Science Research Management

Organizational innovation adoption: A research review and prospects

Wang Chang, Zhou Yifang, Deng Chan, Zhou Wenhui

2023, 44(6): 1-10.

Abstract ( 299 )

With the explosive development of emerging technologies, research on the adoption of innovation technologies by firms has attracted both practical and academic attention. Despite the increasing number of studies on organizational innovation adoption, a systematic review of this body of knowledge is still lacking in China. Through a comprehensive review of the organizational innovation adoption literature published in 15 top foreign management journals over the past 25 years, this paper systematically summarizes the following research contents:
（1）Clarifying the conceptual connotation of organizational innovation adoption. Organizational innovation adoption can be understood as the result of the diffusion of organizational innovation. Specifically, the innovation supply side generates innovative technologies, products, services, and models through incubation, collaboration, and imitation. Through innovation diffusion, the innovation demand side experiences innovation perception, the formation of an adoption attitude, internal evaluation, and adoption decision-making to adopt innovation. In this paper, organizational innovation adoption is defined as the behavior of multi-stage adoption and assimilation of new technologies, new products, new services, and new models driven by technology and market. This behavior is an important means to improve corporate performance and gain competitive advantages in the context of technological change.
（2）Analyzing the theoretical foundation of organizational innovation adoption. The existing theoretical basis includes innovation diffusion theory, institutional theory, resource-based theory, and high-level echelon theory. The theory of innovation diffusion has been widely used to explain the acceptance and adoption behavior of new policies, emerging technologies, and new products between and within enterprises，future studies should distinguish the differentiated effects of innovation adoption among enterprises when considering innovation diffusion. Institutional theory is mainly used to explain how institutions affect the design and adoption of innovation between or within organizations, as well as the consequences of adoption, future studies should further explore how enterprises can maintain differentiated competitive advantages under the same structure of innovation. Resource-based theory is an important theory to explain the relationship between the resources available to an organization and the attitude, motivation, and behavior of innovation adoption. In the future, it can be used to explore how enterprises acquire and utilize innovation through their own resource advantages. The high-level echelon theory reveals the attitude of the composition of managers and the characteristics of team members towards the adoption of organizational innovation, future research can apply the high-level echelon theory to the differential performance of different managers′ characteristics in the adoption of progressive innovation and disruptive innovation.
（3）Establishing an organizational innovation adoption model through drivers, moderators, mediators and outcome factors. a) The research on the antecedents of organizational innovation adoption can be divided into three aspects: technology, organization and environment. b) The research on mediation can be divided into front-end mediation and back-end mediation. From the perspective of cognition and ability, scholars have carried out abundant research on the mediation mechanism before the adoption of organizational innovation, while the research on the mediation mechanism after the adoption is relatively insufficient. c) The existing regulatory mechanisms adopted by organizational innovation can be divided into front-end regulation and back-end regulation, including innovation characteristics, organizational characteristics, environmental characteristics and so on. d) The discussion about the results of organizational innovation adoption mainly focuses on four aspects: enterprise performance, product innovation, competitive advantage and value creation.
（4）Looks into future research directions. a) It is necessary to discuss the different adoption modes of "enabling technology" and "alternative technology", including discuss the heterogeneity of the adoption behavior of the two types of technologies and the derived organizational conflicts, which is of great practical significance to promote the application of emerging technologies. b) Discusses the domestic substitution adoption of the later-developed national key core technologies, including the decisive factors of domestic substitution of emerging technologies and organizational behavior decision-making can be further explored in the future to expand the research context of organizational innovation adoption. c) Discusses the diffusion and adoption of innovation in the business ecosystem, including explore the adoption mechanism and diffusion mechanism of organizational innovation in the ecosystem to enrich the subject of innovation adoption. d) The process and decision of innovation adoption in the industrial chain are discussed, including the antecedents and relationships of different adoption stages.

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Research on the guiding mechanism of scientific research innovation direction of national laboratories

Dai Guyue, Wang Feng, Liu Yaohu, Min Shitou, Xue Yanyan, Wu Minhao

2023, 44(6): 11-16.

Abstract ( 183 )

As the representative of national research institutions, the importance of national laboratories is increasing under the guidance of the new system in which nationwide effort and resources have concentrated on key national undertakings. The development of national laboratories has gradually accelerated in recent years. After years of development, the laboratory′s mission and the boundaries between existing research institutions have become clear, strategic positioning gradually becomes clearly established, but in the actual operation process, there is still controversy between government guidance and free exploration. The direction of scientific research innovation will seriously affect the future function of the laboratory.
The development of foreign national laboratories has been for decades. Discussions surrounding the relationship and balance between the two guiding modes have run through the history of the development of national laboratories, greatly promoted the reform and development of the national laboratory system, and can provide important experience for our country. This article analyzes and compares the development history of the National Laboratories under the US Department of Energy, the Department of Defense, and the Helmholtz Association of Germany.
Each national laboratory system has established the dominant position of government orientation, and the government strictly controls the strategic development direction of the laboratory, while not directly managing daily activities, leaving some free exploration space. Government guidance as the main body is the basic feature of national laboratories as national research institutions, and it is the guarantee to focus the research force on the mission of the institutions, which is conducive to national laboratories focus on the mission of the country and complete the established tasks, but there are many restrictions on researchers, which will easily lead to the decline of scientific research vitality and insufficient scientific research output. Free exploration provides a relaxed space and environment for talent cultivation and cooperation and exchange among academic peers. It acts as a lubricant, which is conducive to driving the enthusiasm of researchers and promoting the development of interdisciplinary disciplines. Researchers take the initiative to carry out research work according to their own will and in accordance with the needs of social development, but it is easy to lead to scattered and mixed research directions. Government guidance and free exploration are not opposite. The pure government guidance and free exploration are not conducive to the development of national laboratories. The combination of the two mechanisms is the only way for national laboratories to maintain a long-term momentum of vigorous development. In terms of details, how much the free exploration space reserved in each national laboratory is different. This is the result of compromise after decades of discussions and reforms, and is compatible with its strategic positioning.
The macro development strategy needs a perfect management system to supervise the implementation, and the fund management system is an important part. Macro development concept runs through the construction process of their entire funding management system, and has been rigorously and accurately determined by various rules and regulations.
Development strategies and management systems need to keep pace with the times. The world′s major national laboratory system generally has a great change in 5-10 years, the strategic goals and management system of national laboratories are not unchanged, and they should keep pace with the times through mutual learning, continuous development and adjustment, all of which are important ways to maintain the vitality of national laboratories.
These distinctive guidance and control mechanisms for the directions of scientific research and innovation show that there is more than one road to success. National laboratory in our country should be clear in terms of overall development of service objects and accurate positioning by focusing on research, combining closely with national development strategies, playing the role of "national team", taking government guide as the foundation, and implementing national strategies as the goal. At the same time, they should also complete the missions as laboratories make free explorations, and have the most suitable path for their own development. In practice, budget management system should be established to achieve the overall planning of scientific budgeting, to regulate the use of the system, provide loose and orderly budget adjustment, establish a moderate supervision mechanism, for the purpose of reasonable use of funds, legal compliance, implementing national missions and guaranteeing efficiency.

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A literature review of technological lock-in: The knowledge framework and future prospects

Jiang Qimeng, Zhu Xuezhong, Teng Ziyou

2023, 44(6): 17-28.

