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A research on the selection and cultivation of innovative growth poles in Western China Zhang Zhihe, Jin Yunhe, Guo Xiaohong, Sun Lijie, Xing Wanbing 2021, 42(7): 1-10.  Abstract ( 337 )       2020 is the 20th Anniversary for implementation of the western development strategies. In the past 20 years, the actual GDP of the western region has increased by 10 times compared with that in 2000, achieving economic growth faster than that of the east and the central region, and made breakthrough progress. In May 2020, the Central Committee and the State Council of the CPC put forward new requirements for high-quality development in the western region from the overall situation. In the important period of China′s rapid economic growth turning to high-quality development, innovation has become the first driving force leading high-quality development, and innovation is needed to achieve the goal of high-quality development. Innovation requires a lot of investment in innovation and entrepreneurship factors such as talent, capital and technology. However, the gap between the innovation ability of the west and the eastern region is still significant. There are many problems in the western region of China, such as lack of science and technology resources, weak innovation ability, insufficient development imbalance, and so on. It is still facing great challenges to realize innovation driven development. Therefore, how to allocate best the limited scientific and technological resources and solve the bottleneck of innovation and development is an urgent problem in the western region.      The research of innovation which is made in this paper based on the growth pole theory provides beneficial reference and enlightenment for the formulation of regional innovation strategic planning in underdeveloped areas of China. The use of innovation tools can not only promote the integration and utilization of limited scientific and technological resources in underdeveloped areas, but also strengthen the flow of various elements among regions, and fully tap the innovation potential of underdeveloped areas on the basis of maximizing the effectiveness of resource allocation.     Based on the above understanding, this paper believes that for the improvement of innovation ability in underdeveloped areas, we should formulate regional development strategies, pay attention to regional comprehensive development, take cities as an element, integrate into the overall regional planning, form a complete multi-level growth pole system, and coordinate the development of western regions. Therefore, this paper calculates the comprehensive strength of innovation agglomeration and diffusion of cities in the western region by using the method of complex correlation coefficient and gravity model, divides 95 cities in the western region into four types by using the natural fracture method of ArcGIS software, and puts forward the main structure of the growth pole of Western China at the present stage. On this basis, combined with the overall layout of the western region and major economic strategies, four types of innovative growth poles are selected, which are mature, growth, development and potential. According to the structural characteristics of different growth poles, all levels of growth poles are integrated into innovation centers with different functions, focusing on cultivating all kinds of growth poles.      Finally, some suggestions are put forward from the aspects of innovation elements, innovation platforms and innovation policies so as to stimulate the innovation vitality of the whole western region, improve the innovation ability of the western region, and provide beneficial support for the realization of high-quality economic development of the western region. References | Related Articles | Metrics

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Has S&T evaluation effectively promoted regional S&T innovation?——A study from the policy-driven perspective Li Shenghui, Zhu Shaotang 2021, 42(7): 11-21.  Abstract ( 410 )      As innovation′s capability has improved remarkably, the development of innovation′s capability and the implementation of innovation-driven strategy become the key themes. To build up China′s strategic capacity in S&T, the research on the effectiveness of S&T policies has received extensive attention and has become an important topic. However, the role of China′s S&T innovation system in promoting innovation capability is still questioned by foreign scholars, who believe that the conflict between policy objectives and policy implementation is influencing policy effectiveness. As a basis for the adjustment and optimization of innovation performance, it is of great theoretical significance to make an intensive study of S&T evaluation policies. From the perspective of policy text quantification, this paper uses content analysis and OLS models to test the relationship between S&T evaluation policies and regional innovation capability. Furthermore, this paper examines the mechanism of policy objectives from the stages of innovation output and achievement transformation respectively.     Focusing on the guidance of S&T evaluation policies, we take the quantification and measurement as the breakthrough points and designs a research framework from institutional strategy theory. On the one hand, this paper collects 563 S&T evaluation policies of 2006-2018 from the policy database of various provinces, using terms such as "S&T", "innovation", and "evaluation", with the method of skimming and intensive reading. This paper then constructs a three-dimension quantitative evaluation framework to calculate the score of S&T evaluation policies. On the other hand, we conduct an indicator system of regional scientific and technological innovation capability from three aspects, including innovation inputs, innovation performance, and innovation environment. Combined with the quantitative results and OLS models, this paper studies the impact of S&T evaluation policies on regional innovation capability and analyzes its mechanism.     According to the quantitative analysis results, the regional scientific and technology innovation capabilities of all provinces tend to be in a "pyramid" distribution pattern. There is still a significant "disconnection" between innovation output and achievement transformation, manifested as a more substantial lag in the capacity of research output. The development trajectory of S&T evaluation policy shows a trend of "late start and rapid development", and the focus of its policy objectives has changed from the traditional goal of "evaluation funding". To some extent, S&T evaluation policies can promote scientific technology innovation capability, but its positive effect is weak. Furthermore, innovation subjects and innovative talents are the core driving forces and exert main effects. From the perspectives of scientific research output and achievement transformation, the effectiveness of various policy objectives is practical and shows a more substantial role in promoting achievement transformation. However, the direction of policy objectives has been alienated, indicating that the reality of scientific research problems and barriers still exist.      After the robustness test, this paper made a further discussion about policy effectiveness and policy objectives. It is believed that the weak effect of S&T evaluation policies can be attributed to three levels: "implementation deviation", "departmental game" and "policy barrier". Meanwhile, there is a gap between policy objectives and policy implement, resulting in insufficient effectiveness.    The study found that: (1) The distribution of regional scientific and technology innovation capability is manifested in regional diversity. The policy objective of the S&T evaluation policy is shifting from investment-driven to innovation-driven. (2)  Although the current "baton" role of S&T evaluation policy is limited, its mechanism has changed from "winning by quantity" to "winning by quality". (3) There are weak points among S&T evaluation policy system and a deviation between policy objectives and policy implementation.     In combination with the research conclusions, we put forward the following policy recommendations. (1) The government needs to emphasize the strength of policy and reduce the gap between the evaluation department′s responsibility and power. (2) It has to strengthen the dominant position of problem-oriented policy objectives and clear the research target of S&T innovation activities. (3) It is necessary to deepen the coordination of policy implementation departments and avoid the inaction of executive departments. References | Related Articles | Metrics

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A research on the risk early-warning of patent invalidation requests of innovative pharmaceutical enterprises in China Zhu Xuezhong, Li Yan 2021, 42(7): 22-30.  Abstract ( 305 )       China is accelerating its transformation from a big country of generic drugs to a big country of innovative drugs, and more and more enterprises are transforming from generic pharmaceutical enterprises to innovative pharmaceutical enterprises. Under the new role, the risk of drug patent invalidation requests is increasing day by day, which poses a new challenge to the enterprise patent management practice. Patents are relied upon more frequently to protect pharmaceutical innovation. The cost of engaging in invalidation over issued drug patents diminishes their value as an incentive to invest in new drug R&D. From the perspective of enterprises, it is of great theoretical value and practical significance to study how to effectively carry out the early warning of the risk of drug patent invalidation requests.       In this paper, we examine the characteristics of drug patents involved in invalidation requests and their owners by combining, for the first time, information about"Catalogue of Chinese listed drugs"issued by China Food and Drug Administration (CFDA) with detailed data of case filings from Reexamination and Invalidation Department of the China Patent Office. By comparing filed cases to a control group, we show that there is substantial variation across patents in their exposure to risk of invalidation requests. We use this empirical evidence to examine hypotheses about the determinants of requests for invalidating drug patents. We show empirically that the risk increases with patent value , asymmetric information (or diverging expectations of invalidation outcomes) and low legal quality. In contrast to the theoretical predictions, the empirical findings suggest that formulation patent is challenged more frequently than composition of matter patent.        The possible contributions of this paper are as follows: Firstly, it expands and complements the previous studies on the determinants of the probability of occurrence of patent validity challenges, which mainly focus on patent invalidation proceedings in the United States and patent oppositions in the European Patent Office. Secondly, on the theoretical level, it takes the drug invention patent type as the index to measure the patent value from the dimension of protection scope/intensity, reveals the phenomenon that is inconsistent with the theoretical prediction under the actual national conditions, and enriches the understanding of the determinants of the probability of occurrence of patent validity challenges. Finally, at the practical level, it provides empirical evidence and useful reference for Chinese innovative drug enterprises. It is suggested that the ability to associate observable characteristics of drug patents to requests for invalidation risk should be exploited in developing forecasting tools, a classified management system should be established according to risk grade. "Patent invalidation insurance" can be insured for important pharmaceutical invention patents with high risk of request for invalidation. Early-warning of potential requests for invalidation risk of pharmaceutical invention patents is helpful to improve the patent management level of Chinese innovative pharmaceutical enterprises.       In addition, great importance should be attached to the writing quality of patent application documents including the specification, so as to improve the quality of patent law from the source. Chinese pharmaceutical enterprises still need to further strengthen the innovation of key technologies such as pharmaceutical compounds and medicinal biomolecules.  References | Related Articles | Metrics

