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20 October 2023, Volume 44 Issue 10 Previous Issue    Next Issue

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Research on the driving paths of responsible innovation of digital firms Guo Hai, Yang Luni, Huang Min 2023, 44(10): 1-9.  DOI: 10.19571/j.cnki.1000-2995.2023.10.001 Abstract ( 571 )       Responsible innovation is increasingly important for digital firms. However, existing literature largely ignores the drivers of digital firm′s responsible innovation. Based on the TOE framework, we built a theoretical model to identify the driving paths and mechanisms of digital firm′s responsible innovation. Utilizing the fsQCA method, we conducted a configurational analysis on 29 typical cases of digital firms in China, and explored the effect of technological, organizational, and environmental factors on firm responsible innovation. We found through the study that digital firm′s responsible innovation is the combined effect of multiple factors, and a high level of responsible innovation cannot be achieved without technological support. Further, three configurations for high responsible innovation were identified to reveal two mechanisms, an autonomous mechanism constituted by R&D personnel input and the establishment of CSR committee, and a collaborative co-creation mechanism formed through the adoption of digital technologies and the cultivation of a trust culture. Finally, digital firm′s responsible innovation was found to be internally driven. Regardless of technological support, the environmental regulation mechanism fails to drive digital firm′s responsible innovation. Our findings will contribute to study on the drivers of firm responsible innovation, and deepen our understanding of the driving paths and mechanisms of digital firm′s responsible innovation. References | Related Articles | Metrics

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Construction and analysis of the model of an AI industry innovation ecosystem Zhang Zhihe, Gao Zhongyi 2023, 44(10): 10-21.  DOI: 10.19571/j.cnki.1000-2995.2023.10.002 Abstract ( 252 )       With the release of Chat GPT and the advent of New Bing, especially the emergence of new war modes in the Russia-Ukraine Conflict, AI technology has played an important role in the future development of competitions. How to break through the bottleneck of artificial intelligence technology, effectively enhance the competitiveness of the artificial intelligence industry is currently an unavoidable problem. This article focused on improving the competitiveness of the artificial intelligence industry, with the main focus on solving the problem of industrial innovation efficiency. In this paper, through literature analysis and system analysis methods, relevant analysis was conducted on the innovation ecosystem of the artificial intelligence industry, the following main conclusions was made: (1) the overall trend of artificial intelligence has become the core hub of industrial development, social change, and international competition has been clarified, and the viewpoint that the development of artificial intelligence is the development of the future has been formed; (2) we constructed a scientific and efficient artificial intelligence industry innovation ecosystem model, which will provide an effective analytical tool for effectively solving the problem of innovation environment barriers and innovation subject opposition, and for the macro regulatory layout and micro precise policy implementation of the artificial intelligence industry; (3) we established a multi-disciplinary, multi industry talent cultivation and output mechanism with intelligent education as the core, thus providing strategic support for the long-term development of the artificial intelligence industry. Related Articles | Metrics

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Research on the impact of digital transformation on the green innovation of enterprises Liu Haiman, Long Jiancheng, Shen Zunhuan 2023, 44(10): 22-34.  DOI: 10.19571/j.cnki.1000-2995.2023.10.003 Abstract ( 717 )       Promoting green innovation and comprehensively achieving green transformation of economy are significant strategic layouts for China to vigorously promote high-quality economic development. At present, China′s extensive development mode of "high input and low efficiency" has led to more serious problems such as overcapacity, environmental pollution, and resource depletion. In particular, energy-intensive, highly polluting, and inefficient manufacturing companies have become a major source of increased carbon emissions. In this regard, it is urgent to change the disadvantage of low "green concentration" of Chinese enterprises at the technical level, so as to stimulate technological innovation and move up the value chain. Fortunately, digital transformation is pushing more flexible and greener production processes, and optimizing the mobility and integration of production factors, which has a momentous impact on stimulating enterprises′ green innovation. In view of the lack of existing literature on the antecedents of green innovation from the perspective of digital transformation, the present paper proposes the following questions: Can digital transformation directly improve green innovation and what is its potential transmission mechanism? Is there industry heterogeneity in the influence examined? Identifying the results of these problems has far-reaching significance to promote sustainable development and help the government to formulate targeted digital policies.The paper examined the relationship between digital transformation and green innovation by using the data of China′s A-share listed companies from 2012 to 2019 and constructing an industry-time dual fixed effect model. The research results indicated that: digital transformation not only directly improves the green innovation level of enterprises, but also indirectly stimulates green innovation by increasing absorptive capacity and strengthening internal controls. The analysis of industry heterogeneity indicated that compared with non-state-owned enterprises, digital transformation plays a greater role in promoting state-owned enterprises′ green innovation. The digital transformation of non-technology-intensive enterprises has no significant impact on green innovation. Compared with enterprises in areas with weak environmental regulations, digital transformation has a stronger incentive effect on the green innovation of enterprises in areas with strong environmental regulations. With the improvement of the level of green finance, the positive correlation between digital transformation and green innovation remains basically unchanged. The findings will help to provide feasible and favorable policy directions for deepening digital transformation to facilitate green development.The possible innovation of the paper lies in that, on the one hand, the relationship between digitalization and green innovation is clarified from the perspective of micro-subjects, thus solving the long-standing disputes and enriching the understanding of the antecedents of green innovation. On the other hand, the paper provides a framework of "benchmarks-influence