Abstract ( 311 )

The continuous upgrading of great power competition in science and technology has led to foreign entities′ technology blockade policies or lock-in strategies, causing long-term passive and reverse technology lock-in for Chinese enterprises. It threatens national economic and S&T security. As a core issue of intellectual property security, clarifying the formation and breakthrough mechanism of technological lock-in helps resolve the "neck-jamming" crisis of core technology in critical industries. This paper explores the formation path, innovation effect, and unlocking path of enterprise technological lock-in. Three research questions are provided: (1) how do enterprises form technological path dependence and lead to technological lock-in? (2) How will technological lock-in impact the innovation of enterprises, regions, or industries? (3) How can enterprises break through technological lock-in and create new technological paths?
Our research originality and contribution lie in taking an international perspective on technological competition and differentiating technological locking effects into internal lock-ins and external lock-outs. We also have constructed a knowledge framework on technology lock-in to enrich the theoretical understanding and mechanism. It provides theoretical and practical support for Chinese companies to deal with foreign technology lock-in strategies.
A systematic literature review on technology lock-in provides a critical and structured analysis of the literature. The research design includes defining technology lock-in and its key constructs, setting search terms and exclusion criteria, using the PRISMA framework, and screening 141 relevant papers from the Web of Science and CNKI databases. The study sample covers 74 journals, with a relatively balanced distribution between Chinese and English literature.
The study finds that technological lock-in research has grown over the past 40 years and is increasingly diversified in perspectives and methods. From a theoretical perspective, research on technological lock-in is mainly conducted from three perspectives: path dependence, path creation, and path construction theory. Empirical studies use quantitative and qualitative methods such as statistical and case studies, while theoretical studies mainly use normative analysis, mathematical modeling, and literature research methods.
The knowledge framework of technological lock-in is constructed, consisting of six modules: enterprise technology selection, self-reinforcing mechanism, enterprise knowledge and capability, innovation effect, driving factors of technological unlock, and path breakthrough of technological lock-in. The formation of technology lock-in involves two processes: initial technology adoption and the self-reinforcing mechanism of enterprises. Accidental events from external sources or strategic technology choices from within the enterprise trigger the enterprise to enter path dependence. Influenced by four sub-mechanisms, the coordination effect, the scale effect, the learning effect, expected effect, the enterprise will deepen the degree of technological path dependence and fall into a state of technological lock-in. Technological lock-in′s impact on innovation will first improve and then weaken, affecting regional or industrial innovation and cooperation. External shocks and internal behaviors can trigger breakthroughs in technological lock-in, and enterprises can improve their technological diversity by increasing R&D investment intensity and scope, improving cross-border technology search levels, and optimizing cooperative R&D project structures.
The paper presents research shortcomings and prospects from the three dimensions of the research theme, theoretical perspective, and research methods. Regarding theoretical development, we should expand the research on the mechanism of enterprise technological lock-in from the strategic or organizational management perspective. It helps construct the theoretical interactions among technological, organizational, and enterprise resource path dependence. Regarding research topics, it is necessary to explore the unique technological (un)lock-in mechanism in combination with the Chinese context and develop a new path of technology unlocking from the perspectives of patent portfolio and technology fusion. The extension of research methods emphasizes the introduction of a process research paradigm into the qualitative research of technological lock-in. It should construct a new measurement index based on the relationship between technological standards and lock-in.

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The space econometric analysis of the impact of R&D tax policy mix on R&D activities

2023, 44(6): 29-39.

Abstract ( 194 )

Since the implementation of the innovation-driven development strategy, China has increased support for technological innovation year by year, and successively introduced various policies such as direct subsidies, pre-tax additional deduction policy and preferential tax rates for high-tech enterprises. In this context, the consistency and sustainability of policies issued under different time and backgrounds should be considered. Previous studies have examined the effect of R&D policies on R&D activities based on samples at the company, regional, or industry level. Although some literatures have introduced spatial correlation into the research of R&D policies or R&D activities, few studies consider the spatial correlation of R&D policies and R&D activities at the same time. The first law of geography indicates that geographically adjacent units tend to have stronger correlation. Researchers have pointed out that China′s government R&D subsidies have a significant positive dependence. Correspondingly, the unbalanced distribution of regional R&D activities in China has continued to exist in recent years. It can be seen that the phenomenon of the first law of geography also exists in the process of R&D policies supporting R&D activities. If each region is regarded as an independent unit and the spatial correlation between regions is ignored, it is easy to produce bias in the estimation of the true effects of R&D policies. Therefore, it is urgent to accurately capture the incentive effect of R&D policies in the innovation process from the perspective of spatial correlation and explore the spatial interaction of R&D policies and R&D activities. To this end, what is the spatial impact of a single policy after considering the spatial correlation? Do the policies of a region have spatial spillover effect on the neighboring region′s R&D activities? What is the impact of policy mix when a company benefits from multiple policies at the same time?
On this basis, using the data of large and medium-sized industrial enterprises in 30 provincial-level regions in China from 2009 to 2015, this paper employed the spatial econometric methods to reveal the spatial correlation of R&D tax policies and R&D activities. This article analyzed the impact of R&D tax policy mix on R&D activities by introducing spatial econometric models to the knowledge production function. The study delivers the following results: (1) There is a strong spatial-autocorrelation in R&D tax policies or R&D activities; (2) Both R&D tax policies have significant positive effects on the R&D input or output after considering the spatial relevance. However, the impacts are significantly weakened compared with the research without considering spatial correlation; (3) From the perspective of policy mix, when the impact of two tax policies on R&D activities is considered simultaneously, its impact and significance are weakened compared with the research only considering a single tax policy; (4) From the perspective of spatial spillover effects, R&D activities have significant positive spatial spillover effects. Meanwhile, direct tax credits have significant positive spatial spillover effects on R&D input.
Relevant research results not only shed new insights on how geography matters in the process of R&D tax policy supporting R&D activities, but also provide in-depth understanding on the influence of different R&D tax policies at different stages of R&D process. The results of the paper can provide a useful reference for policy making to design effective policy mix, thereby enhancing policy efficiency and China regional innovation capabilities.

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Research on the formation process of strategic change directions from the perspective of organizational paradox

Lin Haifen, Qu Tingchen

2023, 44(6): 40-50.

Abstract ( 151 )

