capability system. Through the case study, it is preliminarily determined that the measurement model and index system of the emergence fitness of  enterprise organizational capability system based on information entropy have general applicability and operability. Also, the rationality of the conceptual model of the emergence process of enterprise organizational capability system is preliminarily verified. Based on the two dimensions of both  organizational process and organizational routine, the structural effect, organizational effect and integral emergence of enterprise organizational capability system, as well as the generation mechanism of system organizational capability cab be understood, which is in line with the basic principle of systems theory and has rationality.  Finally, this paper proves that enterprise organizational capability system is a complex adaptive system with multiple Agents based on organizational processes and organizational routines from two aspects of both theoretical model construction and case study. And, the introduction of Shannon information entropy to study the emergence fitness of enterprise organizational capability system is of general applicability, which further proves that the entropy theory can be introduced into the management research field to search for "management entropy". References | Related Articles | Metrics

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The impact of user empowerment and service innovation on App performance Su Wan, Li Yangchun, Wang Tiandong, Hao Sensen 2020, 41(8): 193-201.  Abstract ( 257 )    Mobile applications (apps) are a pivotal channel for companies to create value in the era of the mobile internet.  Although the app market entails enormous business value, there are many low performance phenomena in app businesses: internet new ventures perish too early, transaction conversion rates are considerably low, and the app uninstall rates are too high. Researching issues related to app performance can contribute to seeking out the key factors affecting app revenue performance and pointing out the impact mechanism of key influential factors on the performance, which can help firms find new approaches to enhance app performance.  According to the Service-Dominant logic, this article identifies two important strategies that may have an effect on app performance: user empowerment and service innovation, and discusses the impact mechanisms of these two strategies on APP revenue performance. Based on the Service-Dominant logic, what internet platforms offer is service in essence. Internet does not produce tangible products per se. It is based on network communication protocols and uses digital information to serve users. With the wide application of Web2.0 technology in the internet world, the content editability and user participation in internet platforms have been greatly improved in most circumstances; these features enable users to participate in value creation activities. According to the Service-Dominant logic, users are actual value creators, and what companies mainly need to do is to provide better conditions for their value creation activities. User empowerment is to transfer the production rights of the platform to the vast number of internet users, and change the previous power structure in which companies dominate the value production and creation in the platform, and provide users with resources, vehicles, and policies to empower users to participate in public affairs in the platform. Users therefore have the ability to create value for themselves or fellow users by leveraging their knowledge and skills. Service innovation is the process of creating new services or innovating existing services. Through the innovation of operand resources (apps), the operant resource (users) can better create and capture value, and this innovation can finally achieve the integration of operand resources and operant resources, and ultimately improve app performance. In theory, both user empowerment and service innovation can facilitate users′ value creation activities. The performance of an app depends on a company′s value capture performance. At the same time, the more value users created through an app, the better a firm′s value capture performance will be. Therefore, user empowerment and service innovation should have certain impacts on app performance.  In this article, a naturalistic observation method was used to track and analyze apps of a Chinese sample (N = 200) and a US sample (N = 206). We observed each sample app during the observation period (from March 3, 2017 to March 2, 2018), and then evaluated their performance during the evaluation period (from March 3, 2018 to June 2, 2018), and used one-way ANOVA to individually analyze the impact of user empowerment and service innovation on app revenue performance. Finally, it found that the results from the Chinese sample and the US sample were congruent: when an app decided to give users more power and let users dominate the value creation activities in the platform, it found that its revenue performance shows to be better in most cases (the results of both samples supported this assumption, p values were less than 0.001 in two cases); When companies stressed the role of service innovation, and continually rolled out new features or services for an app, the app revenue was generally better (the results of both samples supported this assumption, p values were less than 0.001 in two cases). The research findings in this article can complement and extend existing theories and knowledge about app performance. Although there are a handful of relevant publications on app performance, these articles did not pay much attention on revenue performance or focused on apps of specific industries. This article focused on app revenue performance and found that user empowerment and service innovation can have significant positive impacts on general apps′ revenue performance. To date, no article has pointed out that these two independent variables have significant impacts on app performance.  This research can also bring valuable practical implications for app firms. First, firms should analyze the market position and functions of an app, and be clear about the targeting users of the app ("who is the app for?") and core functions ("what functions should the app have? How do users use it?”). Second, firms should pay enough attention to the crucial role of users in value creation, and also realize that users do not only just adopt and use an app, but also produce and create value. Third, firms should decide to empower vast users to create value base on the app′s market position. When launching the user empowerment strategy, firms must make users “willing to” produce or create value for the platform, and “enable” them to create value. If the app′s market position is congruent with the user empowerment strategy, firms can enable users to participate in the content production for the platform, elevate their feelings of being empowered, and ultimately enhance revenue performance. Some brands′ retail apps can empower users by increasing buyers′ online presence and adding brand communities. Last, firms should pay attention to service innovation for their app, continually introduce new functions and new features, and provide users with more convenient and easy-to-use services. Conversely, if a firm does not pay much attention to service innovation, the cost that users switch to competitors is also very low, then this firm may be caught up by other competitors, and its app′s revenue performance may eventually decline. References | Related Articles | Metrics