mechanism-extensibility analysis (heterogeneity investigation)" and for the first time demonstrates the mediating role of internal control and absorptive capacity between digital transformation and green innovation. This helps to provide clear path guidance for enterprises′ green innovation practice.The findings of this paper have three pivotal policy implications. First, companies need to firmly grasp the idea that digital transformation is an important driver of corporate green innovation. For enterprises, to stimulate technological innovation and construct a cornerstone for green development, they should strengthen the deep integration of digital technologies such as big data, cloud computing, and artificial intelligence with enterprises′ product manufacturing and organizational management. Second, it is necessary to open up the dynamic transmission mechanism of "digital transformation - absorptive capacity / internal control - green innovation", continuously accumulate internal and external knowledge, skills, and experience, and gradually establish confidence in green knowledge restructuring and a good internal governance environment. Ultimately, this ensures the integrity and coordination of building intelligent production systems and intelligent management systems using digital technologies. Third, combined with the results of the heterogeneity test, the government should accurately grasp the unique role of digitalization in different enterprises, attaching importance to the rational allocation between policy formulation, enterprise characteristics, and external conditions, and advocate green development. References | Related Articles | Metrics

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Research on the impact of entrepreneurship and innovation demonstration base on high-quality economic development 2023, 44(10): 35-42.  DOI: 10.19571/j.cnki.1000-2995.2023.10.004 Abstract ( 137 )       As China′s economy enters a new normal, there is an urgent need to shift from an investment-driven growth model to an innovation-driven development model. Innovation and entrepreneurship are considered as the driving forces to stimulate market dynamics. However, existing studies have only considered the impact of a single government policy on innovation or entrepreneurship on high-quality economic development, lacking a systematic examination of innovation and entrepreneurship in a unified analytical framework. The "Implementation Opinions on Building Demonstration Bases for Mass Entrepreneurship and Innovation" issued by the General Office of the State Council in 2016 (referred to as the "entrepreneurship and innovation demonstration base construction " pilot policy), provided a unique perspective and advantage to address the above issues. Under the framework of new structural economics, this paper analyzed the theoretical mechanism of how "effective market" and "active government" can be coordinated and unified to jointly contribute to high-quality economic development in the pilot area. Then, based on the panel data of 285 prefecture-level cities in China from 2012 to 2019, the hypotheses proposed in the theoretical part are tested empirically using the staggered difference-in-difference method. Finally, corresponding policy enlightenments are proposed in response to the results of the empirical analysis.This paper has made several findings: (1) the construction of entrepreneurship and innovation demonstration bases can significantly promote high-quality economic development in pilot regions compared to non-pilot regions. After a series of robustness tests such as replacing the explanatory variables, choosing different matching methods to reduce the sample selection bias, and lagging the control variables to avoid reverse causality, the regression analysis results of this paper still hold robustly. (2) The mechanism test found that the pilot policy mainly promotes high-quality economic development by enhancing the government′s strategic leadership in science and technological innovation while optimizing the institutional business environment, and the mediating effect of the former is significantly higher than that of the latter. This finding will help to reconcile the differences between government intervention theory and free market theory, and verify from the perspective of new structural economics that "active government" and "efficient market" can work together in practice, especially to give full play to the role of government in promoting high-quality economic development. (3) The heterogeneity analysis showed that the pilot policy can promote high-quality development in provincial capitals, sub-provincial cities and cities with strong intellectual property rights (IPR) protection more than in ordinary prefecture-level cities and areas with weak IPR protection, but there may be an optimal interval about the impact of IPR protection on high-quality economic development. (4) There is a significant spatial spillover effect in the construction of the demonstration base of entrepreneurship and innovation, which will not only promote the high-quality development of the local economy, but also bring certain benefits to the high-quality development of neighboring cities, without creating a "siphon effect" that hinders the coordinated development of the regional economy. This will provide a feasible path for narrowing the regional economic development gap and achieving the goal of common prosperity based on the perspective of entrepreneurship and innovation. This paper will also provide the practice enlightenment for the path of achieving high-quality development in China. Firstly, we should continue to promote the construction of the entrepreneurship and innovation demonstration bases, connect the demonstration bases of enterprises, universities and research institutes, and form a collaborative innovation model combining industry, academia and research. Second, we should give full play to the dual-wheel-drive role of "competent government" and "effective market" in the pilot zone, so as to better serve the high-quality economic development. This also reveals that our future policy evaluation should be directed at "how the government should better implement innovation policies", rather than continuing to argue about "whether government innovation policies are effective". Third, we should establish a more complete intellectual property protection system, respect intellectual property rights, promote entrepreneurship, and ensure that policy objectives are matched with policy tools. In addition, provincial capitals and sub-provincial cities should play an exemplary role in driving neighboring prefecture-level cities, and policy preferences, talent support, and technical support can be appropriately tilted to ordinary prefecture-level cities. Fourth, we should also optimize the spatial layout of pilot cities, according to the development progress of pilot cities, geographic location, industrial advantages and other conditions, to make strategic adjustments and layout, the formation of complementary industries in various regions, resource interaction, and give full play to the superposition effect of policies between regions and entrepreneurship and employment promotion effect. Related Articles | Metrics