Changes of an organization′s internal and external environment may promote or hinder its development. When the promoting effect significantly makes the current management model no longer applicable, or the hindering effect substantially affects the organization′s operation, the firm would be trapped in a development dilemma which needs an urgent change. Among abundant organizational changes, only a small number of them get success with a precise strategic transformation direction. Most of firms fail in transformation because they are unable to grasp the accurate direction of changes which are always influenced by various factors and the complex relationship among the factors. Consequently, they tend to blindly choose and implement a change, trapped by a new dilemma. Therefore, the direction of strategic change plays a fundamental role in implementing a strategic change. Theoretically, some scholars have analyzed the impact of a single element (such as performance and aspiration) on the process of strategic change and argued that the relationship between elements will affect the direction of strategic change. However, there is still a lack of in-depth exploration of this complex impact process. So, it is necessary to explore how firms can shape the direction of specific strategic change.
Shaping the direction of strategic change is a complex process. Especially when a firm faces development difficulties, there are many contradictions caused by competition for resources and conflict of goals. Organizational paradox refers to a pair of elements with a long-term contradictory and mutually reinforcing relationship. When the paradox relationship changes from "hidden" to "prominent", the conflict between the paradox elements becomes stronger. This contradictory relationship also appears in distress faced by the firm, so the paradoxical relationship helps restore the organization′s complex internal and external situations during strategic change. Given this, we choose organizational paradox to explain complex relational and explore how organizational paradox affects the direction of strategic change? Also, some scholars have proposed that when managers′ cognition is coordinated with changes in circumstances, it will promote strategic changes. It can be considered that managers′ cognition, organizational paradox, and the direction of strategic change are associated. Therefore, we select five leading firms from different industries and use the multi-case study method to explore the process mechanism of organizational paradox affecting the direction of transformation strategy change through managers′ cognition.
The results show that the process of shaping strategic change′s direction refers to three phases: identifying the development dilemma phase, defining the fuzzy direction phase, and determining the specific phase. The three phases are closely linked and show a progressive relationship, and the prominent paradoxical relationship runs through the whole shaping process with different functions at different stages; During the period of identifying the development dilemma, the contradictory relationship between the paradox elements has increased, and many paradox relationships have changed from "hidden" to "prominent", which means that there are relational obstacles in the operation of firms; In the period of defining the ambiguous direction, firstly distinguish the central prominent paradox and the secondary prominent paradox among the paradoxes in the "prominent" state, and then apply the central prominent paradox to managers′ cognition, increase its complexity and focus, and form a new manager′s cognitive focus range and define the relatively vague direction of strategic change; During the period of determining the specific direction, based on the central prominent to highlight the contradictory relationship represented by the paradox, gradually focus on multiple and sub-prominent paradoxes and act on the manager′s cognition, circularly increase the complexity and focus of cognition, forming new cognitive focal points and defining specific strategic directions for change.
This research attempts to break the existing research of analyzing the direction of strategic change from a single element perspective and adopt the complex relationship between elements to explore the forming mechanism of the direction of strategic change. It may supplement the theoretical system of organizational paradox, put forward two prominent paradox relations: prominent central paradox and prominent secondary paradox, and propose that paradox formulates the direction of strategic change by acting on two dimensions of managers′ cognition. This research may also bring implications for managers: It′s necessary to grasp the core contradiction quickly and get it as the core focus of formulating the direction of strategic change. Then careful consideration of all aspects of the problem to determine the direction of strategic change as accurate as possible.

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Research on the impact of innovation resilience on the development of high-tech industries under the background of dual cycles

Hu Jiabin, Yu Liping, Hong Jinzhu

2023, 44(6): 51-61.

Abstract ( 180 )

At present, China is under the dual effects of internal environmental changes that transform economic construction into high-quality development and external shocks such as epidemics and international trade frustration. The emergence of the dual-cycle strategy has put forward higher requirements for high-tech industry innovation. How to deal with the impact of shocks and stabilize the innovation system of high-tech industries. The resilience research provides a new perspective. The resilience theory emphasizes the optimization of the system′s resistance and balance to external shocks. It studies the impact of innovation resilience on high-tech industries in the context of dual cycles. The influence of development is very important to stable economic development. Therefore, it is necessary to discuss the following aspects: First, there is no relevant research on innovation resilience at this stage. What is innovation resilience? How to measure innovation resilience? Second, what is the impact mechanism of innovation resilience on the output of high-tech industries (foreign trade exports, domestic demand)? What are the characteristics and laws of its influence? Third, under the dual-cycle background, the competition status of enterprises in the international and domestic markets is different, which will inevitably lead to different degrees of impact of innovation resilience on domestic demand and foreign trade exports. Does innovation resilience affect foreign trade demand or domestic demand more?
This article first defines "innovation resilience" on the basis of related research on "resilience" and "economic resilience", that is, the ability of innovation to withstand external shocks and maintain system stability, restore or even evolve to a higher functional state. Second, refer to the core variable method of economic resilience measurement to measure innovation resilience, draw on the research paradigm proposed by Martin in 2019, and select the sales revenue of new products that measure the effects of innovation activities as the core variable. Subsequently, taking the high-tech industry as the research object, analyze the impact mechanism of innovation resilience on the output (foreign trade, domestic demand) of the high-tech industry. In the mechanism of the impact of innovation resilience on foreign trade exports, positive mechanisms include innovation agglomeration effects, knowledge spillover effects, increased levels of R&D expenditures, innovation costs reduction, improved competitive advantages, and optimization of the trade environment. Negative mechanisms include cost accumulation effects and technological competition. Effect, knowledge crowding effect; in the mechanism of the impact of innovation resilience on domestic demand, the positive mechanism includes the input compensation effect, the innovation agglomeration effect, the resource allocation effect, the knowledge accumulation effect, and the optimization of innovation management. The negative mechanism includes: cost accumulation effect, knowledge crowding effect; at the same time, foreign trade exports and domestic demand also have feedback mechanisms for innovation resilience, including feedback enhancement effects and economies of scale.
This paper uses the high-tech industry data to study the linear and non-linear relationship between innovation resilience and high-tech industry output (foreign trade exports, domestic demand) through panel data models and panel threshold models, and uses BP-artificial neural networks to test the robustness. Determine the degree of impact of innovation resilience on foreign trade exports and domestic demand. The results of the study found that: First, the impact of innovation resilience on foreign trade exports is negative, and has no impact on domestic demand; second, under low-level foreign trade exports, innovation resilience is not conducive to foreign trade exports; third, innovation resilience increases, which has no effect on domestic demand. The negative effect of foreign trade exports is reduced; fourth, innovation resilience is positively acting on domestic demand, which requires greater domestic demand; fifth, innovation resilience is positively acting on domestic demand and requires maintaining moderate innovation resilience.

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Siphons and spillovers: The spatial effects of the pilot policies for combining technology with finance

Meng Wei, Gao Hongyi

2023, 44(6): 62-73.

Abstract ( 195 )

As a place-based intervention experiment, policy makers not only expect the pilot policy for combining technology with finance to play a "pilot role" to enhance the independent innovation capability of pilot areas, but also pay more attention to its "promotion value" and whether it can play a demonstration role to drive the integration of science and technology and finance in more regions and accelerate independent innovation. PSM-DID method has been used to evaluate the "pilot role" of the pilot policy for combining technology with finance comprehensively, but its spatial effect in non-pilot cities has not been carefully investigated. The study of the spatial effect of the pilot policy for combining technology with finance is related to its further promotion and practice, which is an important clue to understand the development of regional science and technology innovation. In particular, how does this spatial effect manifest itself? Siphon or spillover? It is controversial.
Based on the panel data of 265 cities from 2002 to 2020, this paper takes the "pilot policy for combining technology with finance" promulgated and implemented by the Ministry of Science and Technology in conjunction with the People′s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission in 2011 and 2016 as a quasi-natural experiment. For the first time, spatial difference-in-differences (SDID) analysis was used to quantitatively estimate its spatial effect on non-pilot cities.
The findings are as follows: (1) Under the premise of considering the spatial effect, the effect of the pilot policy on improving the level of technological innovation in pilot cities is still significant; (2) The pilot policy have spatial spillover effect on the whole, which promotes the scientific and technological innovation level of non-pilot cities; (3) The spatial effect of pilot policies is spillover between local governments at the same level within the same provincial government jurisdiction, which promotes innovation sharing within the province, but the spatial effect is siphon after crossing provincial boundaries, which is not conducive to the scientific and technological innovation of non-pilot cities in different provincial-level regions Robustness test and placebo test both supported the conclusions of this paper.
This study empirically tests the spatial effect of the pilot policy for combining technology with finance, and further confirms that the SUTVA hypothesis in the difference-in-differences method is not valid. Ignoring the spatial effect of the pilot policy for combining technology with finance will produce deviation in policy evaluation. The existence of spatial effect has verified and enriched the value of China′s policy pilot and made theoretical contribution to improving the scientific nature of policy evaluation after the event. The heterogeneity of the spatial effects of pilot policies on provincial administrative boundaries is also found, which fills the gap of previous studies.
This paper shows that the siphon effect and spillover effect of the central city on the surrounding city emphasized by the New Economic Geography (NEG) theory exist simultaneously, and the relative size determines the shape of the spatial effect of policy. When the siphon effect is greater than the spillover effect, the overall siphon effect dominates, and the policy pilot will inhibit the technological innovation of non-pilot cities. When the spillover effect is greater than the siphon effect, the spillover effect dominates on the whole, and the policy pilot can promote the technological innovation of non-pilot cities. Therefore, in order to accelerate the realization of the innovation-driven development strategy, the government must fully consider the inter-regional interest distribution relationship while promoting the orderly diffusion of pilot policies, pay attention to the influence of the internal political process and administrative structure of local governments on policy innovation and diffusion, and ensure the continuity of policy effects across provincial administrative divisions.
This finding further provides theoretical support for the central government to intervene vertically in the cooperative behavior of local governments, break down local protectionism, crack market segmentation and break through regional constraints to build a unified large market. To build bridges for innovation sharing, promote knowledge flow across administrative regions, and promote regional collaborative innovation.