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A research on the evolution path of tourism enterprise dual innovation based on dynamic capability: A case study of Wuzhen Tourism Co., Ltd.  Wu Di, Liu Hui, Wang Enxu 2020, 41(8): 202-210.  Abstract ( 237 )     This paper takes for that the dynamic capabilities play an important role in promoting the formation of dual innovation in tourism enterprise. It identifies four stages of reconstruction, reconstruction, optimization and expansion by the grounded theory, as well as the key factors of dynamic capabilities and dual innovation with the case of Wuzhen Tourism Co., Ltd.. And the development of Wuzhen Tourism Co., Ltd. is identified as dual innovation driven by dynamic capabilities. The evolution paths of exploitative innovation and exploratory innovation under the action of perception capability, integration capability and reconfiguration capability in different stages is obtained by the case study. It also analyzes the impact of differentiation strategy and strategic leadership as key factors on the evolution of dual innovation based on dynamic capabilities of Wuzhen Tourism Co., Ltd.. It provides theoretical basis and practical guidance for tourism enterprises to clarify the relationship between exploitative innovation and exploratory innovation as well as their collaborative development. The conclusions are as follows: 1.The influence of dynamic capability on dual innovation has a stage characteristics in tourism enterprise. This paper identifies four stages of reconstruction, reconstruction, optimization and expansion of dual innovation by the grounded theory with the case of Wuzhen Tourism Co., Ltd.. It is found that the dynamic capabilities directly lead to the generation of dual innovation and further promote the development of dual innovation from service and brand innovation to the cultural and pattern innovation. It′s worth noting that there is only the exploitative innovation in the reconstruction stage, and the exploration innovation comes into being in the reconstruction stage. It shows that the generation of dual innovation is not formed at the same time, and the exploitative innovation often precedes the exploratory innovation in the development process of Wuzhen Tourism Co., Ltd.. 2. The evolution path of dual innovation based on dynamic capability is obtained. The key factors of dynamic capabilities and dual innovation are extracted, and the relationship between them are revealed by analyzing the effect of dynamic capabilities in each stage of dual innovation. The evolution path of dual innovation based on dynamic capabilities of tourism enterprises is obtained. Exploitative innovation mainly reflects in the optimization and upgrading of the environment and services which is based on the original resources. In terms of exploratory innovation, it follows the development process of "format innovation-brand innovation-system innovation - cultural innovation - pattern innovation". 3. The analysis of the mechanism of the key factors in the evolution of dual innovation. Differentiation strategy and strategic leadership are the key factors of dynamic capability in the evolution of dual innovation. Differentiation strategy makes Wuzhen Tourism Co., Ltd. have unique products and services in different stages. Strategic leadership is reflected in the values of strategic leaders and their vision for the future of the organization. Through the perception and analysis of the changes in the external environment of the enterprise, the leader makes the organization gain the advantages in the competition through encouraging innovation and entrepreneurial spirits with the combination of the advantages and characteristics of the organization. References | Related Articles | Metrics

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State governance system and innovation efficiency of state-owned enterprises——A quasi natural experiment based on inspection supervision Chen Kejing, Wan Qingqing, Kang Yanling 2020, 41(8): 211-219.  Abstract ( 204 )    Innovation plays an extremely important and positive role in promoting economic growth. Report of the 19th National Congress of the Communist Party of China has clearly pointed out that innovation as the primary motivity to lead the development, is considered the strategic support for the construction of modern economic system. As the main part of the technological innovation system, the technological innovation of enterprises is a systematic project. How to promote the technological innovation of enterprises has always been paid great attention in the academic community and practical community.  The academic community has already reached fruitful results of factors that influencing enterprise innovation, from both macroeconomic and microeconomic perspective. From the macroeconomic perspective, scholars have paid much more attention to the effect that the government actions has on the innovation of enterprises, such as economic policy, industrial policy monetary policy and tax policy, while there are few literatures which examine the important function of the party in the innovation of enterprises. The main reason for such deficiencies in theoretical literature is that scholars cannot find a convincing alternative variable of non-economic system, which leads to the inability to establish a rigorous logical framework and empirical model to analyze the transmission path of state governance system affecting enterprise innovation. As a strategic system arrangement of intra-party supervision, inspection supervision has a special and important position in the supervision system of the Communist Party of China. As a quasi-natural experiment carried out nationwide, inspection supervision provides a rare research opportunity for the academic community to study the influence of the state governance system on the behavior of micro enterprises. Existing literature has proved that inspection supervision can have an impact on corporate performance, internal control concerns and negative information release, which is of positive significance for the academic and practical community to study the microeconomic consequences of inspection supervision. However, no literature has been able to study the impact of inspection supervision on the decision-making behavior of state-owned enterprises from the perspective of innovation efficiency. This provides a rare opportunity for the research of this paper. Therefore, it is of great practical significance and theoretical value to study the influence mechanism of non-economic system factors in the state governance system on the innovation efficiency of state-owned enterprises with inspection supervision as the entry point.  