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TMT external social capital, alertness and exploratory innovation Wang Chuanzheng, Ge Yuhui 2023, 44(10): 43-52.  DOI: 10.19571/j.cnki.1000-2995.2023.10.005 Abstract ( 100 )       Innovation is an important factor to guarantee success in enterprise performance. An enterprise′s competitive advantage not only lies in the development of existing technology and resources to improve efficiency, but also lies in the development of new innovation opportunities. For enterprises, exploratory innovation is a relatively large and radical innovation behavior. Exploratory innovation is an important choice, and the evolution process of enterprise exploratory innovation is constantly disturbed by products and processes, and also affected by TMT (Top Management Team) strategic decisions. The social capital of TMT dynamic capabilities drives the theoretical development of how TMT affects the level of exploratory innovation and provides new insights into why some TMT may decide to increase exploratory innovation while others may not, or even decide to reduce exploratory innovation.Social capital is a complex concept, and the relationship between external social capital and exploratory innovation may be more complex than previously described. Many scholars also recognize the possible negative effects of social capital and warn of the need to delve into its “dark side”. Therefore, it is urgent and important to clarify the exact relationship between TMT external social capital and exploratory innovation performance. TMT cognitive process affects social capital. If we do not understand TMT cognitive characteristics, we cannot evaluate the impact of social capital on exploratory innovation. TMT alertness is the cognitive ability to deal with dynamic environmental changes that a company faces through higher perception. However, TMT alertness, which emphasizes mental processes, has largely not received sufficient academic attention. Therefore, this paper attempts to explore the social and cognitive mechanism of exploratory innovation by integrating TMT cognition, social capital and innovation, which are three interrelated theoretical modules, and helps to create a complete picture of TMT external social capital′s understanding of exploratory innovation.The results of this paper showed that there is an inverted U-shaped relationship between network centrality, relationship strength and exploratory innovation. This paper confirmed that TMT alertness has a positive impact on exploratory innovation, indicating that TMT with higher alertness can scan, perceive and judge exploratory innovation opportunities. Furthermore, this paper found that TMT alertness moderated the curve relationship between network connection centrality and relationship strength and exploratory innovation, that is, with the increase of TMT alertness, the curve relationship between network centrality and exploratory innovation would be steeper, and the negative slope of the inverted U-shaped relationship would be larger.The contributions of this paper are as follows: First, this paper will help to reveal the “actual psychological and social processes that transform TMT execution characteristics into strategic actions”, deepen the understanding of the strategic process of exploratory innovation, and effectively respond to the call for more research on the antecedents of exploratory innovation. Second, the research results have confirmed the contradiction of external social capital of TMT, which are concerned by previous literature, and will help clarify the fuzzy effect of social capital. The research results are a step forward in a series of integrated studies. Third, the findings of this paper will provide new insights into the understanding of alertness, extend the theory of alertness, and demonstrate the importance of shifting conversation away from the TMT demographic variables widely used in the previous studies to deeper variables.The results of this paper will also put forward some management enlightment for enterprises. First, TMT should strive to obtain the centrality of multi-channel resources in the industry network. TMT should also learn to gain and maintain competitive advantage by utilizing network relationship strength to develop strategies that focus on synergy between external knowledge search and utilization. Second, TMT should avoid the general idea that external network relations are always beneficial, and enterprises should advocate the implementation of TMT external social capital opening strategy should not be oversimplified. Third, enterprises can provide learning guidance for TMT members, and appropriate sponsored training can help TMT develop and improve their alertness ability, bringing better performance results for enterprises. Related Articles | Metrics

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Intellectual property protection and digital transformation of enterprises: A quasi-natural experiment based on intellectual property demonstration cities Xu Weibin, Tang Qingzhou, Li Huan 2023, 44(10): 53-61.  DOI: 10.19571/j.cnki.1000-2995.2023.10.006 Abstract ( 161 )       Digital transformation is a key factor for enterprises to achieve sustainable development. With the development and progress of technology, the technological factors driving the successful completion of digital transformation by enterprises have gradually matured. However, due to the incomplete social system of laws and regulations related to it, the successful implementation of digital transformation by enterprises has been hindered. Therefore, this paper explored the relationship between the intellectual property protection system and digital transformation of enterprises from the perspective of construction of intellectual property demonstration cities. Based on this, the paper used the difference-in-differences method to empirically test the impact and mechanism of construction of intellectual property demonstration cities with respect to digital transformation of enterprises by using the listed companies on the Shanghai and Shenzhen stock exchanges from 2008 to 2021 as a sample. The study found that the construction of intellectual property demonstration cities can significantly promote digital transformation of enterprises, and this conclusion still holds after a series of robustness tests. In terms of the mechanism, the construction of intellectual property demonstration cities promotes the digital transformation of enterprises through two mechanisms: the "R&D effect" of increasing innovation investment and the "talent effect" of enhancing human capital. Further analysis found that the promotion effect of the construction of intellectual property demonstration cities on digital transformation of enterprises is more significant in western regions and large cities. The research conclusions will provide a new perspective and inspiration for understanding the preconditions of digital transformation of enterprises.The research contribution of this paper is reflected in three aspects: Firstly, the digital transformation of enterprises represents the advanced productive forces of the future and it is a powerful driving force for