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Enterprise financialization, technological innovation and high-quality development of enterprises

Xu Zhiyong, Han Bing, Peng Yun, Song Ze

2023, 44(6): 74-84.

Abstract ( 185 )

A competitive enterprise must be an enterprise with high-quality development, and high-quality development of enterprises requires high-quality financial asset structure configuration. In recent years, with the increase of economic downward pressure, the profits of physical enterprises have been seriously squeezed. In order to seek new profit growth points, a large number of enterprises have turned to invest in financial assets and deviated from the main business. This has led to the problem of enterprise financialization. This is an important economic structure problem that the government needs to solve, and also an important topic that the current academic community is very concerned about. However, at present, there is little literature on the impact of corporate financialization on the high-quality development of enterprises. Therefore, it is necessary to use empirical research methods to study the impact of corporate financialization on the high-quality development of enterprises.
The following points are worth studying in this paper. First, China′s economy is currently in a critical period of adjusting its economic structure and transforming its development mode, while the research on high-quality development of enterprises at the micro level needs to be improved. Second, in recent years, the crowding-out effect of corporate financialization has become more and more significant, and the financialization of physical enterprises has shown more negative effects on the development of enterprises. However, there are few literature studies on the comprehensive impact of corporate financialization on the high-quality development of enterprises. Third, technological innovation is one of the effective indicators to reflect the market competitiveness of physical enterprises, which can reflect the innovation ability and resource details of enterprises. However, excessive allocation of financial assets by enterprises will inevitably crowd out the innovative capital of enterprises, thus affecting the technological innovation of companies. Therefore, it is also very important to study the mechanism of technological innovation between enterprise financialization and high-quality development of enterprises.
In order to reveal the impact mechanism of enterprise financialization on the high-quality development of enterprises, this paper takes the data of A-share listed companies from 2010 to 2020 as a sample, studies the impact of enterprise financialization on the high-quality development of enterprises, and tests the intermediary effect of technological innovation between them. The empirical results show that enterprise financialization has a significant negative impact on the high-quality development of enterprises, and has a significant impact on both state-owned enterprises and non-state-owned enterprises; Technological innovation is the intermediary variable between enterprise financialization and enterprise high-quality development, which plays a significant part of the intermediary effect. Enterprise financialization hinders the high-quality development of enterprises by weakening the innovation ability of enterprises. Further research shows that the negative impact of enterprise financialization on the high-quality development of enterprises is established in both manufacturing and non-manufacturing samples, and the impact is more significant in non-manufacturing samples. At the same time, the negative impact is significant in non-real estate and low-R&D intensity enterprise samples, but not in real estate and high-R&D intensity enterprise samples; After replacing the intermediary variable with the patent structure, the intermediary effect test was conducted again，and still played a significant part of the intermediary effect.
The research conclusion is conducive to sorting out the relationship between the financialization, technological innovation and high-quality development of real enterprises, and can provide some reference for restraining the excessive financialization of enterprises, avoiding the hollowing out of industry, enhancing the technological innovation ability of enterprises and promoting the high-quality development of enterprises. In addition, the research of this paper has several theoretical advances: First, based on different views on the economic consequences of enterprise financialization, this paper concludes that the high-quality development of enterprises is different from the short-term financial performance and other indicators of enterprises, and is a comprehensive long-term indicator, so financialization will have more significant inhibition effect on the high-quality development of enterprises. Second, the measurement of enterprise technological innovation should not only focus on its direct results, but also consider the structure and quality of innovation，and technological innovation is also a long-term indicator, which is conducive to the high-quality development and sustainable development of enterprises.

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Research on the effect of pilot construction of "smart city" on green technology innovation of enterprises

Gao Feng, Lyu Yanqin, Chen Jing, Lyu Juan

2023, 44(6): 85-94.

Abstract ( 152 )

In the context of comprehensive green transformation development of Chinese economy and society, new urbanization led by smart cities is an important strategic choice to alleviate urban diseases and improve ecological environment. At the same time, green technology innovation as an important path to realize the coordinated development of economy and environment, it is necessary to examine the impact of smart city construction on green technology innovation. However, most of the existing studies examine the impact path of smart city construction on technology innovation from the macro level, lacking in-depth investigation of the mechanism of action at the micro level. In addition, existing studies lack the examination of the policy spillover effects of smart city construction, which makes it difficult to provide useful references for the promotion of smart city pilot experiences.
Based on the micro-data of Chinese listed companies from 2010 to 2018, this paper empirically-tested the impact, mechanism and spillover effect of smart city construction on enterprise green technology innovation by using Differences-in-Differences. The results are as follows: First, smart city construction can significantly promote enterprise green technology innovation, and compared with high-quality green technology innovation, smart city construction has a more significant promoting effect on low-quality green technology innovation. After a series of robustness tests, this result still holds. Second, the impact of smart city construction on enterprise green technology innovation has a positive policy spillover effect within the province. The higher the quantity and quality of pilot cities within the province, the fiercer the resource competition between advanced cities and catch-up cities, thus forming a phenomenon of "top-to-top competition" among cities around enterprise green technology innovation. Third, smart city construction can significantly promote enterprise green technology innovation by promoting enterprise digitization, increasing R&D investment and environmental protection expenditure.
Based on the above research conclusions, this paper obtains the following implications: first, local governments should vigorously promote urban infrastructure construction and the deeply integrated development of digital technology, provide favorable support for the diffusion and absorption of innovative knowledge and the transformation of innovative results, break the data island, and promote enterprises to make higher quality green technology innovation. Second, the government should unswervingly promote the construction of smart cities in the way of pilot first, actively promote the advanced development experience of pilot cities, give play to the positive demonstration effect of smart city pilot policies on other cities, and promote the green technology innovation of enterprises through the virtuous cycle of smart city development. Third, the government should attach importance to the application of digital technology at the enterprise level and reduce the barriers to knowledge sharing of innovation among enterprises. Enterprises should take smart city construction as an opportunity to innovate their business operation mode and reduce their R&D risks and operating costs. Finally, green development content such as smart environmental protection and smart energy should be strengthened to force enterprises to increase investment in green technology innovation.