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Green transformation and upgrading of enterprises in respect of responsible innovation and dynamic capability Guo Pibin, Zhang Aiqin 2021, 42(7): 31-39.  Abstract ( 483 )       Green transformation and upgrading of enterprises has been a central focus in governance in China for more than a decade; it is also one of the most important corporate endeavors to promote China′s economic restructuring and high-quality development. This commitment has received extensive attention from academic community. From the perspective of dynamic capacity theory, some researchers attempted at interpreting the connotation of transformation and upgrading of enterprises; other researchers exploring the approaches to promoting and assessing transformation and upgrading of enterprises, and discussing the opportunities and challenges arising from this innovation trajectory.      Inspired by the insights of responsible innovation which is a convergence of technology innovation, corporate responsibility and sustainable development, the present paper intends to explore the approaches to implementing green transformation and upgrading in coal-production enterprises such as CHN Energy Co. Ltd., Yankuang Group Co., Ltd., Jizhong Energy Group Co., Ltd., and Lu′an Group Co., Ltd. through the combination of responsible innovation and dynamic capacity, in the hope of making clear of the motivations, mechanisms, and practical procedures of implementing green transformation and upgrading in such enterprises. The present paper adopted multi-case study approach and the approaches proposed by grounded theory as its research method, to establish general entries for determining specific interrelated conditions, and analyze action-oriented interactive development process at micro level.      This paper had the following finding: (1) Responsible innovation in the green transformation and upgrading of these enterprises was motivated by both internal need and external pressure. While such enterprises undertook the pressure of internal survival and development, severe market competition, played a significant role in implementing green transformation and upgrading in these enterprises. The driving force of responsible innovation, however, is primarily the external institutional response, including national mission, government regulation, social responsibility, green development, and other elements reflecting the unified goals of responsible innovation and green transformation and upgrading of enterprises. (2) Primarily, the green transformation and upgrading of enterprises is the result of the interaction between responsible innovation and dynamic capability of enterprises. Driven by internal and external pressure, the notion of green development is internalized in technology innovation in enterprises; this forms responsible innovation. As dynamic processes, responsible innovation and dynamic capability affect each other; dynamic improvement of the two promotes the green transformation and upgrading of enterprises. (3) Green transformation and upgrading of enterprises could be implemented along two lines: One is to intensify technologically green-process innovation inside enterprises while improve their application-oriented dynamic capability; and the other is to implement green-product innovation in enterprises to improve external market competitiveness and fulfill social responsibility.       Theoretically, the paper proposed a model of "pressure-behavior/ability-performance", which indicates that exogenous and endogenous motivation account for the transformation and upgrading of enterprises, and that the paths for implementing transformation and upgrading in enterprises depend primarily on the enterprise′s dynamic capability of competitiveness and innovation. In addition, this paper identified the four indexes that characterize responsible innovation: anticipation, responsiveness, inclusiveness, and reflexivity. "Anticipation" indicates the enterprise′s pressure for technological innovation. "Responsiveness" indicates the enterprise′s responses to external environment variation. "Inclusiveness" shows the collaborative integration in the process of innovation. "Reflexivity" shows the enterprise′s performance of transformation according to internal and external pressure feedback.      Although we have obtained the above research conclusions and theoretical contributions from the case studies, the above four cases are based on the results of the analysis of large state-owned or state-owned holding groups, and the resulting inferences are still relatively challenging in terms of universality, and further empirical studies are needed in non-state-owned and small and medium-sized enterprises. References | Related Articles | Metrics

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The administrative approval system reform and innovation investment of private enterprises He Xiaobin, Liu Jiankun, Zhang Yunliang 2021, 42(7): 40-49.  Abstract ( 300 )       The power of controlling and redistributing key economic and social resources mainly is maintained by the administrative approval system in China. The restraining effect of the system on the market economy is apparent, which hinders the further development of market-oriented reform. This problem has motivated the central government to carry out a large-scale reform of the administrative approval system since 2001. During the reform, local governments′ service functions have improved significantly by modifying, cancelling and delegating approval items, simplifying approval procedures, and shortening approval time. As an important institutional innovation to adjust the relationship between government and market, the administrative approval system reform provides an opportunity to examine the relationship between the administrative environment and the innovation investment decision-making of private enterprises.       This paper examines effects of the administrative approval system reform on the innovation investment of private enterprises drawing on the data from the Chinese Private Enterprise Survey in 2010. It was found that the establishment of city administrative approval centers significantly facilitated the innovation investment of Chinese private enterprises. This relationship remains after a series of robustness and endogeneity checks, including the analysis with Propensity Score Matching and adding more omitted variables. In addition, this effect was only presented in enterprises whose owners did not have government working experiences, and in enterprises located in industries with lower entry barriers and in the eastern area of China. Further analyses revealed that relieving the financial constraints, reducing government interventions, and improving the perceived institutional environment and social status of owners were the mediating mechanisms that played between the administrative approval reform and innovation investment of private enterprises. Therefore, this study suggests the related government departments further promote the administrative reforms and create a good atmosphere for the Innovation investment of Chinese private enterprise.       The research contributions of this paper are in the following three aspects: Firstly, this paper could deepen the understanding of the relationship between institutional environment and innovation investment. Compared with the existing literature which mainly focuses on the overall institutional environment or certain element of institutional environment, such as legal environment, this paper focuses on the administrative environment that is another important element of institutional environment, and provides a new theoretical interpretation for the process of decision-making on innovation investment; Secondly, this paper could enrich the literature concerning the impact of the administrative approval system reform. Previous studies have mainly focused on summarizing the experiences and lessons of the administrative environment reform. While there were some literatures examining the impact of the administrative approval system reform on the production and operation activities of enterprises, the impact on enterprise Innovation investment is rarely touched. This paper provides empirical evidence on the positive relationship between the administrative approval system reform and enterprise innovation investment. Thirdly, by examining the different effects of the administrative approval system reform on innovation investment based on entrepreneurs′ political experiences, the level of industry entry barrier and the region where enterprises are located, this paper shows that the effects of the administrative approval system reform on the Innovation investment of private enterprises are not homogeneous, which has practical implications for improving the policy design and marginal benefits of policy making in China.  References | Related Articles | Metrics

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Are government R&D incentives conducive to improving regional innovation efficiency? Liu Xielin, Zhu Langmei, Yang Boxu 2021, 42(7): 50-59.  Abstract ( 254 )       Under the innovation-driven development strategy, the externality of R&D hinders the enthusiasm and initiative of organizational innovation, which leads to the market failure of R&D. For this reason, as with other countries, the Chinese government has adopted a series of innovative policies such as government R&D subsidies and R&D tax credits to try to solve the problem of market failure in R&D. So, how effective is the implementation of these innovation policies? Existing studies have interpreted the impact of different types of innovation policies on R&D input or output. But we know that innovation is the process of converting inputs into outputs, which involves the concept of efficiency. Therefore, only considering innovation input or output unilaterally cannot fully explain the implementation effects of innovation policies. Meanwhile, different innovation processes correspond to different outputs, which generally divide into technical outputs and commercialized outputs, and there are differences in the innovation efficiency measured by different innovation outputs. Therefore, it is necessary to investigate the implementation effect of innovation policy from the perspective of innovation efficiency subdivision. From this, our paper intends to divide innovation efficiency into technological innovation efficiency and commercial innovation efficiency according to the technology output and commercialization output of innovation and respectively explores the influence of government R&D subsidy and R&D tax credits on the two kinds of efficiency. In addition, considering the differences in the development-driven methods of various regions, the regional development-driven methods are divided into innovation-driven and investment-driven by comparing the intensity of R&D investment in each region with the average R&D investment intensity of the country. Then it explores the moderating effect of regional development driving methods on the relationship between different R&D incentive measures and regional innovation efficiency.      To this end, this paper takes the panel data of 30 regions in China from 2007 to 2017 as samples, takes the regional R&D capital stock and labor force level as the innovation input, and takes the number of invention patent applications and new product sales revenue as the innovation output respectively. A stochastic frontier model in the form of a trans-logarithmic production function is used to test the hypotheses. Furthermore, we consider the moderating effect of the driving mode of regional development.      The results show that government R&D subsidies have a positive impact on regional technological innovation efficiency, while have a negative impact on regional commercial innovation efficiency; R&D tax credits harm the regional technological innovation efficiency, while has no significant effect on the regional commercial innovation efficiency. Further, government R&D subsidies have no significant difference in the efficiency of technological innovation in regions with different development driving modes, and all of them have a positive impact. But there has a more strong negative effect on the efficiency of business innovation in innovation-driven regions. Meanwhile, compared with investment-driven regions, the deduction of R&D expenses has a more significant negative impact on technological innovation efficiency and positive effects on business innovation efficiency in innovation-driven regions.     Possible innovation points of this paper are as follows: Firstly, this paper discusses the implementation effect of government R&D incentive measures from the perspective of efficiency, which complements the bias of unilateral consideration of innovation input or output research; Secondly, according to different outputs corresponding to different innovation processes, this article subdivides regional innovation efficiency into technological innovation efficiency and commercial innovation efficiency. Thirdly, according to the comparison between the R&D input intensity of each region and the average R&D input intensity of the whole country, a new regional classification method is proposed.      The main policy implications of this study are as follows: Firstly, innovation policy factors are affecting regional innovation efficiency, such as government R&D subsidies and R&D tax credits. Secondly, regional differences in development-driven modes lead to differences in the implementation effect of R&D incentives, and policy makers need to take measures according to local conditions. Government R&D subsidies apply to nationwide promotion, while additional deduction of R&D expenses is not always valid, which is more suitable for innovation-driven areas. Finally, the research on the impact of R&D incentive measures on different regional innovation efficiencies is helpful to clarify the valid incentive objects corresponding to different types of R&D subsidies, to facilitate policymakers to take targeted schemes. Among them, government R&D subsidies are more inclined to subsidize technology R&D projects with long-term, high-risk, high-tech, and high social returns. On the contrary, the R&D expense plus deduction prefers short-term, low-risk, and low-tech commercial new product R&D projects. References | Related Articles | Metrics