Based in the above, this paper takes the annual observation samples of 18107 listed companies in Shanghai and Shenzhen A-share market from 2010 to 2017 as the object, and studies the influence mechanism of the Party on the innovation efficiency of enterprises based on the quasi natural experiment of inspection supervision, and analyses the impact that inspection supervision of the Communist Party of China has on the improvement of performance and value growth of innovation. The main conclusions of this paper are as follows: first, inspection supervision of the Communist Party of China could actively promote the innovation activities of state-owned enterprises, which would improve the innovation input, output and efficiency, and this conclusion is still robust after controlling endogenous problems. Second, inspection supervision will improve the innovation efficiency by reducing the occurrence of short-sighted behavior of management and the occurrence of rent-seeking behavior. Third, inspection supervision of the Communist Party of China can significantly improve the marginal contribution of innovation to the performance and value of state-owned enterprise. References | Related Articles | Metrics

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Technology opportunity discovery based on knowledge combination theory Zhang Zhengang, Luo Taiye 2020, 41(8): 220-228.  Abstract ( 309 )   Technology opportunity discovery refers to the process that identifies opportunities with potential application value by developing and utilizing technologies. It plays an important role in R&D organizations′ technology management. This paper aims to propose a novel method to discover technology opportunities based on knowledge combination theory. Knowledge combination theory holds that innovation emerges by combining or recombining knowledge elements in the processes of investigation and experimentation. Specifically, innovation derives in two ways: either from reconfiguring existing combinations so that they can be put to new uses or from combining knowledge elements in a novel manner. According to March′s work, the former way is called exploitative learning, and the latter exploratory learning. The two types of learning have different mechanisms. Exploitative learning is characterized by a process of refinement, selection and implementation based on organizations′ existing knowledge combinations. By contrast, exploratory learning denotes a conscious attempt to seek new knowledge combinations. So far, little research has taken the perspective of exploitative learning and exploratory learning to discover technology opportunities within specific fields. From the perspective of exploitative learning, existing knowledge combinations need to be assessed and those with great recombination value should be identified. From the perspective of exploratory learning, new knowledge combinations which may occur in the future need to be predicted. In many related studies, patent data is frequently used to predict the development trend of certain technologies. Patent analysis enables researchers to understand technology development directions and trends in an effective way. Therefore, in this paper, we take 8184 patents in nano-energy field from 2011 to 2015 as an example and try to discover technology opportunities from the two perspectives mentioned above.  We first apply Stochastic Actor-Oriented Models (SAOMs) to test the validity of applying knowledge combination theory to innovative activities in the filed of nano-energy. Designed to model transitions in networks between discrete time points, SAOMs regard network evolution as nodes creating, maintaining or terminating ties to other actors. Modeling these kinds of structural processes allows researchers to understand the interactions among nodes in the networks. The statistical significance of the “degree act+pop” effect suggests that the theory is applicable in the filed of nano-energy.  Based on the idea that exploitative learning aims to assess the reuse value of existing combinations of knowledge elements, we apply association rule analysis to the data set to find the knowledge combinations with high frequency. Association rule analysis is a classical method of data mining, which aims to determine frequent patterns, correlations or associations from various kinds of data sets. Each association rule yielded can be viewed as a knowledge combination. Given the large number of patents, we set the minimum support level at 1% and set the level of minimum confidence at 40%. A total number of 13 rules are yielded. To further assess the reuse value of the knowledge combinations, we introduce the concept of information entropy. Entropy represents the degree of technological diversification. It can be used to evaluate a knowledge element′s potential to interact with other knowledge elements. We calculate the average entropy of all the knowledge elements included in each association rule, and use it as an indicator of the rule′s reuse value. That is, the entropy of a knowledge combination is the mean of the entropy of all its knowledge elements. The higher the entropy, the greater the combination′s reuse value. The average entropy of the obtained rules is 17.37. We choose the four rules (i.e. knowledge combinations) whose entropy is greater than 17.37 for further analysis. We find that there is great reuse value for the development of nano-carbon materials and the application of nano-materials in semiconductor devices or active components.  According to the idea that the purpose of exploratory learning is to discover new knowledge combinations, we construct a knowledge network to calculate the degree centrality of each knowledge element and the distance between knowledge elements. Based on these variables, we propose a formula to compute the combinatorial potential value between the knowledge elements which have no combinatorial history. We choose the ten combinations of knowledge elements with the largest combinatorial potential value for further analysis and find that it may become an important R&D direction to use various nano-materials in semiconductor devices to enable them to convert radiation energy to electric energy efficiently. In addition, applying nano-structured liquids or fluids to objects′ surface to achieve specific effects is also worth exploring.  