further stimulating innovation-driven development. Improving and promoting policies and systems related to the digital transformation is an important guarantee for helping enterprises smoothly achieve digital transformation. The research conclusion of this paper will provide empirical evidence for understanding the policy effects of constructing intellectual property demonstration cities, and it will also provide solid evidence for enriching the theory of supply-led institutional change, thus having a certain theoretical contribution. At the same time, this paper used the implementation practice of construction of intellectual property demonstration cities as a quasi-natural experiment to identify the relationship between institutional policy changes and micro-digital transformation of enterprises through the exogenous impact of policy demonstration, reducing the problem of endogeneity in estimation and making the estimation results more accurate. This will further improve the relevant research methods by optimizing the internal problems which existed in previous studies that used the number of local intellectual property cases to measure the level of intellectual property protection.Secondly, by examining the "R&D effect" and "talent effect" of intellectual property demonstration city construction policies, this paper clarified their intrinsic impact mechanisms and revealed the "mechanism black box" of how intellectual property institutions affect digital transformation of enterprises. This will provide a logical theoretical explanation for the reasons behind digital transformation of enterprises and will help to enrich and expand research in this field.Thirdly, previous research mostly explored the differentiated impact of intellectual property protection on digital transformation of enterprises from the perspective of enterprise characteristics. This paper started from such two aspects as city location and city size and explored the policy empowerment effect differences in construction of intellectual property demonstration cities in terms of digital transformation of enterprises, thus further revealing the external boundaries of the policy's impact on digital transformation of enterprises. This is conducive to understanding how macro-policies can "precisely irrigate" the micro-enterprise fields from the perspective of urban characteristics. Therefore, it is of great practical significance for the government to further improve the construction of intellectual property cities and consolidate the "new engine" function of institutional policies in promoting the development of the digital economy. Related Articles | Metrics

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A local intellectual property policy system that supports innovation: An analysis based on the innovation system and institutional logics Xu Ke, Zhang Yafeng 2023, 44(10): 62-70.  DOI: 10.19571/j.cnki.1000-2995.2023.10.007 Abstract ( 92 )      Intellectual property (IP) policies are fundamental conditions for supporting innovation, and local IP system is the practice of national IP system. By applying a local-level perspective, and integrating the theories of innovation system and institutional logics, a framework for analyzing local IP policy system was established, which includes four dimensions: economic and social foundation, innovation elements and entities, IP management institutions, and policy formulation. By taking Shenzhen as an example, the author of this paper divided its IP policy system into four stages from the perspective of evolutionary development: initial stage, improvement stage, maturity stage, and optimization stage. It was found through this study that changes in IP policies lag behind economic development, and innovative resources are the main driving force behind the evolution of local IP policy system. The IP policy system exhibits internal collaborative characteristics during the evolution process, and the multi-dimensional coverage of intellectual property policies continues to deepen. In response to the improvement of local IP policy system, it is proposed that:We should address the issue of policy lag through technological foresight and institutional review, actively cultivate and strive for various innovative resources based on local characteristics, and enhance the matching degree between policies and the entire IP chain, for providing useful references for China′s comprehensive innovative development, for helping China become an innovative country, and for the construction of China into an IP power. Related Articles | Metrics

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A study of the impact mechanism of innovation quotient on the radical innovation behavior of executives Yang Gang, Wang Jianquan 2023, 44(10): 71-79.  DOI: 10.19571/j.cnki.1000-2995.2023.10.008 Abstract ( 108 )      Radical innovation is an effective way for firms to achieve technological excellence and gain competitive advantage. However, established studies have paid little attention to the issue of managerial behavior in radical innovation, especially in the lack of due exploration on the influence mechanism of culture on radical innovation behavior of corporate executives. Therefore, based on organizational learning and prospect theory, this paper constructed a moderated mediation model by exploring the influence of innovation quotient on radical innovation behavior of executives and its transmission mechanism, and analyzing the path regression coefficients to test the hypotheses item by item.First of all, this research has made the following findings: (1) innovation quotient can motivate executives to innovate and make breakthrough via exploratory learning, which in turn drives radical innovation behavior. The positive influence of knowledge and sharing on radical innovation has been generally recognized by academics, but the underlying logic of radical innovation has rarely been explored. Based on this, this study introduces exploratory learning as a mediating factor in exploring the interaction between innovation quotient and radical innovation behavior, and examines the underlying mechanism of innovation quotient driving radical innovation behavior. The findings of the study have some important theoretical value for a comprehensive study of radical innovation and also provide a new theoretical perspective for studying the awareness and understanding the potential learning processes that occur among groups. (2) Risk aversion plays a moderated role in the influence mechanism of innovation quotient on radical innovation behavior. Previous studies have lacked an examination of risk attitude elements when exploring the influencing factors of radical innovation behavior. This study introduces risk aversion into the research framework from the perspective of prospect theory and explores the moderating effect of risk attitude on the action mechanism of innovation quotient. The findings not only validate the association between risk aversion and exploratory learning for the first time, but also theoretically clarify the research boundary of the effect of innovation quotient on radical innovation behavior of executives.Then, this study has also obtained some practical insights as