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A research on the urban talent attraction evaluation model by taking Shenzhen as an example Cui Shaoze, Qiu Huaxin, Wang Sutong 2021, 42(7): 60-67.  Abstract ( 772 )       Today is an era relying on S&T. As the foundation of the intelligent resources, talents play a key role in promoting the development of society and economy. Thus, in order to obtain and maintain long-term competitive edge, what we basically need is the irresistible attraction to talents. How to attract outstanding technological talents to meet the needs of economic construction and social progress has become an important part of the future development strategies for the countries and regions all over the world. The research on influence factors of talent attraction in urban is mainly concerned with policy, economy, culture, infrastructure and so on. At present, even though the existing studies have concluded that the degree of talent attraction of a country or region is the joint effort of these multiple factors above, they are mostly qualitative description and lack of quantitative analysis. Besides, evaluations from a single point have dominated the recent studies and few comprehensive analyses are proposed to support their ideas. What′s more, most researches have the problems only explaining the current situation of talent attraction in a certain area and lacking the analysis of the dynamic changes of the influential factors. According to the current characteristics of China′s human resources, we analyze the pivotal role of talent movement and development in the process of the entire talent attraction evaluation. Therefore, this paper regards the two aspects as the most general attractions of urban talents.      This paper is based on the scientific data-driven idea and concerned with some official policies trying to attract talents as well as related research on the talent attraction evaluation index system, during which we fully consider about the principle of scientific, operability and systemic selection of indicators. Finally, this paper establishes a three-layer talent attraction index system, including the first level of talent mobility and talent growth, the second level of 12 secondary indicators such as economic status, natural environment, living environment and so on, and the third layer of 46 indicators like total GDP, per capita GDP, and GDP growth rate. On the basis of designing the evaluation index system of the regional overall attractiveness of talents, we plan to transfer the collected data into no-dimensional forms and determine the weight of indexes, and then the talent attraction model is constructed to quantify the talent attraction level in different regions. We gather amount of macroeconomic data from six cities including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Suzhou from 2012 to 2016 and use the proposed model to calculate the talent attraction level of the six cities during this period and mainly make in-depth analysis of Shenzhen.      From the vertical dynamic perspective, combined with the measures taken by Shenzhen talent attraction work, we can find that the level of its population environment, social security, technological development condition, cultural environment and talents′ value realization is on the rise. However, in terms of public services, living conditions, and consumption levels, there is a slight downward trend, so the municipal government of Shenzhen should give policy bias and support for these respects. From the horizontal static perspective, the attractiveness of talents in Shenzhen has been always remaining at a pretty higher level. There is not much difference between Shenzhen and the best city in each year. But after further research on the results of the first-level indicators, some questions have occurred that Shenzhen is not good at training talents in spite of its outstanding attractiveness of talent flow, which conveys that Shenzhen has great appeal to external talents while it could not retain them well. Although Beijing has a moderate performance in the attractiveness of talent flow, it is overwhelmingly superior in the level of talent cultivation attraction, which forms a positive circle of retaining talents and attracting more talents to come, so the city′s comprehensive ability to attract talents keeps rising year by year. Suzhou has gained the steady development of strong momentum and basically remain a high position in recent years, because it achieves a balance between the flow and cultivation of the talents. The other three cities perform poorly and even have shortcomings in the considered aspects, which restricts their attraction to talents with no doubt and in turn affects the economic and social development of these cities. The local government needs to be vigilant.      In the early era of Economic Special Zone of China, Shenzhen has attracted tens of thousands of talents in various fields with great policy support and wage advantages, and realized the rapid development of the city. However, with the growing momentum of other cities, the halo has gradually faded in Shenzhen. In order to create greater glories, on the one hand, the city must continue to take the geographical advantages of coastal and special economic zones, and constantly improve its industrial support, employment security as well as public service management, so that to create a vivid competitive city card to attract more talents. On the other hand, short-term talent attraction is far from enough. What is more vital is to localize the existing talents. To complete the transformation of their identity consciousness as soon as possible, we can optimize the urban comprehensive environment, improve the industrial structure chain, and create a career development space and thus strive to establish their home awareness and sense of belonging. After that, the talents can be attracted and used better by us, and finally ensure the sustainable development of the city. In short, this research builds a three-layer index system of talent attraction and then sets up a model to quantify the degree of city′s talent attraction and applies it to some typical cities in China. Through horizontal and vertical comparative analysis, combined with the actual situation of regional development, it confirms the scientificity of the evaluation results. This paper can provide some suggestions for countries and regions to attract talents in order to achieve further development. Simultaneously, it extends the research scope of establishing the evaluation index system, which makes some contribution to improve the theory of quantitative assessment. References | Related Articles | Metrics

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Can the establishment of national high-tech zone promote regional technology progress:Mechanism inspection based on the perspective of producer services agglomeration Zhuo Chengfeng, Deng Feng 2021, 42(7): 68-76.  Abstract ( 257 )   At present, China′s economy is in the process of transforming the development mode and optimizing the economic structure. Promoting economic development and technological progress by innovation, and re-engineering the power mechanism of economic growth are inevitable choices for cracking the growth dilemma. In the policy practice, as a policy test field, the national high-tech zone is the pioneering zone and demonstration zone for China to explore innovation-driven development road with relying on industrial agglomeration. The national high-tech zone is also responsible for guiding the development of high-tech industries. However, national high-tech zones are also faced with institutional inertia, dependence on the original development path, lock at the lower end of the value chain and other transition obstacles. Under this background, scientifically evaluating the technological progress effect of national high-tech zones and in-depth analysis of its mechanism will have important policy implications for further improving the construction of national high-tech zones, exploring effective policy measures to promote urban technological progress.     By combing the relevant literature, we find that the existing literature rarely considers the establishment of a national high-tech zone as a research object, and examines the technological progress effect of the national high-tech zone. Furthermore, the relevant literature is often oriented to the evaluation results, but lacking the analysis of the mechanism of policy effect, which is obviously not conducive for our full understanding of the development dilemma of the national high-tech zone. Therefore, we expound the problems existing in the development of high-tech zones from the perspective of government behavior and industrial development. We have found that the national high-tech zone has made great progress in promoting scientific and technological progress, leading independent innovation, and promoting the development of emerging industries. However, the national high-tech zone is more prominent to promote local economic development. Under the Chinese-style decentralization system, local governments pay more attention to short-term political achievements. They trend to make the high-tech zone a policy environment that is not conducive to technological progress. When it comes to industrial development, the level of industrial agglomeration in high-tech zones is biased towards low-end, and innovation factors cannot be effectively transformed into technological progress. These phenomena form the research hypothesis of this paper, that is, the establishment of high-tech zones did not significantly promote the technological progress of urban.     Based on the theoretical analysis, this paper uses the data of 279 prefecture-level cities in China from 2003 to 2015, and uses the Difference in Difference model to evaluate the impact of establishing national high-tech zones on urban technological progress. Furthermore, we divide production service industry into two categories: high-level production service industry and low-level production service industry. Then we take the agglomeration of producer service industry as an entry point and investigate the internal mechanism of why establishing a national high-tech zone cannot promote urban technological progress significantly. Finally, from the two aspects of "cost effect" and "productivity effect", this paper evaluates the repairing effects of infrastructure, manufacturing development, wage level, government R&D support, innovation personnel accumulation, and financial development on the above-mentioned transmission mechanism.     The study shows that: (1) The establishment of national high-tech zones did not significantly promote regional technological progress. This conclusion is still robust after considering issues such as urban level, extreme value impact, spatial dependence, and parallel trend assumptions and so on; (2) The mechanism test shows that the reason for the above conclusions lies in the dislocation of the transmission mechanism which appear as "establishing a national high-tech zone → producer service industry agglomeration → urban technological progress". The establishment of a national high-tech zone has significantly promoted the accumulation of low-level producer service industries. However, the agglomeration of low-level producer services has little impact on urban technological progress. On the contrary, the high-level producer service industry which can promote technological progress effectively has not formed an agglomeration in the urban; (3) Further analysis found that improving infrastructure, promoting manufacturing development, increasing the wage level, enhancing government R&D support, expanding the accumulation of innovative personnel, and increasing the level of financial development can effectively repair the misplacement of transmission mechanisms and attract high-level producer service industries into the region. In addition, the "cost effect" of manufacturing development and the "productivity effect" of accumulating innovative talents is the most effective pathway.     According to the research conclusions, we propose two policy inspirations. First, we should re-examine the strategic positioning of the national high-tech zone, focus on enhancing the scientific and technological innovation support of the national high-tech zone to the local economy, and avoiding excessive pursuit of the high-tech zone′s immediate economic performance. Carefully and scientifically selecting enterprises in the zone, and adopting high-level producer service enterprises as the main introduction target, avoiding excessive introduction of large projects with capital-intensive and quick output are also important. Second, it is necessary to rationally lay out manufacturing enterprises in the national high-tech zones, increase investment of scientific research and innovation, actively introduce high-level innovative talents, and provides guarantees for the productivity improvement of high-end producer service enterprises, hence giving full play of the "cost effect" and "productivity effect". Through these measures, we can effectively strengthen the positive effect of national high-tech zones on urban technological progress.     Compared with the existing literature, the innovations of this paper are as follows: (1)this paper combs the problems existing in the development of high-tech zones from the aspects of policy implementation and industrial development, and quantitatively evaluates the policy effects of establishing national high-tech zones on urban technological progress, thus deepening our understanding on the development situation of national high-tech zones in theory and practice; (2) this paper deeply analyzes the internal transmission mechanism of the influence of establishing the national high-tech zones on urban technological progress, so as to provide a new perspective for understanding the development dilemma of national high-tech zones; (3) from the perspective of "cost effect" and "productivity effect", this paper investigates the effective ways of repairing the transmission mechanism, so as to provide an important grasp for targeted constructing of national high-tech zones. 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The double-edged sword effect of cross-domain search on generic technology spillover: The amplifying effect of industrial alliances Cen Jie, Ye Erzi, Xiao Yao 2021, 42(7): 77-90.  Abstract ( 213 )       In the context of collaborative innovation, multi-agent participation and multi-knowledge integration have become the mainstream paradigm of generic technology R&D and spillover. Cross-domain search is essentially dependent on spillover from multiple knowledge sources, which implies that cross-domain search is necessarily associated with generic technology spillover, but this relationship is masked by the "subject view" of generic technology collaborative R&D paradigm. A large number of scholars have paid attention to the problem of "how to promote the spillover of generic technology" and examined the impact of the commercialization strategy, mode selection, network effect and stage characteristics of generic technology diffusion on the spillover of generic technology. Many achievements have been made, but the problem of "how generic technology spillover occurs" has not been answered. The existing research on generic technology spillover from the perspective of government procurement, patent licensing, research institutions and industry-university-research has implied the value of cross-domain search, but failed to directly explore the direct relationship between cross-domain search and generic technology spillover, and failed to reveal the double-edged sword effect of cross-domain search.     Starting from the "search behavior", this paper focuses on "how generic technology spillover occurs", trying to answer the question on "how knowledge search behavior affects generic technology spillover", and further examines the role of industrial alliance characteristics. Based on this, this paper constructs 373 enterprises′ patent data samples and 190 enterprises′ alliance data samples. Through patent analysis, text analysis and empirical research, it is found that cross-domain search has a double-edged sword effect on generic technology spillover, and the characteristics of industrial alliance play a magnifying role in the relationship between the two. The main conclusions are as follows: (1) There is an inverted U-shaped relationship between cross-domain search and the depth of generic technology spillover; (2) There is an inverted U-shaped relationship between cross-domain search and the breadth of generic technology spillover ; (3) The number of industrial alliances has a positive moderating effect on the relationship between cross-domain search — generic technology spillover depth and cross-domain search — generic technology spillover breadth; (4) The heterogeneity of industrial alliances has a positive moderating effect on the relationship between cross-domain search — generic technology spillover depth and cross-domain search — generic technology spillover breadth.      This paper attempts to answer the question of "how generic technology spillover occurs", extends the antecedents of generic technology spillover, and further enriches the research results in the field of generic technology spillover. At the same time, this paper also puts forward some management implications. First, cross-domain search is an important means for enterprises to develop generic technology, and the research and development of generic technology is the pre-content of R & D proprietary technology. Enterprises should formulate reasonable cross-domain search strategies based on R & D needs and strategic objectives, and grasp the distance of cross-domain search. Second, in a reasonable cross-domain search strategy, enterprises should be good at using alliance strength, accelerate the realization of R & D goals; Third, this paper demonstrates the important role of enterprises and industrial alliances in the spillover of generic technology. Therefore, the government should actively guide and support them, seize the wave of the fourth scientific and technological revolution, boost the breakthrough of industrial key generic technology, and accelerate the transformation of the role from technology catcher to technology leader. References | Related Articles | Metrics