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Inhibited or promoted: Corporate social responsibility and green technology innovation performance of enterprises

Ran Rong, Dong Di, Hu Xuan, Fang Tingting

2023, 44(6): 95-106.

Abstract ( 175 )

In September 2020, China clearly put forward the "double carbon" goals of "carbon peaking" by 2030 and "carbon neutrality" by 2060, which set the direction and requirements for the green transformation of Chinese enterprises. However, whether the green development policies proposed by government departments can be transformed into the motivation for corporate green innovation often depends on the interaction between corporate non-market strategies and market strategies. In the context of striving to create a new era of socialist ecological civilization, it is important to explore the influence of CSR on corporate green innovation and reveal its influence mechanism, in order to promote the development of corporate green transformation and ultimately achieve both economic and environmental benefits at this stage in China. In the context of innovation becoming the first driving force of development, the study of CSR and technological innovation performance and its economic effects has received sufficient attention.
Although there are abundant studies, there is still room for in-depth research. First, most of the existing studies have examined the relationship between CSR and green technology innovation with developed countries as the sample, but less attention has been paid to developing countries. Second, the moderating role of how corporate redundant resources play in this is unanswered for now. Therefore, this paper examines how CSR affects the quantity and quality of green technology innovation in the Chinese scenario, and further explores the moderating role of the two types of redundant resources. This paper focuses on the relationship between CSR and green technology innovation output using 2012-2019 State Intellectual Property Office (SIPO) green patent grant and R&L Global CSR Rating data.
We found through the study that, first, CSR performance significantly contributes to firms′ green technology innovation output; second, CSR can significantly contribute to firms′ green technology innovation output by providing more redundant resources; third, after considering the moderating role of redundant resources, it is found that unabsorbed redundant resources strengthen the role of CSR performance in promoting green technology innovation output, while non-precipitated slack resource do not have a significant positive moderating role in the relationship between CSR performance and green technology innovation, indicating that it is the long-term investment and financing capability of enterprises that may truly promote green technology innovation. This paper shows that good CSR performance contributes to green technology innovation output even when the resource boundaries of the firm are also taken into account, which can enable scholars to understand the relationship between fulfilling CSR and green technology innovation more comprehensively.
This study has important practical implications. First, since the effectiveness of CSR performance in promoting green technology innovation is affected by redundant resources, firms can enhance the effectiveness of CSR in promoting green technology innovation output by improving their capabilities, controlling redundant resources flexibly according to available redundant resources. Second, government managers should focus on environmental policies and the adoption of policies that facilitate and accelerate corporate sustainability CSR strategies. This can promote the development of green technology innovation and enhance the competitive advantage of enterprises，which is beneficial to the economic and environmental sustainability of the companies themselves and the society as a whole.

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Green barriers of the USA and the R&D investment of Chinese listed companies

Zhao Wenxia, Yang Jingguo

2023, 44(6): 107-116.

Abstract ( 57 )

With the coordinated action of global response to climate change, the relationship between trade and environmental policy has attracted more and more attention. The General Agreement on Tariffs and Trade (GATT) gives the members of the World Trade Organization (WTO) the "Environment Protection Exceptional Right". Each member has the right to take trade restrictive measures on the grounds of protecting human, animal and plant life and health, or protecting natural resources. There are also many provisions on environmental protection in international conventions and multilateral free trade agreements. Therefore, many countries take green trade barriers in the name of protecting natural resources and the lives and health of residents. Compared with developing countries, developed countries more often adopt green barriers. Among them, the United States is one of the main countries that frequently adopt green barriers, while Chinese enterprises are often the implementation object of green barriers. Based on the perspective of enterprise innovation, this research analyses the effect of American green barriers on Chinese listed companies′ R&D investment.
Compared with existing studies, the possible contributions and significance of this paper are as follows: Firstly, this paper enriches the existing literature of studying the impact of the implementation of green trade barriers from the perspective of R&D investment. Based on the name of environment or residents′ life and health, green barriers affect trade flow by imposing certain restrictions on import and export, but the impact on enterprise′ R&D investment is still lack of empirical research support. Secondly, based on the S&P global market intelligence database, the segmental industry data of A-share listed companies in Shanghai and Shenzhen stock markets are screened. By matching with the data of the U.S. environmental trade policy reviews (TPRs), the specific listed companies affected by the U.S. green barriers are identified, so as to provide micro evidence for the research on the impact of green barriers on enterprises′ R&D investment. Thirdly, the existing relevant studies mainly focus on the impact of green barriers on the export or import of some product. Based on the case data of green barriers of the United States, the research conclusions are more general and could also provide some guidance for green trade policy selection.
Based on the data of American TPRs and R&D investment of Chinese listed companies from 2009 to 2019 and the difference-in-differences (DID) model, the results shows that green barriers significantly reduce the R&D investment of Chinese listed companies, and scale, profit and signal mechanism are the main channels. Further research found that compared with small enterprises and foreign-funded enterprises, the R&D investment of large enterprises, state-owned and private listed enterprises suffering from green barriers more.
This paper drew the following policy implications: China need to speed up the construction of green trade development system, establish and improve environmental standards and technical specifications, participate in the mutual recognition of international standards actively, and improve the international competitiveness of domestic green products. On the one hand, policy makers should promote enterprises to develop green products, form green industrial chain, and strengthen green technology innovation and industrial upgrading. On the other hand, the government should also promote exchanges and cooperation on multilateral and regional green trade related issues, actively take part in the formulation of international rules for green trade, and make full use of trade dispute settlement mechanisms such as WTO and free trade agreement. In addition, the assistance policies for enterprises suffering from green barriers should focus on the firm heterogeneity and environmental characteristics, improve the response capacity of enterprises and stimulate their own R&D motivations.

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A study of the green innovation effect of government environmental information disclosure

Wang Ying, Feng Jiahao

2023, 44(6): 117-125.

Abstract ( 95 )

It is of great significance to build an environmental regulation system with the participation of the government, enterprises and the public. Government environmental information disclosure as a means of environmental governance in the third stage is an emerging practice to build such system especially in China. Compared with command control and market incentive environmental regulation policies, government environmental information disclosure is an efficient tool to combine the institutional pressure from government and expectation pressure from society faced with enterprises in the process of green transformation. Many studies show that government environmental information disclosure can reduce pollutant emissions, while its internal mechanism is not clear. For example, faced with government environmental information disclosure, has the enterprises carried out green innovation which can realize the terminal treatment of pollution.
Using Pollution Information Transparency Index (PITI) which provided by Institute of Public and Environmental Affairs (IPE) and Natural Resources Defense Council (NRDC) to measure the level of government environmental information disclosure, this paper empirically studies whether government environmental information disclosure can promote enterprise green innovation. Based on the green patent data of China′s listed industrial enterprises, our results show that there is a significant positive relationship between the number of green patents applications and the level of government environmental information disclosure, especially the green invention patents that reflect the quality of green innovation. The conclusion is robust after solving endogenous problems with 2SLS. This benefits from the fact that the environmental information disclosure at the government level can guide the environmental information disclosure at the enterprise level and help the public to conduct more comprehensive supervision on enterprises. The heterogeneity test shows that the green innovation level of heavy polluting industry enterprises and non-state-owned listed enterprises is more sensitive to government environmental information disclosure. Futher analysis shows that the higher the dependence of enterprises on external funds, the stronger the green innovation effect of government environmental information disclosure, which indicates that government environmental information disclosure has the threat effect of capital withdrawal.
Government environmental information disclosure in China has been implemented for more than ten years and the 19th CPC National Congress clearly pointed out to build a market-oriented green technology innovation system. In this context, our study of government environmental information disclosure issuance promoting green innovation has a great significance. First, it can provide new insights on the mechanism of government environmental information disclosure to reduce pollutant emissions. Second, it is conducive to broaden the research field of environmental regulation and provide some theoretical reference for the implementation of environmental information disclosure policy. Third, this paper clarifies the internal logic of government environmental information disclosure promoting enterprise green innovation from the perspectives of mediator effect and moderating effect, and provides new evidence that government information disclosure promotes resource allocation and guides enterprise behavior.
The most direct policy implication of this paper is to provide a useful reference for the realization of the effective combination of government environmental information disclosure and enterprise green innovation, so as to promote the construction of ecological civilization. First, the government should incorporate more regulatory content into the environmental information disclosure system to make full use of the signal role of environmental information in leading enterprise green innovation. Second, regulatory authorities should improve the channels of enterprise environmental information disclosure. Third, financial institutions should make full use of environmental information released by government for lending.