Combining the findings of two types of learning, we propose three major R&D directions in the field of nano-energy: the first one is the development and application of nano-carbon materials, such as the application of nano-carbon materials′ radiation and electrical properties; the second one is to explore the application of nano-materials in semiconductor devices; the third one is to apply nano-structured liquids or fluids to the surface of objects to obtain specific effects. To test the validity of the proposed method, we collect patent data in the field of nano-energy from July 2017 to June 2018. A total number of 2534 patents are found. We apply text association mining to the abstracts of the 2534 patents to yield keyword combinations related to the three directions mentioned above. The high occurrence frequencies of the keyword combinations provide support to the effectiveness of our method.  This study has both academic and practical contributions. From an academic perspective, to our best knowledge, this study is one of the first attempts to apply network dynamics to analyzing the evolution of knowledge networks and find the combinatorial trajectory of knowledge elements. The estimation results of SAOMs provide support to the knowledge combination theory. From a practical perspective, this study proposes novel methods to identify technology opportunities from the angle of knowledge combination, which enriches the methodology of technology opportunity discovery based on patent information. The proposed method could help R&D organizations identify technology opportunities by utilizing publicly accessible data, based on which better decisions on research directions could be made. References | Related Articles | Metrics

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A research on prevention and control of major emergent public health risks in megacities Dai Jianbing, Wang Lei 2020, 41(8): 229-239.  Abstract ( 205 )    At the end of December 2019, the new coronary pneumonia epidemic suddenly broke out, causing many parties to pay attention to major public health risks. The epidemic has affected urban residents′ work, travel, tourism, education, medical care, etc., and has also caused people to worry about major public health risks in megacities. On January 30, 2020, the World Health Organization considered the new coronary pneumonia epidemic to constitute an "emergency public health event of international concern" and named the "new crown virus" as "2019-nCoV". On February 11, 2020, the Director-General of the World Health Organization announced that the pneumonia disease caused by the infection of the new coronavirus "2019-nCoV" was officially named "COVID-19". From the perspective of sudden risks, the major risks faced by public health in megacities mainly stem from the fragmentation of public governance. Therefore, the prevention and governance of major public health risks in megacities has become an important research issue. After the outbreak of the New Coronary Pneumonia, major public health risk prevention and treatment in megacities require smooth policy transmission and implementation. Although the urban health department attaches great importance, when faced with the sudden risk of epidemic, the fragmentation of public governance in megacities has become an invisible obstacle in the process of public health policy transmission in megacities, which is very likely to cause public panic in megacities. The crisis has triggered unnecessary urban problems. Therefore, the overall governance model is the key to solving the fragmentation of public governance in megacities, thereby promoting the modernization of the national governance system and governance capabilities. Therefore, in view of the sudden major public health risks faced by megacities, this paper draws on the balanced scorecard theory (BSC) to construct a framework of overall governance models under the perspective of sudden risks, including simulation models, policy models, and assessment models, positioning mode and sharing mode. Among them, the simulation mode is to carry out the simulation simulation of "crisis-risk" through the APP in time to predict the magnitude of major public health risks facing the mega-city in the future; the policy mode is to implement a more efficient urban public health policy, and then build a risk governance network To improve the prevention and control of public health risks in megacities; positioning mode refers to the risk management networked defense line constructed through the policy model to accurately target key groups of public health risks; assessment mode refers to external citizen evaluation and staff performance implement multiple performance assessments for the public sector of megacities; the sharing model refers to the series of achievements achieved through the above simulation model, policy model, assessment model, and positioning model. Under the international perspective, the city′s public health information sharing is achieved and the overall megacity is strengthened. Risk governance programs, including the following: the size of major public health risks, the number of urban public health policies, the networked line of defense for risk governance, the precise positioning of key groups of public health risks, and the performance assessment of the public sector in megacities, the urban spread of the virus epidemic and other six aspects. This paper uses structural equation modeling (SEM) to conduct an empirical analysis of the overall governance model framework. The results of the study show that: "simulation mode", "assessment mode", and "sharing mode" have a greater impact on the overall governance of major public health risks in megacities, but the impact of "policy mode" and "positioning mode" in the short term is not enough obvious. From the research results, we can see that in the short term, "simulation mode", "assessment mode", and "sharing mode" have a certain impact on the overall governance of major public health risks in megacities, but the impact of the policy model and positioning model in the short term is not obvious. Based on the above-mentioned "simulation mode", "policy mode", "positioning mode", "assessment mode", and "sharing mode", the research proposes the following three comprehensive prevention strategies for major public health risks in cities. Among them, comprehensive prevention and control strategy 1 combines "sharing mode" and "positioning mode", strategy 2 combines "policy mode", "assessment mode" and "sharing mode", and strategy 3 combines "simulation mode" and "policy mode" . Therefore, when faced with major public health risks, the five major models should be integrated and the following prevention and governance measures should be adopted: build a network of defense lines for risk governance and accurately locate public health risk areas; establish an urban public health information sharing mechanism to improve urban health responsibility system; strengthen the overall risk management ideas of megacities from an international perspective, and formulate a production and life adjustment plan for the middle and late periods of public outbreaks. References | Related Articles | Metrics