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A research on the influence of business simulation on creativity from the perspective of interaction Yang Hailong, Guo Guoqing, Zhang Xiaoliang 2021, 42(7): 91-99.  Abstract ( 279 )       The implementation of innovationdriven development is inseparable from the cultivation of innovative talents, and the core of the cultivation of innovative talents is to improve individual creativity. Therefore, how to effectively carry out creativity training has become a hot issue that scholars, educators and the industry continue to pay attention to. Although many theories and methods have been proposed and proven to be effective, scholars still call for more concise, flexible and easy to replicate pathways to creativity promotion, and suggest combining them with new technologies to promote sustainable innovation in society as a whole. Business simulations have the potential to respond to such calls.      Simulation training is a comprehensive practice environment created for empowerment. When the simulation focuses on the real business environment, it can be called business simulation. Existing research has shown that business simulation can improve participants′ cognitive learning effects, interest and immersion in learning, general work abilities including information analysis, and specific abilities in business areas such as business strategy analysis. However, the causal relationship between business simulation and creativity is still unclear. Considering the great potential of the combination of simulation software, 5G and artificial intelligence as a digital innovation infrastructure, and the core driving value of innovation to China′s current economic and social development, it is urgent to further clarify the causal relationship between business simulation and individual creativity, and find the key factors for business simulation to enhance creativity.     In view of this, based on the theory of social construction learning and innovative interaction, we have carried out two studies to bridge the theoretical gap mentioned above. To be specific, the first study establishes the causal relationship between business simulation and individual creativity through DID analysis of multiperiod data before and after business simulation. In study 2, based on the flow experience theory, business simulation interaction was used as a stimulus, performance pressure and psychological simulation as an individual′s internal response, and creativity as the result. A mediating relationship model of business simulation interaction influencing individual creativity was constructed, and the model was further tested by performing hierarchical regression on multistage data.     The main findings are as follows: First, business simulation can enhance participants′ creativity. Second, the interaction in business simulation is an important factor that can enhance the creativity of participants. Third, the role playing based business simulation interaction activates participants′ mental simulations by providing rich sensory materials and promoting cognitive construction consistent with actions. Furthermore, mental simulation contributes to the diversification and divergence of thinking in the process of event reconstruction, thus forming a positive influence on creativity. Fourth, business simulation interaction positively affects participants′ perception of performance pressure, but participants′ evaluation of such performance pressure tends to be challenging, that is, individuals believe that they are capable of coping with such pressure, and thus the perception of challenging pressure has a positive impact on creativity. Fifth, when the abilities of participants match the challenges of business simulation at a higher level, peak experience strengthens the positive impact of business simulation interaction on creativity through performance pressure, and vice versa, this indirect effect is weakened. Sixth, the positive impact of business simulation on creativity is not shortlived. The possible reason is that the participants improved their confidence and resilience in the process of interaction, mental simulation and stress coping, thus exerting a sustained positive impact on creativity as a psychological capital. On the eve of the 5G wave and the outbreak of artificial intelligence industry, the accurate identification of the key factors of business simulation to enhance creativity has laid a foundation for the further digital and virtual development of creativity promotion training, and found a flexible and easily popularized potential path for the cultivation of innovative talents and the shaping of innovative teams. References | Related Articles | Metrics

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Trade liberalization and the skill structure of firm employment Sun Churen, Li Dan, Chen Jin 2021, 42(7): 100-107.  Abstract ( 218 )       The issue of trade liberalization and employment reflects the production structure of a country, the level of industry development and the gain of different types of labor in trade. It is not only one of the core issues in the field of international trade, but also the consideration of industrial policies, trade policies and foreign investment policies of a country. The report of the 19th Communist Party of China National Congress proposed that promoting the formation of a new pattern of comprehensive openness, and employment is the biggest livelihood. It′s important to deal with the relationship between openness and employment. The strategy of "Made in China 2025" proposes to achieve the goal of manufacturing transforming and upgrading through three steps. Therefore, how to accelerate industry upgrading, how to guarantee the employment of ordinary people and ensure the interests of different groups when promoting the opening up become a major issue which needs urgent consideration.       This paper employs the firm level data of the business environment surveys of 26 countries in Central and Eastern Europe and Central Asia, BACI data, WITS data and World Development Indicators to examine the impact of trade liberalization on the skill structure of firm employment. In summary, the following conclusions can be drawn: First, trade liberalization will promote companies to hire a higher proportion of high-skilled labor, which is robust when using alternative measurement of trade liberalization and the skill structure of firm employment, and also when solving the potential endogenous problem by using the method of instrumental variable. Second, the mechanism analysis shows that trade liberalization will lead to fierce competition and industry upgrading, which will strengthen the preference for high-skilled labor. Third, heterogeneous analysis indicates that the baseline result of trade liberalization promoting higher proportion of high-skilled labor is more obvious for medium-productivity firms, small firms, domestic firms, single-product firms and firms in developed countries and firms in skill abundant countries. The conclusion of this paper implies that trade liberalization will bring about upgrading of the skill structure of firm employment and promoting the efficiency of the labor market allocation, which gives a new way for trade liberalization to improve the national welfare.     There are significant policy implications. On the one hand, the result of this paper is in line with the interests of enterprise and country, and trade liberalization encourages economy upgrading. On the other hand, there should be noticed that the problem of structural unemployment may be severer, plenty of high-skilled labor are employed, resulting in the low-skilled labor nowhere to settle down. To this end, the following policies can be put forward. First, government and enterprises need to pay more attention about education, research and development, cultivate more high-skilled labor, provide backup labor force for firms; promote the development of high-tech and knowledge-intensive industries, reduce the dependence on labor to cope with the shortage of labor force. Second, government and enterprises can strengthen the training of the existing low-skilled labor to improve their working skill, promote the transformation of non-skilled labor to skilled labor, and solve the employment of low-skilled groups. Third, government should support the development of private enterprises and small-sized and medium-sized enterprises, promote transformation and upgrading of these firms, play their role in employment absorption. Finally, government should actively promote the "Belt and Road" initiative because it plays an important role in the adjustment of economic structure and allocation of resources for countries along the line.     This paper makes following contributions. First of all, this article directly examines the impact of trade liberalization policy on the skill structure of firm employment, which is rare in the existing research. Secondly, this paper adopts the firm level data of the business environment survey of 26 countries released by the World Bank, covering countries of multi-level economic development. Compared with using the data of only one country or country with a specific development level, our conclusion is more general and applicable. Thirdly, this paper refers the method of Crozet et al. (2018) to solve the potential endogenous problem. Last but not the least, this paper proposes and tests two channels of how trade liberalization leading to changes in the skill structure of firm employment, and analyzes the mechanism behind the phenomenon. In addition, the paper also examines the heterogeneous impact of the trade liberalization on different types of firms, and has obtained some interesting conclusions. References | Related Articles | Metrics

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A research on the influence mechanism of environmental leadership on the eco-innovation of enterprises Yang Jing, Zhong Weiguo, Yu Yi 2021, 42(7): 108-115.  Abstract ( 311 )       Ecological innovation has become one of the important strategic tools for manufacturing industry to obtain sustainable development. How to drive enterprise′s ecological innovation behavior is an important topic with common concern both in the industry and academia. In fact, the entrepreneur′s environmental leadership style and environment awareness play a decisive role in the decision of enterprise ecological innovation. However, whether managers′ environmental leadership can have an impact on ecological innovation, and what impact it has on ecological innovation, as well as its impact mechanism, still have not yet been discussed in depth by now.      Based on the theory of basic natural resources and leadership, this paper explores the path mechanism which influence the strategic choice of enterprise ecological innovation from the perspective of executives′ cognition, and try to construct a psychological decision-making framework of "environmental leadership → executives′ perception → ecological innovation behavior", in order to better explain the impact effect of executives′ environmental leadership to ecological innovation with different strategic attitudes (passive ecological innovation and proactive ecological innovation), and the different impacting paths.     The sample enterprises are from Beijing, Shanghai, Jiangsu, Shandong and Fujian. Based on a questionnaire survey of 248 manufacturing enterprises, this paper uses structural equation model to compare the fittings effect of several models : without mediating effect, complete mediating effect and partial mediating effect, testifies the mediating effects of managers′ perception: opportunity perception and threat perception, on the effect of environmental leadership to enterprise′s proactive and passive ecological innovation, respectively. The results show that environmental leadership has a significant impact on proactive ecological innovation, while the impact on passive ecological innovation has not been testified. Opportunity perception of executives has a partial mediating effect on the relationship of environmental leadership and proactive eco-innovation, while manager′s threat perception has a significant mediating effect on the relationship of environmental leadership and reactive eco-innovation. Because environmental leadership has no significant impact on enterprises′ passive ecological innovation behavior, the impact of environmental leadership and threat perception on passive ecological innovation is significant when threat perception is added as a mediate variable. That means threat perception is a distal mediator of the relationship between environmental leadership and passive ecological innovation.     Management inspiration: This study finds that environmental leadership can positively predict enterprises′ proactive ecological innovation behavior, which means that organization should examine their environmental responsibility consciousness when choosing managers, especially senior managers. The entrepreneurs should face up to the environmental problems, take environmental problems into the framework of enterprise strategy, and find new opportunities, which not only bring value to the development of enterprises, but also have a positive impact on the natural environment. Policy inspiration: The government can continue to cultivate and strengthen entrepreneurs′ awareness of environmental protection by further strengthening environmental protection propaganda. Enterprise managers′ perception of environmental protection also has a process of transformation and improvement. The government can motivate the managers of enterprises by improving the performance appraisal system of senior managers, especially in large and medium-sized state-owned enterprises, adding indicators such as "environmental investment performance" and "environmental contribution rate". References | Related Articles | Metrics