follows: (1) Nurturing innovation quotient is crucial as a management initiative that can facilitate radical innovation, and companies need to integrate relevant resources to combine nurturing innovation quotient and implementing innovation strategies. Therefore, managers need to create a high-quality exploratory learning environment to strengthen innovation capabilities through learning practices that lead to radical innovation. Moreover, managers need to realize that learning should not be limited to the individual level, but should be interactive and shared among groups. This paradigm change requires managers to abandon traditional perceptions and consider the implementation and recursive process of learning from the group and organizational levels, so as to improve the overall effectiveness of innovation breakthroughs. (2) Reduced risk aversion helps executives develop an inherent passion for innovation work, which in turn influences their radical innovation behavior. In particular, innovation breakthroughs do not happen overnight, but executives generally tend to choose less risk rather than benefit in the face of high cost, high risk and high uncertainty in the learning process. For this reason, in Chinese management practice, companies should pay special attention to risk avoidance and attitude change of executives. At the same time, executives should appropriately assess their self-competence and risk magnitude, and use organizational controls and incentives to reduce aversion and increase innovation input.  References | Related Articles | Metrics

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Scientific and technological achievements transformation and common prosperity: The verification from China Wu Peng, Wan Guanghua, Chang Yuan 2023, 44(10): 80-90.  DOI: 10.19571/j.cnki.1000-2995.2023.10.009 Abstract ( 156 )       Common prosperity has been established as the long-term goal of the new development stage. The 10th meeting of the Financial and Economic Commission of the CPC Central Committee in August 2021 again emphasized "promoting common prosperity through high-quality development". Common prosperity is reasonable and differentiated, which means that the income level of different groups is generally raised and the income gap is controlled within a reasonable range. In short, the key to the goal of common prosperity is to reduce income gap between different groups. In China, the gap between rich and poor has always been an important issue affecting social stability and economic development. China′s Gini coefficient was 0.465, and the proportion of middle-income groups was 29.58%, accounting for 389 million people in 2019. Therefore, it is particularly important to ease income inequality and expand the proportion of middle-income groups, which will become an important starting point for common prosperity in the new stage. It is urgent for China to achieve a win-win situation of high-quality development and common prosperity.On the other hand, innovation is the fundamental driving force for human development and social progress. However, due to the limitation factors such as system mechanism or lack of existing talents or technical foundation, some R&D may not be able to enter the actual production process. In other words, only the transformation of R&D can bring about economic growth and income gap improvement. A considerable part of China′s R&D is not still transformed, resulting in a low level of scientific and technological achievements transformation. As the most important channel for the scientific and technological achievements transformation, technology market is an important step for new technologies and inventions to realize their market value. It is also the key for innovation to support economic and social development. Therefore, based on the perspective of transactions in the technology market, it is urgent for China to study the influence and mechanism of the scientific and technological achievements transformation on common prosperity.Then, what is the effect of scientific and technological achievements transformation on common prosperity? What is the mechanism? Innovation is a dynamic process, including R&D and technology adoption. There are two main modes of transformation from R&D to technology adoption, that are self-application and transfer to others (also known as "scientific and technological achievements transformation"). An important channel to realize the transformation of R&D is transactions in the technology market, that is, R&D achievements are transferred to others by means of transfer and license through transaction in the technology market . Of course, our paper mainly focuses on the latter, the impact of the scientific and technological achievements transformation on common prosperity.Obviously, R&D increases the demand for high-skilled labor and wage income, causing a rise in the skill premium, which is expected to widen the income gap. However, the scientific and technological achievements transformation will increase the demand for low-skilled labor and wage income, leading to the decline of skill premium, which is expected to help expand the proportion of middle-income groups and improve income distribution to achieve common prosperity. According to the above analysis, some propositions are put forward in the paper. Therefore, based on the perspective of transactions in the technology market, this paper studied the effect of R&D and of scientific and technological achievements transformation on income distribution and the proportion of middle-income groups, and established the mechanism from the scientific and technological achievements transformation to common prosperity. The purpose of this paper is to explore the role of the scientific and technological achievements transformation on common prosperity.The main conclusions of this paper are as follows. Firstly, compared with R&D, the scientific and technological achievements transformation can play a role in alleviating the income gap and expanding the proportion of middle-income groups, that is, the scientific and technological achievements transformation can help realize common prosperity. Secondly, compared with the less developed regions and the central and western regions, the developed regions and the eastern regions have a stronger level and ability of the scientific and technological achievements transformation, which makes its impact on income inequality and the proportion of middle-income groups more obvious and significant. Thirdly, the mechanism analysis showed that scientific and technological achievements transformation can change the wage income through the supply and demand structure of high-skilled and low-skilled labor, and making skill premium becomes one of the mechanisms affecting common prosperity.The practical implication of this paper is that the government should attach great importance to the development of transactions in the technology market, improve the scientific and technological achievements transformation, and help the win-win situation of high-quality development and common prosperity. In the new stage of high-quality development, it is necessary to continue to deepen the market-oriented reform, improve the laws and regulations related to innovation, strengthen the intellectual property protection, and strive to break the innovation monopoly. We should build a technology exchange market platform to reduce information asymmetry as much as possible, and pay attention to improve the level and quality of technology exchange services. To summarize, while eliminating the key R&D, we must pay more attention to improve the levels and capabilities of the scientific and technological achievements transformation, and effectively play the role of the scientific and technological achievements transformation in easing the wage-income gap to achieve a unification of efficiency and fairness. Only in this way can we achieve the win-win situation of high-quality economic development and common prosperity. Related Articles | Metrics