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Evaluation indicator screening and weighting method based on information contribution ratio Chen Honghai, Wang Hui, Sui Xin 2020, 41(8): 240-247.  Abstract ( 393 )    The evaluation indicator system is the basis of comprehensive evaluation. Whether the selection of evaluation indicators is scientific or not is related to whether the construction of evaluation indicator system is reasonable or not, and it is meaningless to choose the best evaluation method if selection of evaluation indicators is unreasonable. Therefore, how to select evaluation indicators scientifically has always been concerned by researchers.  Factor analysis and correlation analysis are two kinds of evaluation indicators screening methods which are widely used at present. The purpose of factor analysis is to eliminate the indicators with weak impact on the evaluation results, while the purpose of correlation analysis is to reduce the level of information overlap between the evaluation indicators, so as to reduce distortion of information overlap on comprehensive evaluation results. However, the existing factor analysis indicators screening method is only based on a certain factor load to represent the level of information in the original indicator set interpreted by the indicator, which omits the important role of other factor loads of an indicator in the interpretation of original indicators set information, and cannot comprehensively and accurately represent the level of an indicator to interpret original indicator set information. At the same time, although existing correlation analysis method can reduce the information overlap of indicator set to a certain extent, it is unable to judge whether the overall information overlap between the remaining evaluation indicators is low, and whether it is necessary to further select indicators, so it is very easy to cause the excessive or inadequate of indicators selection.  In views of the shortcomings of the existing factors analysis and correlation analysis methods, a new method is proposed to screen and weight the evaluation indicator based on information contribution ratio. The information contribution ratio is constructed by factor variance contribution rate and factor loading. The ill-conditioned indicator is introduced in the existing correlation analysis to measure the information overlap level of the indicator set. On this basis, systematic screening and weighting of the evaluation indicators are realized. Finally, this paper takes 500 small business credit business data of a commercial bank in China as an example, and compares the effect of indicators selection with the existing factor analysis and correlation analysis from two aspects of information interpretation ability and overall information overlapping reduction level.  This paper suggests that the greater the information contribution ratio of the evaluation indicator, the larger the proportion of the explained information of the original indicator set; so the more the indicator should be retained, the greater weight of the indicator should be. It is found that compared with the existing factor analysis method, the information interpretation ability of the retained evaluation indicators by this method proposed in this paper is stronger. At the same time, compared with the existing correlation analysis method, this method can effectively reduce the overall information overlap level of the indicator set. In addition, both of the problems are found in the research and solved by the proposed method that the factor analysis method is easy to delete the indicators with strong ability to information explanation and the correlation analysis method is insufficient in indicators screening. References | Related Articles | Metrics

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Measurement of knowledge flow efficiency within collaborative innovation knowledge network based on UWN Su Jiafu, Yang Tao, Hu Sensen 2020, 41(8): 248-257.  Abstract ( 197 )   Stepping into the era of knowledge economy, knowledge has become the most important strategic resource of enterprises. Enterprise′s innovation performance and competitive advantage depend on its knowledge flow and innovation level. Especially in the collaborative innovation process, the efficient knowledge flow across organizational boundaries plays vital role for the success of collaborative innovation, which is conducive to the effective promotion and sharing of best practice and experience, and the efficient recycling of knowledge from tacitness to explicitness, and from the individual level to the organizational level. Therefore, measuring and analyzing the knowledge flow efficiency in collaborative innovation knowledge network (CIKN) is an important issue for the effective management and operation of CIKN. However, we have discovered few formally operationalized researches on the knowledge flow efficiency, especially the systematic and quantitative studies on the measurement of knowledge flow efficiency.  