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The relationship among network embeddedness, architecture innovation and collaborative innovation performance of civil-military integration Peng Benhong, Wang Xuejiao 2021, 42(7): 116-125.  Abstract ( 202 )      The mainstream mode of scientific and technological innovation in the world is changing from single subject innovation to multi-subject collaboration. In the era of knowledge economy and with the full development of information technology, knowledge innovation and technology innovation are playing more and more important roles in improving the competitiveness of enterprises, promoting the upgrading of industries, and promoting the new growth of national economy. The collaborative innovation network of Civil-military integration is a complex system with self-organizing characteristics, which can be divided into two modules: the military industrial technology innovation subsystem and the civil technology innovation subsystem. The reconfiguration of connections between modules can realize multi-dimensional architecture restructuring, thus improving the innovation performance of the whole system. The Civil-military integration must be embedded in the industrial network, and the structure innovation is an important influence factor of deepening Civil-military integration. In order to clarify the influence mechanism of network embeddedness on the collaborative innovation performance, this paper constructs a conceptual model which takes the system architecture innovation as mediating variable and takes the government innovation policy as the moderating variable，then carries out empirical research through questionnaire survey and structural equation model. This paper reviewed the relevant literature and defined the concepts of network embeddedness, architecture innovation, and collaborative innovation performance. In this paper, the network embeddedness is divided into two dimensions: relationship embeddedness and structure embeddedness. The architecture innovation is divided into three dimensions: organizational architecture innovation, knowledge architecture innovation and industrial architecture innovation. Then six groups of hypotheses based on relevant literature analysis and industrial practice were proposed. Data was collected from 136 Civil-military integration enterprises，and analyzed with statistical tools.      The experimental results show that network embeddedness has a significant impact on the collaborative performance improvement of Civil-military integration, which is realized through architecture innovation. During this process, organizational architecture innovation and knowledge architecture innovation were verified to play an intermediary role. The intermediary role of industrial architecture innovation has not been verified, which may be due to the fact that industrial structure innovation is a smooth and long-term process, and its impact on the performance of collaborative innovation has a certain lag. At present, the industrial architecture of the military-civilian integration system has not been significantly improved. What′s more, government cooperation promotion policy can lower the industry barriers for civilian enterprises to enter the military technology field, reduce the uncertainty and instability of cooperation, and play a moderating role between relationship embeddedness and collaborative innovation performance. But it also weakens the "structural-hole" status of military enterprises, it does not play a positive moderating role in the relationship between structural embeddedness and synergetic innovation performance as a result. In addition, intellectual property protection policies did not have the regulatory effect on the relationship between the two as expected. The intellectual property protection policy will strengthen the protection of the core knowledge of the enterprises, thus hindering the exchange of knowledge resources between the enterprises to a certain extent and adversely affecting the role of the members of different organizations in cooperation. Therefore, it is not conducive to the improvement of collaborative innovation performance. This research has certain reference and guiding significance for leading the deep and coordinated development of China′s Civil-military integration industry. References | Related Articles | Metrics

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The relationship among horizontal knowledge spillovers, technology embedded innovation and industrial structure coordination——A study by taking the manufacturing industry of China as an example Zhou Xuan, Tao Changqi 2021, 42(7): 126-136.  Abstract ( 199 )       As the backbone and key driving force for the optimization and upgrading of industrial structure, technological innovation has always played a role in changing the ratio between industries and changing the structure of industrial demand, and efficiently transforming traditional industries in China, promoting the formation of emerging industrial sectors. Then the proportion of industries has gradually become more coordinated. The optimization and upgrading of regional industrial structure is a reliable guarantee for the sustainable development of technological innovation. The improvement of technological innovation capability caused by knowledge spillover has become the main way to promote the optimization and upgrading of industrial structure. Based on this, we subdivide technological innovation and industrial structure optimization and upgrading, examine the interaction between technological embedded innovation and industrial structure coordination, and analyze the impact of technological embedded innovation on industrial structure coordination.     This paper puts forward the concept of technology embedded innovation and quantifies it. Firstly, it explores the driving mechanism of technology embedded innovation to drive industrial structure coordination, and then selects the industrial enterprise data of China′s sub-sectors from 2003 to 2015. Based on internal and external driving factors under the driving mechanism, this paper constructs a horizontal knowledge overflow space weight matrix and deeply analyzes the spatial effect of technology embedded innovation to drive industrial structure coordination under horizontal knowledge spillover. The contributions of this paper are as follows. Firstly, the concept of technology embedded innovation is proposed and quantified, and the conceptual model and symbiotic evolution model are built to explore the internal mechanism of technology embedded innovation to drive industrial structure coordination. Secondly, the horizontal knowledge overflow space weight matrix is constructed to explore the spatial dynamic autoregressive effect of technological embedded innovation driven industrial structure coordination under horizontal knowledge spillover. Finally, through the analysis of spatial heterogeneity and spatial correlation, the spatial autoregressive model is constructed to deeply explore the reasons for the spatial effect of technological embedded innovation driving industrial structure coordination.     Finally, the paper draws the following conclusions. Firstly, it explains the mechanism of technology embedded innovation to drive the industrial structure coordination, and believes that technology embedded innovation and industrial structure coordination will positively promote economic growth. And the interaction between the two in the time dimension and the spatial dimension will form a cyclical effect of time and space. Then, it explores the reasons for the formation of such a cyclic interaction loop, points out that internal drivers such as human resources, technological innovation strategies and funding resources, and external drivers such as government support, technological progress and market competition are the realization of technological embedded innovation-driven industrial structure coordination. The driving force and pulling power of the symbiotic evolutionary system, the interaction between the two promotes the positive development of the system. Finally, it analyzes the reasons for the spatial effect of technology embedded innovation driving industrial structure coordination, mainly because of the heterogeneity and relevance of industrial structure coordination at the spatial level. The results show that the spatial effects of technical embedded innovation driven industrial structure coordination under the horizontal perspective of the global perspective (42 industrial sectors) and the local perspective (three major industry segments) are significantly positive.     In summary, this paper explores the interrelationship between technological innovation and industrial structure optimization and upgrading from a more detailed perspective. The conclusion helps to better analyze the impact of China′s manufacturing technology embedded innovation drive industry structure coordination. Based on this, the following suggestions are proposed. Firstly, the planning and construction of technological innovation bases are accelerated. Building enterprises or industrial clusters in technology embedded innovation bases will help to achieve the autonomy of enterprise innovation, enhance the endogenous growth momentum of regional enterprises or industries, stabilize the internal and external driving forces of enterprise development, and promote the steady development of regional industries under technological embedded innovation. Secondly, three industries are rationally planned and the three industrial structures are optimized. Transforming traditional industries through technological innovation, promoting mergers and reorganizations of enterprises, and allocating production factors to advantageous enterprises, which is conducive to enhancing the concentration of enterprises. Thirdly, innovative mechanisms are fostered to enhance the endogenous growth capacity of the drive system. In the embedded innovation of technology, the tax reduction and exemption of technology development by governments at all levels has a positive impact on the coordination of industrial structure. In the process of technological innovation, the market order is maintained by strengthening government supervision, and then the innovation mechanism is cultivated. References | Related Articles | Metrics