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Industrial convergence and urban innovation: The evidence from the "Triple Play" reform

Yang Zhihao, Zheng Wei

2023, 44(6): 126-136.

Abstract ( 104 )

Under the unprecedented changes in the world, the external environment of China′s economic development is full of unstable and uncertain factors. Comprehensively improving the level of domestic innovation provides endogenous driving force for coping with complex external changes and promoting China′s high-quality economic development. Implementing good policies at the urban level is an important measure for the government to implement development goals. Industrial convergence is the frontier issue of industrial development and breeds innovation potential. In order to promote industrial convergence, the central government implemented the "Triple Play" reform in pilot cities in June 2010 and December 2011, which provides a quasi-natural experiment for the research of industrial convergence. However, the existing literatures mainly focus on the innovation effect of the industrial convergence on the integrated industries, while ignoring the effect of industrial convergence on urban innovation. Besides, the existing literatures are yet to examine the effect of "Triple Play" reform on urban innovation. Through the theoretical analysis, this paper proposes that "Triple Play" reform could affect urban innovation through the urban informatization and economic agglomeration. This paper utilizes China′s city-level data from 2003 to 2016 for empirical analysis. These data are mainly from China′s Urban Statistical Yearbook and China′s Regional Economic Statistical Yearbook. The pilot information of "Triple Play" reform comes from Notice of the General Office of the State Council on Issuring the List of the First or Second Batch of Pilot Areas (Cities) for the "Triple Play". This paper empirically analyzes the impact and mechanism of "Triple Play" reform on innovation by using difference-in-difference, propensity score matching, difference-in-difference-in-difference and intermediary effect model. Besides, this paper also explores the regulatory role of urban endowments, including technology, Internet and market.
The benchmark regression results show that "Triple Play" reform has significantly promoted the urban innovation. The conclusion is robust when we consider the parallel trend test and variable measurement method. In order to alleviate the endogenous problem caused by non-randomness of "Triple Play" reform, this paper utilizes the 1:3 nearest-neighbor matching algorithm to match treatment group with the control group, or choose the cities near the pilot cities as the control group, to deal with the selective deviation. Besides, this paper measures the degree of error of missing variables to test the degree of endogenous problem caused by missing variables; this paper alleviates the problem of mission variables by controlling other interference policy, eliminating the samples of special cities and the special years. From the flexible estimations this paper finds that the effect of "Triple Play" reform on innovation has a lag period. Specifically, the innovation level of cities in the treatment group and the control group did not immediately show significant differences until the second year after "Triple Play" reform. The mechanism analysis shows that "Triple Play" reform has contributed to the development of urban informatization and economic agglomeration, which are important factors affecting urban innovation. The regression results of the intermediary effect model show that the urban informatization and economic agglomeration contributed nearly 64% of the improvement of innovation. The heterogeneity analysis shows that urban endowment related to technology, Internet and market plays a key regulatory role. The greater the technological level of the city, the degree of Internet development and the demand of the telecommunications market, the stronger the promoting effect of "Triple Play" reform on urban innovation.
This paper provides useful enlightenment for the government to promote innovation through industrial convergence policy. Administrative regulation is an institutional barrier to industrial convergence. The government should take the initiative to sort out the list of systems that hinder industrial convergence. On this basis, the government should actively relax the regulation of industrial convergence through policy pilot. In the pilot process, the government should fully consider the time lag of the reform effect and evaluate the reform benefits from a long-term perspective.
Invariably, there are many deficiencies in this study, which may also be a topic worthy of further discussion in the future. First, the analysis based on the urban perspective is difficult to investigate the heterogeneous impact of industrial convergence on the innovation of industries, enterprises or other micro subjects. Second, pilot policy might lead to policy discrimination to the non-pilot cities. However, this paper only emphasizes the beneficial impact of "Triple Play" pilot policy on the innovation of the pilot cities and ignores the imbalance of regional innovation that may be caused by the pilot policy.

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Influencing factors and innovation contingencies of network partner diversity

Wu Hang, Chen Jin

2023, 44(6): 137-143.

Abstract ( 72 )

Existing research has failed to reveal from the perspective of corporate capabilities the antecedents of network partner diversity, and the contextual conditions under which network partner diversity affects innovation performance, that is, what capabilities a firm should have to achieve network partner diversity and obtain innovation benefits from it is still an unsolved theoretical mystery. Based on the perspective of network capabilities, this study empirically tests the influence of network capabilities (network partner selection capability, network partner coordination capability) on network partner diversity, as well as on the relationship between network partner diversity and innovation performance.
The sample comes from the 500 companies disclosed in the "2019 China Listed Companies Innovation Index Report". The patent information of the sample companies comes from the patent search and analysis database of China National Intellectual Property Administration and Baiteng.com. The network partner information comes from the company′s official website, annual reports, news media interviews, and information disclosed in financial magazines. The specific information is searched with such keywords as strategic cooperation, overseas cooperation, external cooperation, cooperation agreement, hand in hand, seeking common development. The control variable data are all from the company′s annual report and official website. The data of network partner selection capability and network partner coordination capability are collected in the form of questionnaire survey. The questionnaires are sent to senior executives responsible for innovation and external cooperation. Three rounds of email and telephone interviews are used to supervise the completion and return of questionnaires, and finally 174 valid questionnaires are returned (effective rate 34.8%).
The findings show that network partner selection capability positively affects network partner diversity, while positively moderates the relationship between network partner diversity and innovation performance. This shows that the influence of partner selection capability before network formation on network partner diversity is reflected in two aspects: on the one hand identify partners and establish cooperative relations before network formation, on the other hand use resources from diversified network partner to form innovative synergy after the network is formed. The results also show that network partner coordination capability has no significant impact on network partner diversity, but positively moderates the relationship between partner diversity and innovation performance. The reason may be that the key of building diversified network partnerships is to select partners and establish win-win cooperative relationships. It is a long process to establish a diversified network system. In the early stage of cooperation, there will not be too many communication and coordination barriers, so the communication and coordination capability are not required. However, in the process of utilizing the resources of diversified partners, firms cannot avoid the target difference and ubiquitous cultural and interest conflicts among diversified partners, and then firm′s coordination capability will play an important role. Firms with strong coordination capability are better able to resolve conflicts among diversified partners, integrate resources to form synergy, and maximize the innovation effect of diversified network partners. This study contributes to the literature on the antecedents of network partner diversity and the innovation conditions of network partner diversity, while has practical enlightenment for firms to build diversified network and utilize diversified partner resources.