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Research on strategies for patent litigation time of STAR Market enterprises based on the game theory Ren Shengce, Cao Yougen, Zhang Huaiyin, Du Mei 2023, 44(10): 91-100.  DOI: 10.19571/j.cnki.1000-2995.2023.10.010 Abstract ( 121 )       Strategic patent litigation centered on timing and duration has become an important means for enterprises to block competitors from IPO and then further seek profits, which restricts the STAR Market to support the growth of high-tech enterprises that break through key core technologies. This paper focused on the patent litigation at the IPO stage of STAR Market, portrayed the timing strategy as litigation timing and litigation duration, and constructed a three-stage patent litigation game model. Based on this model, the paper firstly explored the impact of the patent enterprise′s time strategy on the outcome of litigation and the profit of both parties, then introduced the patent validity and invalidation declarations to investigate the change of time strategy and profit of both parties, so as to help them make the optimal decision after considering the influence of time and profit comprehensively. By using backward induction method, this paper drew some main conclusions as follows.First, for the patent enterprises, in the case that the accused patent infringing enterprise does not counterclaim, the best timing to litigate is when the accused patent infringing enterprise is in the IPO stage since IPO is an important event for the accused patent infringing enterprise, which needs to stay steady and avoid potential surprises that could derail their offerings. Therefore, litigation in IPO stage can strengthen patent enterprise′s negotiating dominance, reach settlements with considerable licensing and other fees. Even if the settlement fails, litigation can make it difficult for the accused patent infringing enterprise to complete IPO registration within a limited period, potentially enhancing future competitive advantage of the patent enterprise.Second, under the circumstance that the accused patent infringing enterprise may make a patent invalidation declaration, the patent enterprise should balance the risk of patent invalidation with the potential benefits. When the patent right is stable and there is no possibility of being invalidated, the patent enterprise can freely choose the timing of litigation before or after the IPO listing committee meeting. In addition, when the patent right is more likely to be invalidated, the patent enterprise should not file a lawsuit after the IPO listing committee meeting, which can easily provoke the accused patent infringing enterprise to complete the IPO with a "risk-backed" commitment and respond quickly, thus putting their own patents at risk.For the accused patent infringing enterprise, when experiencing a patent dispute at the IPO stage, it should make a decision based on the quality of its own patent. If the facts of patent infringement are clear, seeking a quick pre-trial settlement is the best response strategy. If it is determined that the patent rights of the patent enterprise are unstable, the IPO process can be suspended and an invalidation declarations strategy can be adopted. Although this strategy can yield a deterrent effect on the patent enterprise and strengthen their own negotiating ability to some extent, the accused patent infringing enterprise has better decide between the cost of settlement in court and the cost of invalidation declaration, updating IPO documents and IPO underpricing. Moreover, in the event of patent infringement after the IPO listing committee meeting, the accused patent infringing enterprise with reliable patent quality should demonstrate their technical strength to the listing committee and the market through a "risk-backed" commitment to ensure a successful IPO, and synchronously file a patent invalidation declaration to fight back against competitors.This paper has three contributions. First, beyond the extant research that mainly discusses the connotation and types of patent litigation strategy, this paper will enrich the litigation strategies from a time perspective to promote the development of patent strategy literature. Second, most of the literature takes time as the research background, ignoring the exploration of its essential role. This paper will also enrich the theory of time by focusing on the time strategy in patent litigation and characterizing it as timing and duration. Third, scholars have selected parameters of the game model from the aspects of the patent system, patent quality, and patent litigation costs, and analyzed their impact on litigation outcomes. This paper will broaden the factors that affect the patent litigation settlement by conceptualizing the parameters based on the time dimension. This paper also has some strong practical significance for guiding enterprises that intend to trade publicly on the STAR Market to deal with patent litigation, and systematically improve their intellectual property ability. References | Related Articles | Metrics

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Research on the impact of capital market pressures on the innovation structure in business groups Liang Peng 2023, 44(10): 101-109.  DOI: 10.19571/j.cnki.1000-2995.2023.10.011 Abstract ( 83 )      Innovation is the source of shaping the competitive advantage of enterprises, and it is an important driving force leading economic development. At present, about 80% of Chinese listed companies have formed a group organization structure, and the allocation of resources between parent and subsidiary companies has become a topic of concern in theory and practice, especially the innovation structure of business group. The innovation structure refers to whether a conglomerate chooses to concentrate its R&D activities more in the parent company (referred to as "centralized innovation") or whether it prefers to decentralize them to its subsidiaries (referred to as "decentralized innovation"). In addition, in recent years, the number of stock pledges in China′s capital market has continued to increase. The leverage of stock pledge magnifies financial risks. Especially when the stock price falls, the risk of control transfer increases, which brings pressure on the capital market and in turn hinders the stable development of the real economy. Therefore, this paper makes use of the data