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Well-being and business model innovation: The cross-level moderating effect of organizational trust Wang Bingcheng, Feng Yueyang, Zhang Shiqiang 2021, 42(7): 137-146.  Abstract ( 274 )        Although current studies have made a lot of progress in the conceptual research, scope and novelty of business model innovation and its impact on organizational performance, there are relatively few studies on the subjects of business model innovation, especially quantitative researches relevant to business model innovation subjects.     This study intends to develop a model on the relationship among well-being, organizational trust and business model innovation, and empirically tests the model by collecting data through questionnaires. Considering the process perspective, business model innovation includes two stages, namely business model creativity and business model application, which belongs to the individual level as the same as innovator′s well-being, while the organizational trust of this study belongs to the group level. The three constructs may have nested relationships, so this study is conducted using a hierarchical linear model (HLM) that is suitable for cross-level analysis.     In this study, items regarding well-being are adapted from Yan Kaisheng (2011) questionnaire of subjective well-being, which consisted of 5 items. The questionnaire of business model innovation references the work by Kleysen & Street (2001), Scott & Bruce (1994) and Wang Bingcheng (2016), which designs 14 items. Organizational trust adopts the questionnaire of Xu Daoran and designs 14 items. All items are measured by the five-point Likert scale. This study collects data from the business model innovation team of enterprises. 60 sets of questionnaires were initially issued to teams, with 10 for each team. Questionnaires are sent in January 2018 and retrieved in March 2018. Finally, 457 valid questionnaires are obtained from 50 business model innovation teams.      As is tested, the rwg value of superior trust and colleagues trust have reached the standard. On the whole, the superior trust dimension and the colleagues trust dimension of 50 teams have within-group agreement, which meet the requirement for aggregation. ICC (1) and ICC (2) of superior trust and colleagues trust also meet the criteria given by James (1982), indicating that there is obvious between-group variation between superior trust and colleagues trust, that is, the level of superior trust and colleagues trust in different innovation teams are significantly different, and showing the rationality of cross-level analysis. Then, SPSS 18 is adopted for reliability test and AMOS 18 is used for validity test. With both reliability and validity meet the standard requirements, HLM 6.04 is used for cross-level analysis of the model. On this basis, according to the recommendations of Raudenbush & Bryk (2002) and Wang Yucong (2011), in the HLM analysis, we conducts test followed by the steps from simple to complex and low to high, and examined the empty model of business model creativity and business model application (testing whether the collected data has within-group consistency), the random coefficient regression model (testing direct effect of well-being), the intercepts as outcomes model (testing the direct effect of organizational trust), and the slopes as outcomes model (testing the moderating effect of organizational trust).     The study finds that: (1) Well-being has a significant positive impact on business model creativity and business model application. Well-being is the satisfaction of team members with life, work and psychology, stating a positive emotional and psychological experience. According to Fredrickson′s (2001) broaden-and-build theory, the positive emotional experience can expand the innovator′s instantaneous thinking, which can usually promote the creation of business model creativity. In addition, the dynamic spillover-cross model of well-being points out that well-being will spill over into the innovation team, which will enhance the well-being of each innovator in the team and indirectly affect their work behavior and innovation performance. The results of this study also illustrate the rationality of this model and expanded its application in the field of business model innovation.      (2) Colleague trust and superior trust have not exerted a significant impact on business model creativity and business model application. This is consistent with that of Yi Jiabin, Xie Dongmei and Gao Jinwei (2015), stating that organizational trust does not directly affect business model innovation. Su Tao et al (2018) pointed out that trust is more about improving the relationship between team members, rather than promoting their creative thinking and innovative ideas, and does not significantly improve their ability to complete the task. Some scholars have found that excessive trust levels can even reduce the supervision of innovation team members, leading team members to seek consistency of ideas and reducing members′ flexibility and creativity. Future research can explore whether organizational trust can influence business model innovation through other mediators. (3) Superior trust can have a significant moderating effect on the relationship between well-being and business model application, and with a higher superior trust, well-being has a stronger influence on business model application. However, superior trust does not have a significant moderating role in the relationship between well-being and business model creativity. According to the leader-member exchange theory (LMX), superior trust will form an internal incentive mechanism, prompting the subordinates to actively complete the commission and arrangement of the superior, which leads the team members to be more engaged in the work and more willingly to insert more resources and efforts. Therefore, with a higher superior trust, innovators with well-being will invest more resources and efforts to promote the application of business model creativity. In contrast, the creation of business model creativity requires more divergent thinking and the instant inspiration, rather than diligence itself. This may possibly explain why superior trust does not have a significant moderating effect in the relationship between well-being and business model creativity.      (4) Colleague trust plays a significant moderating role on the well-being-business model creativity and well-being-business model application relationship. And with a higher trust among colleagues, well-being has a stronger role in promoting business model creativity and business model application. According to the social exchange theory, trust can facilitate knowledge sharing among the members of innovation team, enabling innovators with well-being to better develop their creative thinking and innovative ability. At the same time, creative implementers are more likely to obtain assistance and support in an atmosphere of colleagues trust, thus overcoming the difficulties encountered in the implementation of business model creativity and accelerating the realization of business model innovation. 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A research on customer participation in knowledge sharing based on the super-network model Liu Lin, Wang Jiuhe 2021, 42(7): 147-155.  Abstract ( 241 )       At present, the core competitiveness of many enterprises is generally low, and the ability of independent innovation and independent learning is relatively lacking. At the same time, in the process of improving the core competitiveness of enterprises, there is not enough attention to knowledge and knowledge management, which has become a bottleneck restricting the improvement of the core competitiveness of Chinese enterprises. Studies have found that knowledge has gradually replaced capital and energy as an important resource for enterprise development, and it is also the key for enterprises to gain a competitive advantage in fierce market competition. With the application of Internet technologies such as big data and cloud computing and the development of "consumer sovereignty", customers have transformed from passive value recipients to value leaders to participate in the value creation activities of enterprises. Therefore, this article intends to analyze the influence mechanism of customer participation on enterprise knowledge innovation from the perspective of customer-enterprise interaction and knowledge sharing.      A super-network model of customer participation in knowledge sharing that includes three parts: knowledge sub-network, customer sub-network and enterprise organization sub-network is constructed in this article, which describes the relationship among the three heterogeneous nodes of knowledge node, customer node, and enterprise employee node, and the relationship between the homogeneous nodes. At the same time, the article analyzes the process of customer participation in knowledge sharing from four stages: preparation phase, implementation phase, integration phase, innovation phase, and maintenance phase, and builds a process diagram of customer participation in knowledge sharing on this basis. The article adopts the simulation experiment method to study the process model of customer participation in knowledge sharing, and mainly uses Netlogo software to model and simulate the super-network model of customer participation in knowledge sharing. The focus of the article is to analyze the influence of customer knowledge sharing ability, knowledge innovation ability and customer loyalty on the process of enterprise knowledge innovation, and the main conclusions obtained are as follows:     Firstly, sharing ability, innovation ability and customer loyalty all have a significant positive impact on the process of enterprise knowledge innovation, and innovation ability is the key driving factor to accelerate the process of enterprise knowledge innovation. Compared with the improvement of sharing ability and customer loyalty, the improvement of knowledge innovation ability has a more significant impact on the process of knowledge innovation.     Secondly, sharing ability is a key factor that determines the total amount of system knowledge. From the experimental data, it can be seen that the improvement of knowledge innovation ability, knowledge sharing ability and customer loyalty can accelerate the process of enterprise knowledge innovation, but compared with the improvement of innovation ability and customer loyalty, the improvement of sharing ability significantly increases the total knowledge of the system. This result shows that the improvement of sharing ability enables knowledge sharing participants to increase their ability to express, transfer and absorb knowledge, further increase the total amount of shared knowledge and improve the efficiency of knowledge sharing, thereby increasing the amount of knowledge in the system.     Thirdly, the improvement of customer loyalty has an indirect role in promoting sharing ability and innovation ability. The improvement of customer loyalty increases the number of new knowledge nodes and new customer nodes, and accelerates the generation of new knowledge nodes and new customer nodes. This result shows that the improvement of customer loyalty will make customers invest more time and energy in the process of knowledge sharing, and indirectly improve their knowledge sharing ability and innovation ability. References | Related Articles | Metrics

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The moderating effect of enterprise policy orientation on social media interaction Lin Shujin, Zhuang Guijun 2021, 42(7): 156-162.  Abstract ( 184 )       In the field of channels, the application of social media among enterprises has begun to attract the attention of scholars. However, existing studies only focus on the positive side of the influence of social media on the relationship between enterprises, but ignore the negative side of the influence of social media. So far, no one has discussed the different impacts of social media on enterprises, which restrict our comprehensive understanding of social media. Therefore, it is necessary to test the duality of social media through quantitative empirical analysis to help enterprises better understand and make use of social media. More importantly, does the policy orientation adopted by enterprises work in the different influences of social media? It is not clear whether different policy orientation of enterprises change the effectiveness of interactive behaviors on the consequences of behaviors. Exploring this issue can provide theoretical support for enterprises to formulate effective social media policies, which are worth further study. Based on this, this paper based on the social exchange theory, explores the different impacts of the use of social media by boundary spanners on the performance of enterprises and the opportunistic behavior of partners, so as to verify the duality of the influences of social media. Furthermore, this paper further studies of the moderating effect of enterprise policy orientation on the relationship between social media interactive behaviors and its consequences, and proposes a conceptual model for the study.     In the research design, we first put forward research hypotheses by theoretical and logical derivation aiming at studying the relationship between different variables. It is assumed that the social media interactive behavior of enterprise boundary spanners affects the performance of firms and the opportunistic behavior of partners, as well as the moderating effect of encouragement orientation and control orientation on their relationship. This study was undertaken by questionnaire. According to the purpose of the study, manufacturing enterprises were selected as the survey samples in many regions in China (including Beijing, Guangzhou, Shenyang, Dalian, Changchun, Harbin and Zhengzhou, etc.). Each sample selected respondent who is market operations to answer questions about the cooperation of one of the distributor that accounts for the largest portion of the company′s sales. Data were collected by research companies, and the survey of 603 enterprises was finally completed. During the data review, we carried out a preliminary examination and screening, and removed 53 invalid questionnaires, because the respondents of these questionnaires did not understand some specific information or provided contradictory information. We ended up with 550 valid questionnaires. During the scale design process of the questionnaire, measurement items of main variables are mainly based on the results of existing studies and combining with the answers that are selected and extracted from the field interviews of enterprise executives.     Based on the research purpose and the survey data finally collected from 550 domestic manufacturing enterprises, we carried out the empirical analysis. First, to ensure that the study′s measurements are valid, we conducted a reliability and validity test. The results of reliability and validity test showed that all constructs in the study had good internal consistency, good construct reliability, good measurement reliability, good convergent validity, and the scale had good discriminant validity. All test results show that the measurement of the scale in this study has good validity and reliability. The measurement is effective and reliable. Then, we utilize multiple hierarchical regression analysis to test the hypothesis. We performed multivariate hierarchical regression analysis by taking task-based and relational-based interactive behaviors as independent variables, encouragement orientation and control orientation as moderating variables, and the performance of firms and the opportunistic behavior of partners as outcome variables. The results of the hypothesis test show that: (1) more task-based and relational-based interactive behaviors can bring higher performance to firms; more task-based interactive behavior can reduce the opportunistic behavior of partners, but more relational-based interactive behavior can promote the opportunism. (2) The encouragement orientation of firms could strengthen the relationship between relational-based interactive behavior and the performance of firms. The control orientation could weaken the relationship between relational-based interactive behavior and the performance. However, the influence of encouragement or control orientation on the relationship between task-based interactive behavior and firm′s performance is inconspicuous. (3) The encouragement orientation of firms can respectively strengthen the relationship between task-based or relational-based interactive behavior and the opportunistic behavior of partners, while the control orientation weakens the relationship between them.       The research has certain significance for the management practice of enterprises using social media. On the one hand, this study verifies the duality of social media influence on enterprises, and finds that relational-based interactive behavior is the key to the opportunistic behavior of partners. The results provide theoretical guidance for enterprises to better understand and apply social media. Enterprises needs to decide whether to choose social media for interaction based on their own interaction need. For example, enterprises with a high degree of tolerance for partner opportunism may consider allowing boundary spanners to interact with social media to help enterprises achieve higher performance. However, enterprises with low tolerance for partner opportunism should avoid the risks associated with relational-based interactive behavior of boundary spanners. On the other hand, we explored the moderating effect of enterprise policy orientation on the effect of social media interactive behavior. The results provide theoretical support for enterprises to formulate effective social media policies and provide a new ideal for enterprises to avoid the adverse effects of relational-based interactive behavior. For instance, when enterprises believe that boundary spanners are likely to collude with partners to harm the interests of enterprises, they can adopt control orientation to reduce the opportunism. However, enterprises may choose to use encouragement orientation to help enterprises achieve better performance when they believe that boundary spanners do not have satisfactory business contacts with partners or complete work tasks. References | Related Articles | Metrics