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Evaluation and distinction of the objects of entrepreneurial failure recovery in technology-based enterprises

Wang Pengju, Xiong Zhuang

2023, 44(6): 144-153.

Abstract ( 51 )

The technology-based enterprise is an important carrier of technology-driven entrepreneurial activity, but affected by the complexity and high uncertainty of innovation and entrepreneurial activity, the entrepreneurial failure of technology-based enterprise is an objective and common phenomenon. However, due to the anti-failure bias, practical and theoretical circles often ignore the concern about entrepreneurial failure. With the deepening of the high-quality development practice of innovation and entrepreneurship in China, as well as relevant theoretical research, it is found that entrepreneurial enterprises with failure experience show more prominent potential in providing jobs, creating wealth, and promoting economic development. It is increasingly recognized that improving the guarantee mechanism for entrepreneurial failure of technology-based enterprises is particularly important to promote the re-entrepreneurship of failed entrepreneurial enterprises and improve the quality of innovation and entrepreneurship. However, constrained by limited resources, the failure recovery policy of entrepreneurial failure is difficult to benefit every technology-based enterprise in the implementation process. Therefore, it is necessary to scientifically and reasonably distinguish the objects of entrepreneurial failure recovery, and give full play to the supporting effect of external guarantee mechanism on the entrepreneurial failure recovery of technology-based enterprises.
To accurately distinguish and evaluate the objects of entrepreneurial failure recovery of technology-based enterprises, based on the systematic analysis of the source of entrepreneurial failure, from the dual dimensions of attribute attribution and causal attribution, an evaluation index system was constructed including entrepreneurial resource acquisition ability, resources and their channels and access, entrepreneurial opportunity identification ability, market conditions, team relationship and team formalization are the six first-level indicators for the evaluation of entrepreneurial failure recovery in technology-based enterprises. By using the Interval Analytic Hierarchy Process Method, Entropy Method, and Scatter Degree Method, a combination weighting method that combines subjective weighting and objective weighting was designed, and an evaluation model was established. Meanwhile, the evaluation model was applied to evaluate and distinguish the practice cases of 10 failed technology-based enterprises. Results show that according to the scores of the evaluation results in different dimensions, the technology-based enterprises with entrepreneurial failure can be divided into six types: insufficient ability type, lack of foresight type, relationship contradiction type, resource scarcity type, poor market type, and team betrayal type. According to different types of entrepreneurial failure, targeted recovery methods are adopted.
The contribution of this study lies in two aspects. On the one hand, from the perspective of failure recovery, this study focuses on the distinguishing of the objects of entrepreneurial failure recovery in technology-based enterprises, opens up a new direction for the studies on entrepreneurial failure recovery, and enriches the relevant content in the field of entrepreneurial failure research. On the other hand, from the perspective of attribute causality dimension, this study comprehensively applies a variety of weighting methods, and develops an evaluation model for screening the recovery objects of entrepreneurial failure of technology-based enterprises, which makes up for the deficiency of single-dimensional evaluation of entrepreneurial failure attribution, and enriches the current research status of empirical evaluation in entrepreneurial failure recovery screening.

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Research on the dynamic evolution game of tacit knowledge sharing in patent commercialization

Yang Xianghao, Ye Xu, Liu Yun, Wang Xiaoli

2023, 44(6): 154-164.

Abstract ( 69 )

Patent commercialization plays an important role in realizing patents′ economic benefits and social value. However, in the existing research, there is little attention on tacit knowledge sharing in patent commercialization. Strengthening tacit knowledge sharing in patent commercialization is of great significance for digging out the potential value of patents and accelerating the transformation from quantity to quality for patents in China.
Assuming all participants are bounded rational, this paper selects some important variables about inventors′ activeness, enterprises′ accepting capability, reputation effect, and two-stage payment contract. By these variables, it designs a dynamic evolving game model involving three key subjects: inventors, enterprises, and intermediaries. In addition, it analyzes and explores the impacts of these factors on tacit knowledge sharing in patent commercialization by replication dynamic equations and simulations implemented by MATLAB software. In conclusions, the paper indicates that it improves tacit knowledge sharing in patent commercialization if inventors′ activeness is well matched with enterprises′ accepting capability, especially high activeness of inventors is matched with high accepting capability of enterprises. Besides a good evaluation system of reputation is also one of efficient measures to improve tacit knowledge sharing in patent commercialization. And a different payment percentage in a two-stage contract also plays a significant role in the tacit knowledge sharing in patent commercialization. Accordingly, the following countermeasures are proposed:
First, the construction of patent trading platform should be strengthened. The database in patent trading platform should be improved to save all key information of participants, keep track of all trading transaction data, etc. Besides, the matchmaking mechanism of inventors and enterprises should be continuously optimized in order to find out suitable inventors and enterprises more efficiently and more accurately.
Second, the reputation evaluation system of the platform should be improved. On the one hand, a set of comprehensive reputation indicators should be introduced to evaluate trading behaviors of participants in patent commercialization, and the rules of reward and punishment can be set up to restrict behaviors of participants. On the other hand, an intelligent reputation monitoring system should be established. Under the premise of proper privacy protection, the reputation scores of participants should be made public.
Third, the design of two-stage contract should be optimized. The total payment of the two-stage contract should be seriously considered to ensure that both inventors and enterprises can obtain reasonable economic rewards. If the total payment of a two-stage contract is too high, it is easy to lead to the risk that an enterprise does not comply with the contract. And if the total payment of a two-stage contract is too low, it is easy to lead to the risk that an inventor does not follow the contract.
This paper explored the dynamic evolution process of tacit knowledge sharing in patent commercialization based on evolutionary game theory, which provides new perspectives and ideas for researches on patent commercialization, but there are still some areas for improvement and perfection. Tacit knowledge sharing in patent commercialization is a complex process, but only key influence factors are examined in this paper. Besides, government policies also affect participants′ behaviors in patent commercialization and simulation parameters are taken from limited sources at present.

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Research on the effect of government intervention in the internationalization of technical standards

Zhang Lifei, Tian Haoyue, Ouyang Yaojia

2023, 44(6): 165-172.

Abstract ( 84 )

Technical standards are an important strategic tool for international competition, and all countries try their best to use government forces to promote the internationalization of their national technical standards. Therefore, government power is an indispensable and powerful promoter in the process of internationalization of technical standards. This article selects the panel data from 23 countries with different technical standards internationalization processes from 1998 to 2017. This article studied the intervention effects of government financial technology investment, government procurement, and government participation in international organization activities during the internationalization of technical standards.
The overall regression analysis shows that the three government interventions have a significant role in promoting the internationalization of technical standards, of which the role of government financial investment in science and technology is the most obvious. In addition, when the per capita income level increases, the advantages of a large country demonstrated by the population can increase the level of internationalization of technical standards through means such as increased negotiation power and market diffusion.
The analysis of heterogeneity test shows that government financial investment in science and technology has a more obvious positive effect on technologically underdeveloped countries and small market countries. Government procurement and the export of high-tech products have a significant role in promoting the internationalization of standards in technologically developed countries and large-market countries, and government participation in international standards organizations has a more obvious role in promoting large-market countries.
Therefore, this article puts forward corresponding suggestions: firstly, countries with advanced technology and large markets should focus on handling the relationship between the government and the market in the internationalization of technical standards. The direction of technological innovation and the choice of technical standards should be determined by the market; secondly, countries with advanced technology and small markets should use government procurement as an important demand-side tool to expand market demand in the internationalization of technical standards, and then promote the internationalization of technical standards; thirdly, countries with underdeveloped science and technology and large markets can use their local markets to form the basis for standard internationalization, but they should focus on the development of science and technology and improve the technical foundation. Technology is the primary factor in promoting the internationalization of technical standards; fourthly, for small market countries with low technological development, the most important thing is to improve the developing capability of science and technology. The government′s financial investment is inclined to high-tech sectors, and tax reduction and exemption policies are implemented for high-tech enterprises to promote the internationalization of technology standards.