To address this research gap, this paper aims to propose a new quantitative measurement method for the knowledge flow efficiency in CIKN by adopting the complex network theory and method. For CIKN, the characteristics of its members and the connections among members both influence the network properties, especially the knowledge flow efficiency in the network. Therefore, the CIKN should be regarded as a weighted network to study the issue of measuring knowledge flow efficiency. Motivated by this consideration, in this work, an undirected weighted network (UWN) based method is proposed to measure the knowledge flow efficiency in CIKN. Firstly, according to the node properties and the relationship properties in collaborative innovation knowledge network, the UWN model of collaborative innovation knowledge network is built. Secondly, synthesizing the multiple factors of knowledge flow efficiency in CIKN, a new knowledge flow efficiency measurement model is developed, and an extended application of this model is further proposed for member management. Finally, the feasibility and effectiveness of the proposed model and method is verified by a case of a smartphone-development company. Operational measurement of knowledge flow efficiency in CIKN is significant to improve the quality of decision making in CIKN management. For the contribution on knowledge management theories, this study adopts a systematic and quantitative complex network method to develop a new measurement model of knowledge flow efficiency in CIKN. It must be pointed out that most of the existing works on knowledge flow efficiency are qualitative in nature, and the quantitative and effective measurement method of knowledge flow efficiency is lacking in the knowledge management literature. Therefore, this study is beneficial to researchers to better understand knowledge flow theoretically, and thus add value to the literature on knowledge management. For decision-makers of CIKN, this research can support them to make effective decisions and strategies to improve the knowledge flow efficiency and knowledge management performance of CIKN. Firstly, decision-makers can achieve a reasonable and quantitative measurement of the real status of knowledge flow efficiency in CIKN. The research results indicate the factors, i.e. CIKN structure and properties, knowledge sharing willingness and ability, and knowledge collaboration relationship, all have great influence on knowledge flow efficiency, which should be paid much attention by decision makers. Additionally, via the application of knowledge flow efficiency in member management, this work can assist to identify and rank the important members with great influence and importance on knowledge flow efficiency. Such identification and ranking is very significant in the context of the systematic and targeted management of members, in order to encourage the important members to use their advantages to improve the knowledge flow efficiency in CIKN. References | Related Articles | Metrics

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Influence of “university enrollment expansion” on university innovation efficiency in China——A DID analysis based on provincial panel data Wu Changnan, Zhang Yun 2020, 41(8): 258-267.  Abstract ( 199 )     The period of “13th-five-year plan” is decisive for China to be an innovative country, and it is also the key period for China to thoroughly implement the strategy of innovation-driven development. In this critical time, as an important part of the national innovation system, universities should play the role of foundation and new force. But will the policy of“university enrollment expansion”lead to increasing investment in personnel training and squeezing out investment in university′s research? Is it stunted innovation of universities?  Many scholars have affirmed that universities paid an important role in regional innovation and they were at core position in national innovation system, but few studies have been done on the impact of “university enrollment expansion”on universities′ innovation efficiency. In theory, as an organization, the university has the characteristics of multi-product joint production including talents and scientific research innovation under the constraints of constant production technology and limited resource input, the expansion of university enrollment will inevitably lead to the change of output combination. Will the “university enrollment expansion”really cause the inhibition of the innovation efficiency in universities because of the increase of investment in talent training and the squeeze of investment in scientific research. If not, what are the reason and mechanisms? This paper provides an empirical evidence of innovation effect of “university enrollment expansion”.It enriches the research on the economic effect of “university enrollment expansion”and it can provide a basis for policy making to develop higher education in China. After calculating the innovation efficiency with super efficiency DEA method on 31 provinces in mainland China and Hong Kong, Taiwan provinces of China from 1998 to 2014, this paper takes the innovation efficiency of each province as the dependent variable and the “university enrollment expansion” as the independent variable respectively. Through regression analysis with the method of difference-in-differences, it shows “higher education expansion” is conducive to innovation efficiency. According a series of robustness tests, the result is still robust. Because “university enrollment expansion”can lead to increasing teaching staff, improving of teaching staff and increasing research input, and the three factors changed subsequently with “university enrollment expansion” all contribute to the innovation efficiency, this paper made an further study of impact mechanism test successively with the intermediary variables including the quantity and quality of teaching staff, the input of research. Further research shows that the reason why “university enrollment expansion” is conducive to innovation efficiency is that “university enrollment expansion” has led to the expansion of the teaching staff, the improvement of the quality of teachers, and the increasing of investment to scientific research. Therefore, China should maintain a steady growth in university enrollment and increase teachers, boost research input meanwhile during the process of the “double first class” construction of the universities, which can promote the scale of higher education and the innovation efficiency at the same time. References | Related Articles | Metrics

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Influence of R&D personnel′s positive emotion on their creative behavior: The mediating effect of self-creativity efficacy and job involvement Zhou Wenli, Gu Yuandong, Tang Tianzhen 2020, 41(8): 268-276.  