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Technological core senior executives, corporate investment and option value Qi Luguang, Chen Gang, Yu Mingtao 2021, 42(7): 163-170.  Abstract ( 201 )      Under the background of striving to build innovative country in China, it is worth studying whether senior executives should be technical talents with more innovative consciousness and ability, whether technological senior executives are better than other else at seizing good investment opportunities given by national industrial policies and markets to improve investor returns. Research on this issue is helpful to analyze the impact of senior management team building on enterprise management efficiency and shareholder value, and to gain an insight into the micro-path to enhance China′s economic innovation and competitiveness.     This paper focuses on two major issues, the one is the influence of technological senior executives on enterprise investment, and the other is the influence of technological senior executives on enterprise option value. According to Upper Echelons Theory (UET), technological senior executives have stronger cognitive and perceptual abilities in research and technology, and they are better at seizing investment opportunities generated by consumer demand and by the adjustment of national industrial policies. Furthermore, they can also improve the efficiency of investment. In the view of real option theory and profit-seeking nature of capital, enterprises should increase investment, expand the enterprises scale and implement growth option when facing with good investment opportunities. While facing with bad investment opportunities, enterprises should decrease investment, reduce the scale of enterprises and execute liquidation option. Technological senior executives are conducive to helping enterprises seize investment opportunities and improve investment efficiency. In other words, they can help enterprises to reinforce the law of capital profit-seeking, and then ultimately improve the value of enterprise growth option and liquidation option.     In order to verify the above problems, this paper selects Chinese listed companies from 2011 to 2016 as samples excluding financial companies, ST companies and companies with incomplete data, and finally obtains 12,268 observations. When testing the influence of technological senior executives on option value, loss companies are deleted, the sample size is only 11,796. Technological senior executive is the key explanatory variables of this paper. Referring to previous literature, we take the following as requirements for judging technological senior executive: (1) the executive has experience in R&D and technical positions; (2) the senior executive has technical titles such as engineer and researcher; (3) the executive is a senior manager in technology or a principal in relevant technical industry association. According to the professional titles and resumes of senior executives in the sub-database of personal data provided by CSMAR, we check the standard of technical senior executives one by one, and finally confirm the definite variable number of technological senior executive. This paper establishes four models, respectively, for testing technological senior executives′ influence on enterprises investment and investment opportunities in sensitivity, the influence of technological senior executives on enterprise investment efficiency, the influence of technological senior executives on enterprise growth option value and on enterprise liquidation option value. When verifying the influence of technological senior executives on the investment efficiency of enterprises, this paper adopts the TOBIT regression method, while other tests use the OLS regression method.     It turns out that the cross-multiplication coefficient between the investment opportunity variable and the technological senior executive variable is significantly positive, indicating that technological senior executives can be better at catching the investment opportunities and improve the sensitivity of enterprise investment expenditure to investment opportunities. The regression result of the influence of technological senior executives on the company′s investment efficiency shows that the regression coefficient of the technological senior executive variable is significantly negative. We divide the sample companies into over-investment group and under-investment group, the results show that the regression coefficient of the technological senior executive variable is still significantly negative, which indicates that technological senior executives can improve the investment efficiency of enterprises, including restraining enterprises from overinvestment and alleviating enterprises from under investment. Moreover, this paper examines the influence of technological senior executives on enterprises option value. Results show that under the premise of a given net assets, if the enterprise profit is higher, the convex relationship between enterprise value and net profit is significant in technological senior executives group only if the enterprise profit is high, but the similar convex relationship is not significant in the non-technological senior executives group, therefore suggesting that technological senior executives can promote growth options value. Under the premise of given net profit, if the enterprise profit is poor, the convex increasing relationship between enterprise value and net assets is not statistically significant in both technological senior executives group and non-technological senior executives group, indicating that technological senior executives don′t increase liquidation options value.     This paper mainly makes contributions in three dimensions. First, it enriches the research literature on economic consequence of executives′ personal backgrounds and enriches the research result of UET. Previous literatures studied the influence of the executive team characteristics, the influences of executive age, seniority, education and other factors on business decision-making and enterprise performance, and they studied the influence of the non-core executives′ technical expertise on business decision-making. But this paper studies the influence of technological senior executives′ background on their business decisions and values. Second, it expands the research about the factors affecting enterprise option value. This paper examines and finds that the technical career background of senior executives is an important factor affecting enterprise options value, which further verifies the conclusion that corporate governance affects enterprise options value. Third, with the help of intermediate variables including investment chance and investment efficiency, along the path from technical career background to investment chance and efficiency, at last to enterprise option value, we examine the effect of technological senior executives on enterprise equity value, and construct analysis framework and research path of human capital driving enterprise equity value.     We discover the approach of how the technological profession background of core senior executives can have influence on option value. Moreover, it will have apparent implications on establishing and structuring management team, optimizing project investment and lifting equity value under the situation of innovation-driven development. References | Related Articles | Metrics

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The D&O liability insurance, property right and internal-control construction Liu Bin, Fu Jingtao, Hu Guoliu 2021, 42(7): 171-178.  Abstract ( 275 )        The main functions of the directors′ and officers′ liability insurance (D&O liability insurance) and the internal-control system are risk control and management, which have the consistency of purpose and logic. However, in practice, the above logic is questionable due to similar functions, overlapping functions, lack of empirical evidence, and the regulatory role of property rights. On the basis of fully demonstrating the measurement methods of the D&O liability insurance and enterprise internal-control level, this paper used the annual data of China′s A-share main-board enterprises from 2011 to 2015, to test the intrinsic connection, moderating effect and mechanism between the D&O liability insurance and the level of the enterprise internal-control construction.      The test found that: First, the enterprises that insured the D&O liability insurance had higher internal-control level. The test results show that, regardless of internal-control effectiveness, audit results, or internal control of third-party agencies, the enterprises that insure the D&O liability insurance have higher internal-control level and better internal-control system. Therefore, enterprises should actively purchase the D&O liability insurance for directors and supervisors. Second, the state-owned enterprises purchased the D&O liability insurance, were more significant to improve the internal-control level. The test results show that the internal-control level of state-owned enterprises purchased the D&O liability insurance in the year and the second year was significantly enhanced compared with non-state-owned enterprises.     According to the empirical evidence of this article: Firstly, the enterprises that insured the D&O liability insurance have higher internal-control level evaluation for internal-control effectiveness, comprehensive score and audit recognition degree. Therefore, for the construction of enterprise internal-control system, the provision insured the D&O liability insurance can be integrated into the important provisions of the internal control system and company evaluation. Secondly, based on the insurance attributes of the D&O liability insurance, through the settlement of claims or the introduction of insurance company supervision, the D&O liability insurance can be used as one of the effective means to resolve business risks. Therefore, the D&O liability insurance can be a useful supplement to comprehensive risk management of enterprises. Finally, the D&O liability insurance is a single type of insurance, and it cannot defend the overall risk of the enterprise. However, it can play the role of comprehensive risk management, become an integral part of the comprehensive risk management, and then be included in the internal-control evaluation system.      The contribution of this paper lies in: First, this paper explains the theoretical connection between the D&O liability insurance and the internal-control system of enterprises from the perspective of comprehensive risk management. Second, it is confirmed that the D&O liability insurance will help enterprises improve their internal-control level. Third, this paper clarifies the regulatory effect of the nature of property rights, that is, state-owned enterprises purchase the D&O liability insurance, will significantly improve the internal-control level. Fourth, based on the similar functions of the risk management and internal-control system in enterprise risk management, it is explained that there is no endogenous between the two.     At the same time, this article has the following enlightenment: (1) State-owned enterprises take out the D&O liability insurance, which does not require directors and senior executives to pay for themselves, but also can boldly carry out the construction of internal-control system. Therefore, state-owned enterprises should take advantage of the D&O liability insurance to improve their comprehensive risk management system, thereby improving internal control. (2) From the perspective of comprehensive risk management, the D&O liability insurance is a single tool to deal with the risk management of senior directors. It is recommended to set the D&O liability insurance as an important clause for the internal-control evaluation of state-owned enterprises, and play a hierarchical role. References | Related Articles | Metrics

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A study of the transmission path of enterprise innovation investment behavior under the peer effect Song Guangrui, Ma Chun′ai, Xiao Rong 2021, 42(7): 179-188.  Abstract ( 268 )        The 2019 Report on the Work of the Government stressed the importance of innovation-led development. To implement the innovation-driven development strategy, we should not only encourage enterprises to follow the path of independent innovation with Chinese characteristics, but also pay full attention to the mutual influence and drive of innovation among enterprises. The innovation-driven development strategy is an inevitable choice for China to grasp the autonomy in development and improve the core competitiveness. It is important to organize and coordinate innovation elements scientifically and effectively. Among the elements of innovation, innovation investment, as a direct driving factor of technological progress and technological innovation, is more and more important. As the main force of innovation, enterprises are not only the main promoter of innovation investment activities, but also the direct beneficiaries. Therefore, this paper examines whether there is an interaction among the innovation investment behavior of enterprises and what the specific interdependence is.     Peer effect refers to that when individuals in the same group interact with each other due to various social relations, an individual′s behavior and result will be affected by its peers′ behavior and result. The innovation investment behavior of enterprises has a strong sociality, and the innovation achievements have a strong spillover effect. Therefore, in this paper, a structural equation model is constructed to study the interaction and path of the innovation investment behavior of enterprises from the perspective of peer effect. The result shows that peer effect exists in the innovation investment behavior of enterprises. What′s more, we find that the behavioral intention of managers in followers plays an important intermediary role in innovation investment behavior transmission. We further test the differences in the response of heterogeneous enterprises to the innovation investment behavior of peer enterprises, and find that enterprises with scale advantage and higher R&D level are less affected by peer enterprises, while those with lack of scale advantage and lower R&D level are more likely to be affected.     Based on the previous research, the innovation and contribution of this paper is mainly reflected in three aspects. Firstly, existing research mainly focuses on the influencing factors of innovation investment behavior from the perspective of the internal or external macro environment of enterprises. This paper takes peer effect as the starting point and pays attention to the special factor of peer enterprises, expanding and deepening the research in the field of innovation investment behavior. Secondly, this paper explores the direct and indirect paths of innovation investment behavior transmission among peer enterprises, shows the degree of mutual influence, and clarifies the logic of transmission. Our findings enlighten government administrative departments to give full play to the mutual driving effect of enterprises′ innovative investment behavior. Through "the point to drive surface", "the big to drive small" and "the high to drive low", it not only helps to stimulate the regional or social scope of innovation investment linkage, but also is expected to achieve a powerful boosting effect in the enterprise innovation investment behavior guidance. Finally, behavioral finance, social psychology and other theories are included into the scope of this research. This paper focuses on the key role of managers in the process of innovation investment behavior transmission, which provides a new theoretical perspective for understanding innovation investment behavior. References | Related Articles | Metrics