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Transnational operation, market environment and innovation efficiency of enterprises

Han Zhongxue, Gao Xinyi

2023, 44(6): 173-182.

Abstract ( 84 )

Under the policy background of vigorously promoting overseas innovation investment and the increasingly frequent international environment of cross-border flow of innovation resources, Chinese enterprises pay more and more attention to global layout and technological innovation. Market competition and market structure have a far-reaching impact on the relationship between transnational operation and technological innovation. However, there are few studies on the combination of enterprise behavior and market environment. Therefore, we analyze the impact of transnational operations on the innovation efficiency of enterprises from the two dimensions of market competition and market structure, and provide new research perspectives in this field.
In the international context of innovation resources, competition, cooperation, how to efficiently use the market environment to take into account transnational operations and technological innovation development, is a topic worth studying. Using the data of 472 listed companies with transnational operation behavior from 2008 to 2019, DEA Tobit model is used to test the influence of transnational operation on innovation efficiency of enterprises, and the regulation of market environment.
The conclusions of this paper can be drawn as follows: Firstly, transnational operations can provide external innovation resources and diversify the market risks, thereby ensuring continuous and sufficient R&D investment and improving innovation efficiency. This improvement is more significant among non-SOE, because SOE in China usually shoulder multiple economic and social functions, and may gradually produce and rely on a hot-bed effect, which will consume resources and inhibit the growth of performance, profitability and innovation efficiency. Therefore, the effect of multinational operations on innovation efficiency still exists but is relatively weak in SOE.
Secondly, the market environment can be divided into two dimensions: market competition and market structure. On the one hand, market competition positively regulates the relationship between transnational operations and innovation efficiency, which is more significant in non-SOE. As an effective external governance mechanism, market competition can not only open up resource channels from the outside, create a better market environment for enterprises, but also stimulate the self-driving force and innovation enthusiasm of enterprises from the inside. On the other hand, the market structure negatively regulates the relationship between transnational operations and innovation efficiency, which is more significant in SOE. When measuring the market structure from the perspective of the supply chain structure, the higher the concentration of a supply chain, the stronger its dependence on upstream and downstream, and the weaker the bargaining power of the corporate.
Finally, mechanism studies have found that transnational operations not only improve innovation efficiency by increasing asset allocation and providing funds, but also selectively enhance innovation efficiency by enriching human resources. Transnational operations will increase investment in intangible assets and R&D equipment, and can also attract R&D personnel and senior executives with overseas backgrounds. The former can effectively promote innovation, while the latter can inhibit the growth of innovation efficiency. This is because too many senior executives with overseas backgrounds may lead to organizational redundancy and strategic deviation, increase internal communication costs and management conflicts, and produce a crowding out effect on innovation. After the robustness tests of instrumental variables and substitution variables, the research conclusions are still significantly established. In general, this research has certain guiding significance for companies to deeply integrate into globalization and improve the performance of transnational operations.

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Impact of innovation failure on re-innovation performance of enterprises: The moderating role of executive compensation incentive

Zhao Shengmin, Yu Xinghui

2023, 44(6): 183-192.

Abstract ( 114 )

As an objective phenomenon in process of innovation, innovation failure may affect the subsequent innovation decision-making behavior. However, there are few relevant empirical studies, especially research on the re-innovation performance after enterprise innovation failure. Whether innovation failure will reduce the re-innovation performance of enterprises, and whether executive compensation incentive can be the "good medicine" to alleviate this impact need further research and exploration. This paper uses the data of China′s A-share listed companies from 2007 to 2017 to explore the impact of innovation failure on enterprises re-innovation performance and the moderating effect of executive compensation incentive from the perspectives of principal-agent problems, managerial myopia and prospect theory. The results of the study show that innovation failure has a significant negative impact on the enterprise′s re-innovation performance. Compared with short-term executive compensation incentive, long-term executive compensation incentive can significantly weaken the relationship between innovation failure and re-innovation performance of enterprises. Heterogeneity analysis show that compared with strategic innovation, innovation failure has a greater negative impact on substantial innovation in the next period, which indicates that the "quality" of innovation deteriorates seriously after innovation failure, but at the same time, long-term executive compensation incentive can weaken the negative impact of innovation failure on substantial innovation. Compared with non-state-owned enterprises, innovation failure has a greater negative impact on the re-innovation performance of state-owned enterprises and the positive moderating effect of long-term executive compensation incentive is more significant in state-owned enterprises.The research results enrich the relevant literature on the influencing factors of enterprise technological innovation, provide a theoretical reference for enterprises to establish an effective innovation incentive mechanism, and it also has theoretical guidance and practical significance for improving enterprise innovation performance.
This study also provides some important policy implications. First of all, the empirical results show that innovation failure has a negative impact on the company′s re-innovation performance. Innovation failure as an inevitable event in the company′s innovation process will cause innovation trauma and the risk aversion decisions and short-sighted behaviors made by managers will significantly reduce the company′s re-innovation performance. It is important for enterprise innovation management to overcome the trauma of innovation failure, but it has not received sufficient attention. Therefore, if enterprises can adjust the negative impact of innovation failure in practice, they can effectively improve the sustainability and success rate of innovation. Secondly, we find that long-term executive compensation incentive can inhibit the negative impact of innovation failure on re-innovation performance, while short-term executive compensation incentive can aggravate the impact. It is suggested that granting managers certain ownership and profit-sharing rights can alleviate the decline of managers′ willingness to innovate after innovation failure, which is helpful for managers to pay attention to the long-term development of the company, and weaken the motivation to engage in self-interested behavior. Therefore, in practice, the implementation of a executive compensation mechanism that unifies the wealth of managers and shareholders can alleviate the principal-agent problem to some extent, supervise and motivate the manager to commit to the long-term development of enterprises effectively.
The contribution of this study is as follows: firstly, in practice, enterprises can reduce the loss and pressure that managers may face after innovation failure by designing a reasonable long-term executive compensation incentive mechanism, that is, reduce the negative impact of innovation failure on their re-innovation enthusiasm, and guide managers to become better enterprise innovation leaders; secondly, based on the existing incentive innovation model, this paper introduces executives′ expectation of success probability of innovation, which improves the rationality and scientificity of executives′ innovation decision-making; last but not least, this paper finds that the negative impact of innovation failure on enterprise re-innovation performance and the moderating effect of long-term executive compensation incentive are more significant in state-owned enterprises, this finding provides another explanation for the lower innovation efficiency of state-owned enterprises compared with non-state-owned enterprises, and also provides a new idea for how to improve the innovation efficiency of state-owned enterprises.

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