Abstract ( 257 )   With the "emotional storm" in the field of Organizational Behavior research and the research boom of Positive Organizational Behavior, the research on positive emotion in organizational context is increasing dramatically. The relationship between positive emotion and employee creative behavior has become one of the important research directions of organizational creative research. Positive emotion can broaden the individual′s cognitive scope and enable individuals to clearly understand the broader physical and social environment. This broad range of attention enables individual to maintain an open mind about new ideas and activities, which is more creative. Both experimental studies and field studies show that positive emotion is an important source of individual creativity. R&D personnel are the main force of technological innovation. How to use the power of positive emotion to stimulate R&D personnel′s creative behavior? To answer this question, theoretical research is needed to analyze the influence mechanism of positive emotion on R&D personnel′s creative behavior. Although previous studies have verified the positive effect of positive emotion on individual creativity, they often regard positive emotion as the antecedent variable of employees′ creative behavior, or as a mediating variable between organizational context factors (such as organizational creative support) and employee creativity. However, the mechanism of positive emotion affecting employee creative behavior has not yet been clarified. The "black box" among them needs to be further developed. In addition, the research conclusions on the relationship between emotion and individual behavior are cross-cultural inconsistencies, which in particular require the study of Chinese organizational context to test or corroborate relevant research conclusions in the context of Western culture. Therefore, from the perspective of social cognitive theory, this study analyzed the influence mechanism of positive emotion on R&D personnel′s creative behavior and brought creative efficacy and work involvement into the analytical framework of the relationship between positive emotion and employee creative behavior. Finally, this study constructed a theoretical model of "positive emotion → Creative Efficiency → Job Involvement → R&D Personnel′s Creative Behavior", and put forward a series of research hypotheses, including: Hypothesis 1: Positive emotion has a significant positive impact on R&D personnel′s creative behavior. Hypothesis 2: Creative efficacy plays a mediating role between R&D personnel′s positive emotion and creative behavior. Hypothesis 3: Job involvement partially mediates between R&D personnel′s positive emotion and creative behavior. Hypothesis 4: Job involvement plays a mediating role between R&D personnel′s creative efficacy and creative behavior. Based on theoretical analysis, this study used questionnaire survey to test the hypotheses above. In Nanjing, a questionnaire survey was conducted among R&D personnel of high-tech enterprises, and 248 valid questionnaires were finally collected. Then, Harman′s single factor test is used to test the homologous variance. The results show that the homologous variance of this study is not serious, and the data fitting test of the theoretical model can be carried out. The reliability and validity analysis of the questionnaire shows that the measurement tools of each variable have good reliability and validity. Relevant analysis results show that positive emotion, creative efficacy, job involvement and employee creative behavior are significantly positively correlated. On the basis of correlation analysis, this study used structural equation modeling to test the theoretical hypothesis model. The results show that the theoretical model and the data are well matched. The main findings are as follows:  1)Positive emotion has a significant direct impact on R&D personnel′s creative behavior (0.092). Therefore, in management practice, to stimulate the positive emotion of R&D personnel′s creative behavior, mangers should create a relaxing and free working atmosphere, provide adequate psychological and material resources support, give timely positive feedback (encouragement and reward) on their excellent work performance, and build a sound family welfare. In addition, mangers can strengthen R&D personnel′s emotional management ability by training, so that R&D personnel can maintain a positive emotional state and recover from negative affect quickly, thereby form a stable positive mood to stimulate R&D personnel′s continuous innovative behavior performance.  2)Positive emotion indirectly affects R&D personnel′s creative behavior through the partial mediation of creative self-efficacy. This path has the strongest explanatory power (0.406). It shows that creative self-efficacy is the key mediator of positive emotion influencing R&D personnel′s creative behavior. That is, the more positive emotion experiences R&D personnel have, the more confidence they have in carrying out creative activities, and the stronger their belief in striving to achieve creative results. Thereby in the process of R&D activities, the more creative ideas they have, the more inclined they are to try to creative and actively promote their creative ideas. To this end, in the practice of innovation management, managers should pay attention to the stimulating effect of positive emotion on R&D personnel′s creative efficacy while cultivating their positive emotion, so as to enhance the positive effect of positive emotion on R&D personnel′s creative behavior.  3)Positive emotion influences R&D personnel′s creative behavior through the mediating role of job involvement, and the explanatory power of this path is relatively weak (0.114). This shows that under the positive emotional state, the R&D personnel can fully devote themselves to the R&D process, and thus are more willing to make efforts to mobilize various psychological and material resources, and actively try to solve problems and accomplish tasks more creatively. Therefore, in the practice of innovative management, managers should make full use of the positive emotion to enhance employees′ job involvement and stimulate them to devote themselves to creative activities with full energy and no distractions. 4)The hypothesis model of "positive emotion → Creative Efficiency → Job Involvement → R&D Personnel′s Creative Behavior" proposed in this study has been validated, but its explanatory power is relatively weak (0.058). This path provides theoretical support for understanding the process mechanism of positive emotion on R&D personnel′s creative behavior. In the practice of innovation management, managers should pay attention to the key factors of positive emotion in the process mechanism of R&D personnel′s creative behavior. Through training and other ways, they can enhance R&D personnel′s emotional management ability, cultivate their positive emotion, enhance their confidence in carrying out creative activities, and promote their job involvement, so as to stimulate their creative behavior in R&D activities. References | Related Articles | Metrics