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Has venture capital spurred firms′ technological innovation in China? Xia Qinghua, Le Yi 2021, 42(7): 189-199.  Abstract ( 390 )      Most high-technology companies have used venture capital funds in order to get started. Venture capital always seems to be closely related to technological progress. Previous research findings of the impact of venture capital on the technological innovation of firms are inconsistent. At present, Chinese Internet giants nurtured by venture capital have been growing rapidly and driving a new wave of innovation and entrepreneurship. However, the U.S. crackdown on ZTE and Huawei has given people a clear understanding of technological innovation performance of Chinese firms. Does venture capital investment stimulate Chinese firm′s technological innovation in the process of building innovation nation? Does its effect mechanism exist?    The existing literatures are lack of typicality and representativeness of research samples, incomplete definition of venture capital institutions, single innovation measure and absence of intermediate role research. It is difficult to make convincing answers to the above questions. In view of this, the paper selects all listed companies on ChiNext as the samples, and investigates how venture capital affects technological innovation of Chinese firms through a perspective of innovation input and outcome with innovation production model.     The data analyzed in this paper come from the two main data sources: CSMAR and initial public offering of stock and listing on ChiNext instruction manual from CNINFO. After final screening, we obtained 708 listed companies on ChiNext from October 30, 2009 to May 30, 2018 as the samples. We evaluate the innovation performance from the perspective of innovation input and outcome. Among them, innovation input is the logarithm of internal R&D expenditure, and innovation outcome is the logarithm of the sum of patent applications and approvals. The patents include invention patents, utility model patents and appearance patent.     We have designed two panel regression models of innovation production. First, we test the model of the presence or absence of venture capital backing on technological innovation. Second, we further test the model of venture capital characteristics on technological innovation. We reach the following conclusions.     Firstly, whether the firm is backed by venture capitalists does not have a significant positive impact on its innovation input and outcome. The performance of technological innovation without venture capitalists backing is similar to that of firms with venture capitalists backing. Because some venture capitalists grandstand firms′ initial public offerings, and the main purpose is to make money quickly through Pre-IPOs. The listing standards reflect focus on profitability and compliance, the lack of requirements for innovation has led some firms and venture capital institutions to concentrate on meeting the requirements for listing, thereby weakening technological innovation capabilities.     Secondly, the number of venture capital institutions has a significant positive impact on innovation input and outcome. The performance targets in the investment contract have an incentive effect, change the business needs into motivations. Employees strive to achieve their goals, improve firm performance in many aspects. The more firm gets venture capital institutions, the more investment contracts be signed. One of the results of target strengthening is that the firm′s technological innovation ability has been improved, and the incremental effect has been maintained in multiple technical characteristic markets.     Thirdly, the shareholding ratio of venture capital institutions has a significant negative influence on innovation input and outcome. By increasing the firm value, the controlling shareholder can exchange less equity for as much risk capital as possible. The controlling shareholder often increases the firm value by improving technological innovation performance and enhancing earnings expectations. The increasing of firm value limits venture capital institutions to increase their shareholdings ratio. This implies that the higher the shareholding ratio of venture capital institutions is, the more it will erode profits of controlling shareholders. The controlling shareholder has no intent to increase the firm value, which has led to a decline in technological innovation performance.    Fourthly, the venture capital investment amount has a significant positive impact only on innovation input, but has no impact on innovation outcome. Due to the investment ceiling, venture capitalists have limited ability to enhance the firm value. Venture capitalists diversify investments to avoid investment risks. Although concentrated investment in a new technology can increase the return on investment, it will hinder diversification of technologies and the new technology may be replaced. Therefore, according to the applicability of technology and market share, venture capitalists will increase R&D investment and reinvest in various technology projects of the firm. Because many domestic firms do not care about the manifestation of innovation results, many innovations are not available in the form of patents. In addition, some high-investment R&D projects ended in failure, and the increased risk of technological transformation led to more sunk costs.    Furthermore, the causal-steps empirical results show that for firms with venture capitalists backing, the mediation effect of R&D investment is statistically significant with 83.11% of the number of venture capital institutions on patents being mediated. The test reveals R&D investment plays a mediating role between the number of venture capital institutions and patents. The innovation outcome of firms is mainly from the R&D investment to produce under the cumulative effect of the number of venture capital institutions.    The above conclusions show that: (1) Venture capital is not a decisive factor for technology innovation. (2) The incentive effect of venture capital on technological innovation is better than the capital effect. (3) Venture capital has promotion effect while at the same time also inhibition effect on technological innovation.    This paper has the following enlightenment for venture capitalists, firm founders and policy makers. First, venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. They should follow the rules of long-term value investing. Second, firms should continue to invest in R&D and transform tacit knowledge into explicit knowledge, which will make firms gain a competitive advantage in business. For firms wishing to get venture capital funding, they should focus on the multiple impacts of venture capital characteristics on technological innovation. Third, the government should shift from ‘encouraging development’ to ‘regulating management’ for the development of the venture capital industry. The listing standards should focus on technological innovation capabilities and the growth of firms, and compromise on the level of firm profitability. Withdrawal of venture capital after listing must be strictly restricted based on market liquidity. References | Related Articles | Metrics

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Returnee executives, regional differences and corporate innovation Huang Weili, Ma Guangqi 2021, 42(7): 200-208.  Abstract ( 270 )        The improvement of the independent innovation capability of enterprises is an important indicator for the enhancement of national soft power. The innovation capability of Chinese companies has rapidly increased in the 40 years of reform and opening up. New and emerging companies represented by unicorn companies are constantly emerging. However, the occurrence of the "ZTE event" indicates that the independent innovation capability of Chinese enterprises is still weak in the international market competition. With the intensification of Sino-US trade wars, the improvement of Chinese enterprises′ independent innovation capability will be more and more restricted, which directly affecting the survival of enterprises and even the realization of strategic goal of the "Made in China 2025". In above, it can be seen that carrying out research on enterprise innovation has important theoretical and practical significance.    Many factors affect the enterprise innovation. Past studies have explained it from the perspectives of institutional environment, market environment, financial constraints, corporate governance, executive characteristics and so on. In general, the key to improving the innovation capability of enterprises is to gather more resources and improve the level of optimizing and configuring limited resources. Especially, the "imprint" of the returnee executive′s foreign study or work experience will have an important impact on the agglomeration and optimization of enterprise resources.     Although this issue has drawn attention since it was put forward, there is still no clear explanation on how returnee executive affect corporate innovation. On the one hand, it is well established that the utility of returnee executive increases the motivation of enlarging the company innovation. Dai O (2009) suggested that the high skill, expertise knowledge and international horizon from the returnee entrepreneur could be beneficial to increasing the firm innovation. Li et al. (2016) found that the Chinese company with returnee executive from the United States can more readily issue the American stock exchange securities to raise funds.     On the other hand, the inadaptability of returnees due to socially individual status can limit the enhancement of firm innovation. The medium-sized and small companies with CEO from abroad are not more fruitful in innovation behaviour than those without returnee CEO. Kenny M (2013) thought that the native entrepreneur is more important to achieve the increase of innovation behaviour than the returnees, and only during the business expansion does the returnee play a positive role after empirically analysing the samples from the information and communications technology (ICT) in China and India. In addition, the difficulty in building up trust within the administration of the native enterprise in China can also suppress the utility of returnee in raising the innovation behaviour.     In addition, this paper also notes that the influence of returnees′ executives on corporate innovation is regulated by regional heterogeneity. Lin, Chen, and Lin (2018) ignored the impact of regional differences when analyzing the impact of returnees′ board members on corporate venture capital performance. However, based on the theory of new economic geography theory, it is difficult for returnees to overcome the problem of their inadaptability to the native inland enterprise with much weaker strength resulting from the limiting of the disadvantaged geospatial location. Simultaneously, due to the slower and fewer opening up of native market from the inland company, higher efforts from the inland firm and returnee can be taken to building up the trust with each other on the administration. Moreover, the slower response to the demand of market and the less benefit from policy result in the less utility of returnee in the inland company than the coastal one.      In contrast, it is well believed that the better location to business of coastal enterprise plays a greater role in utilizing and transferring the returnee labour to expand the market scale and produce the agglomeration effect in the past four decades of opening up. However, when the saturation of returnee in the coastal enterprise arrives, the agglomeration effect can produce the marginal diminishing so that the contribution to the firm innovation from the returnee would shrink.      Based on the analyses above, the proposed hypothesis was provided in the following: H1a: The returnee executive positively influences the innovation behaviour of company in China. H1b: The returnee executive negatively influences the innovation behaviour of company in China. H2: When the agglomeration effect from the returnee is below the threshold value, the marginal contribution to coastal firm of returnee would be larger than that to the inland firm. When the agglomeration effect from the returnee is above the threshold value, the marginal contribution to coastal firm of returnee would be smaller than that to the inland firm.     To test the above theoretical assumptions，this paper utilize a typical sample of high-tech firms with available data in CSMAR. Our initial sample consists of 935 firm-year observations and our matched samples based on a multivariate propensity score consist of 885 firm-year observations. Firms are classified as treatment groups if a firm has at least one returnee executive, control groups otherwise. Second, the matched samples are used to assess the net effect of the role of returnee executives in the innovation behaviour by DID approach. We found that firm′s innovation is commonly increased through the introduction of returnees. Third, the results of regional heterogeneity analysis indicate that the average marginal contribution from the returnees of coastal enterprises is lower than that of inland enterprises which is contrary to the conclusion of previous literatures.     This paper aims to make several contributions. Firstly, It is a deepening of the current research on the characteristics of executives that using specific types of executives as the entry point. Secondly, we investigate the specific association between the employment of returnee and the firm innovation with considering the geospatial heterogeneity from coastal area to inland. Finally, the modern approach of PSM-DID can efficiently solve the potential problems of mixed bias and selective bias with performing an examination. References | Related Articles | Metrics