advantages of parent-subsidiary innovation patents disclosed by Chinese listed companies to study stock pledge, which has strong practical value and theoretical significance for the dynamic adjustment of innovation structure.Based on the parent-subsidiary patent data disclosed by Chinese listed companies, this paper systematically explores the impact of stock pledge on the innovation structure in business groups and its specific mechanisms based on the perspective of the parent-subsidiary innovation structure. We find that stock pledge will make innovation more decentralized in subsidiaries, called decentralized innovation. The impact is stronger for firms with the increased pressures of stock price and performance. Furthermore, the impact of stock pledge on the decentralized innovation is more significant in non-state-owned companies, but there are no significant differences between the distribution of substantive innovation and strategic innovation. This study extended the scope of research on stock pledge and corporate innovation. On the one hand, by focusing on the issue of business group innovation structure, it helps to further elucidate the operational mechanism of innovation activities in group operation environment and makes a contribution to the study of business group and corporate innovation. On the other hand, this paper revealed the mechanism of the role of stock pledge on the innovation management model of business groups, which is an important supplement to the research on stock pledge and corporate innovation. It has certain reference significance for preventing systemic risks caused by stock pledge, and promoting high-quality innovation and development of China′s economy.The research conclusions have some important enlightenment value: First, for government regulators, it is necessary to prevent the "chaos" of the controlling shareholder′s stock pledge, strengthen the supervision of the stock pledge behavior, and fundamentally be wary of the controlling shareholder′s market value management. Second, for listed companies, they should strengthen the management of innovation activities within business groups, and flexibly consider achieving organic unity between enhancing innovation vitality and strengthening supervision. In order to enhance the vitality of innovation, business groups should appropriately adopt a decentralized innovation, reduce innovation risks and improve the efficient allocation of innovation resources. Related Articles | Metrics

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Corporate transparency, internal control audits and stock price synchronization Xu Jingping, Zhang Yuxuan, Fan Yue 2023, 44(10): 110-118.  DOI: 10.19571/j.cnki.1000-2995.2023.10.012 Abstract ( 142 )      On February 17, 2023, the China Securities Regulatory Commission (CSRC) officially issued relevant institutional rules for the full implementation of the stock issuance registration system, which marked the basic finalization of the registration system arrangement, and China′s securities market officially entered the era of registration system. At present, the academic community has not reached a unified conclusion on the relationship between information transparency and stock price synchronization. The research conclusions vary greatly under different national conditions, different institutional backgrounds and different degrees of market efficiency. The majority view is that the opaque information environment reduces the ability of stock prices to absorb information about the heterogeneity of companies; when the heterogeneity of individual stocks is weakened, their trend tends to follow the trend of the broader market, that is, the stock price synchronization is high. However, some scholars believe that high information transparency does not necessarily mean low stock price synchronization. It depends on the effectiveness of information in the market. In summary, the correlation between corporate transparency and stock price synchronization is affected by the efficiency of the capital market and the quality of market information. Under the registration system, the information quality and efficiency of the capital market have improved to a certain extent, so it is particularly necessary to re-examine the relationship between information transparency and stock price synchronization. We introduced internal control audit as a moderating variable into this study. As a key institutional arrangement for maintaining market order, internal control audit is of great significance to the stable and healthy development of the capital market. It seems that the registration system reform and internal control audit can play a "synergistic effect" in the process of listing supervision.In this paper, the data of A-share listed companies in Shanghai and Shenzhen from 2015 to 2021 were selected as samples, and the relationship between corporate transparency and stock price synchronization was empirically tested by using the individual fixed-effect model and group regression method. It was found that: (1) under the registration system, the negative correlation between corporate transparency and stock price synchronization is stronger, high-quality internal control audit can strengthen the marginal contribution of corporate information transparency to stock price synchronization, and registration system reform and internal control audit can play a "synergistic effect" in the process of listing supervision; (2) the degree of uncertainty of the external environment will not affect the efficiency of stock price absorption of heterogeneous information, but the influence of endogenous factors of enterprise nature still exists, that is, the ability of stock prices to absorb heterogeneous information in non-state-owned enterprises is stronger than that of state-owned enterprises; (3) the digital transformation of enterprises also promotes the improvement of information transparency and the absorption of heterogeneous information by stock prices, which can positively adjust the synchronization of corporate transparency and stock prices, reflecting the role of technological progress in promoting modern corporate governance and capital market development.Compared with the existing literature, the contributions of this paper are as follows: (1) firstly, the relationship between corporate transparency and stock price synchronization was explored in the context of registration system reform, which will provide empirical evidence for the "information efficiency" school; (2) secondly, internal control audit was introduced as a regulating variable, and the "synergistic effect" of the registration system reform and internal control audit was explored in coping with pre-listing and post-listing risks; (3) finally, the heterogeneity test was conducted and the impact mechanism was tested to further analyze the synchronization of corporate transparency and stock price, which will increase the depth of research on the impact mechanism of the information transparency and stock price synchronization. References | Related Articles | Metrics