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A research on the fit mode of EBMI and ETI under the background of transformation Zhang Meili, Feng Zhishan, Fan Yangjian 2020, 41(8): 277-288.  Abstract ( 223 )   Question/Purpose: Facing the series of problems about resource consumption and environmental pollution of traditional resource-based manufacturing enterprises, ecological innovation research has become a new hot topic in the innovation research. If enterprises that need to be transformed continue to succumb to the traditional economic value-oriented innovation, the sustainable development concept that follows the ecological discipline of this enterprises will be seriously violated. Therefore, during the transforming, the enterprises should bring the ecological ideas into the practical innovation activities such as business model innovation and technological innovation. However, existing literature has drawn an important conclusion about the importance of the fit from business model innovation and technological innovation in enterprises for successful market competition, which remains largely silent on when and how different fit mode of two innovations with ecological ideas could emerge in the transforming enterprises. In summary, the purpose of this paper is to investigate the fit of ecologically business model innovation (EBMI) and ecologically technological innovation (ETI) which promoting to achieve the transformation of traditional resource-based manufacturing enterprises, by breaking the imbalance between the ecological value creation and economic value creation and striving to get rid of the low-end lock of its value chain from traditional resource-based manufacturing industries. Design/methodology/approach: This paper will take the traditional resource-based manufacturing industry in Shanxi Province as this research object, explores different fit modes of EBMI and ETI in different life cycle stages of enterprises. Firstly, the related research concepts such as traditional resource-based manufacturing enterprises, ecological innovation, EBMI, ETI, and life cycle of enterprises are defined, on the base of the concept of two types of ecological innovation, each type of ecological innovation is divided into three dimensions. Secondly, by theoretical analysis, the research hypotheses about different fit mode of EBMI and ETI in different life cycle stages of enterprises are proposed. Thirdly, based on questionnaire design and variable indicators measurement, we drawn on the data collected from 239 sample enterprises in four representative cities of Houma, Dingxiang, Jincheng and Jiaocheng of Shanxi Province, and analyze the data with reliability and validity of detailed assessment items, at the same time, the samples are clustering into four groups according to the measurement division of different life cycle stages. Most important, we construct the fit measurement model, this model is an effective integration from coupling and coordination, and the fit degree intervals are divided into three parts. Finally, based on this fit measurement model, combing the GE matrix analysis with testing different combination relationship of each dimension of EBMI and each dimension of ETI, the hypotheses are empirically tested and discussed.  Findings: This research results show that, the best fit mode of ecologically novel business model innovation and ecologically exploratory technological innovation is showed in start-up or transmutation stage, such as some enterprises in start-up or transmutation stage begin to reconstruct new business models, continuously introduce new players, and work closely with high-end R&D platforms. The best fit mode of ecologically efficient business model innovation and ecologically exploitative technological innovation is showed in growing stage, such as many enterprises in this stage continuously strengthen the level of information sharing between alliances and strengthen the ecological improvement of existing business technologies; As well as the best fit mode of ecologically system-based business model innovation and ecologically ambidexterity technological innovation is showed in maturity stage, such as some enterprises not only improve business models and promote the development of new environmental materials, but also try to build a new value network system and develop diversified high-end products. In the actual development of ecologically innovative activities, enterprise managers should carefully examine the development stage of the enterprise, and follow the development rules of the fit of two ecological innovations at each stage, as well as promote the balanced development of EBMI and ETI, so as to accelerate the achievement of transformation target of traditional resource-based manufacturing enterprises. In addition, when the transitional enterprises convert from one development state to another, it should keep up with the supporting strategies of transitioning from one fit mode to another, so as to extend the duration time of the mature stage. As the same time, the enterprises should make in-depth search for new business models and new technologies in the transmutation stage, the sustainable synergy between the ecological benefits and economic benefits of enterprises will be ensured in next new round of life cycle. Theoretical and Practical Implications: In theory, this paper not only enriches the innovation theory with the traditional economic implication, but also enriches the connotation of ecological innovation, and fills in the complex relationships of different types of ecological innovation. In practice, this paper plays a certain role in how to promote the managers′ innovation idea about converting from over-emphasis on traditional mode of economic benefits by traditional innovation to co-created economic and ecological benefits by innovation with ecological rethinking in traditional resource-based manufacturing enterprises, it also helps managers in allocating the innovation resources to make a conducive innovation strategy so as to promote the ecological transformation of enterprises. It also helps enterprise managers to position themselves in the ecologically innovative strategy of resource allocation and restructuring. Moreover, it provides a certain reference for successfully achieving the enterprises′ transformation by choosing suitable ecological innovation fit model in the process of ecological and economic value co-created. Research Limitations: This research only quantifies the fit degree of two ecological innovations, as well as divides different fit intervals. Based on this division result, the optimal fit mode of ecological innovation in different life cycle stages of enterprises is studied. However, the synergistic creation of ecological and economic benefit has not been analyzed from the perspective of fit results, which are not used to further analyze and compare the advantages and disadvantages of different fit modes about two ecological innovations in different stages of enterprises development. This series of questions will be further discussed in the future research. References | Related Articles | Metrics