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Research on the impact of time pressure and paradoxical leadership on the creativity of employees Xue Jinjie, Zhang Jiamin, Zhang Meijie Chao Lei 2023, 44(10): 119-128.  DOI: 10.19571/j.cnki.1000-2995.2023.10.013 Abstract ( 180 )      Employee creativity is an important driving force for the transformation and upgrading of enterprises. Although existing research has begun to focus on the influencing factors of employee creativity, few researches pay sufficient attention to the relationship between workplace situational factors, employee psychological factors and employee creativity. As a situational factor in the workplace, pressure affects employee creativity. Pressure affects the work attitude and behavior of employees and leaders, and even causes adverse consequences such as depression, drug abuse, aggression, and abnormal death. At the same time, employee creative self-efficacy, as a psychological factor, has been proven to be a key predictor of job creativity and a key mediating mechanism of situational and personal factor. However, the existing research seldom considers the role of employees′ psychological factor, namely creative self-efficacy when employees′ pressure acts on employees′ behaviors in work situations. In addition, leadership style is an important part of the work environment and can also have an impact on employees′ behaviors. Therefore, this research introduces a new leadership style, the paradoxical leadership, into the research framework when exploring the impact mechanism of employee creativity. Based on the above, this study firstly studied the effect of time pressure on employee creativity, that is, when employee creative self-efficacy is used as a mediating variable, the effect of time pressure on creativity; secondly, we took paradoxical leadership and time pressure as the working environment and creative self-efficacy as a personality trait, to explore its influence on employee creativity from the perspective of interaction between employees′ personality traits and situational characteristics; and finally, the study clarified the influence path of paradoxical leadership on employee creativity from the perspective of employees′ psychology, that is, creative self-efficacy. This research established a theoretical model of these four variables based on Social Information Processing theory and the Conservation of Resources theory. We used three methods to collect data from May 2021 to October 2021. A total of 824 questionnaires were distributed in this study, and 303 valid questionnaires were finally recovered, with an effective rate of 36.77%. We used SPSS22.0 software for empirical research. The research found that: employee creative self-efficacy plays a partial mediating role in the relationship between challenging time pressure and creativity, while it plays a full mediating role in the relationship between threatening time pressure and creativity. Time pressure can affect employees′ belief in their ability to achieve creative results, which in turn affects creativity. Leaders should respond to the potential causes of creativity in work situations and enhance employee creativity in a timely manner. In addition to job situational factors such as assigning work tasks appropriately to employees and using paradoxical leadership styles, emphasis should be placed on controlling the time pressure in the workplace. Employee creative self-efficacy is a complete mediator between paradoxical leadership and creativity. This proves that in innovative enterprises in China, paradoxical leadership, as the social source of the organization′s environment and information, can affect employees′ attitudes and behaviors at work, and thus have an impact on employee creative self-efficacy and creativity. This study took employee creative self-efficacy as a mediating variable, and expanded the research path to "objective factors in the workplace--employee psychological factors--employee behavior". Managers should pay attention to the resource mechanism of employees′ psychology when time pressure and paradoxical leadership affect employee creativity. When leaders try to improve creativity from the perspective of time pressure and paradoxical leadership, they should pay attention to whether these measures can improve employee creative self-efficacy, so as to improve the accuracy of the countermeasures to promote employee creativity. Employee creative self-efficacy negatively moderates the relationship between challenging time pressure and creativity. That is, when creative self-efficacy is strong, the positive effect of challenging time pressure on creativity is weaker, and vice versa. This study will enrich academic research on the impact of workplace contextual factors on employee creativity from a psychological perspective. When managers stimulate employees′ challenging time pressure to promote employee creativity, it should be noted that challenging time pressure will be affected by the boundary condition, that is, employee creative self-efficacy. Specifically, leaders should match the type of time pressure with the strength of employee creative self-efficacy, and should adopt different management strategies and coordinate with different compensation systems for different employees. Related Articles | Metrics

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Enterprise knowledge source and international reverse knowledge transfer Zhang Hongjuan, Xu Wenjing, Wang Chunyan, Chen Meng 2023, 44(10): 129-140.  DOI: 10.19571/j.cnki.1000-2995.2023.10.014 Abstract ( 107 )      With the increasingly fierce global technology competition, Chinese enterprises are paying more and more attention to applying for patents in the international market, especially in the developed economies. Will these patents be cited by enterprises in the developed economies? Which factors can contribute to the number of the citation? Based on the data of 4,880 invention patents granted by Chinese enterprises in the United States from 2005 to 2014, we analyzed the relationship between enterprise knowledge source and international reverse knowledge transfer, e.g. patents be cited by enterprises in developed economies, with negative binomial regression. We found from the study that: (1) Local knowledge sources and international knowledge sources have distinct effects on enterprises′ reverse knowledge transfer, local knowledge sources have a negative effect on the enterprises′ reverse knowledge transfer, while international knowledge sources have a positive effect. When considering about an emerging market enterprise′s transferring of knowledge across borders, the more local knowledge it absorbs, the more unfavorable it is for the enterprise to transfer its knowledge to developed countries, and the more international knowledge it absorbs, the more favorable it is for the enterprise to increase its knowledge reference from developed countries. (2) Technical complexity strengthens and regulates the negative relationship between local knowledge sources and reverse transfer of enterprise knowledge, as well as the positive relationship between international knowledge sources and reverse transfer of enterprise knowledge. When the technical complexity of patents is higher, absorbing knowledge from international knowledge sources can have a stronger effect on the reverse transfer of knowledge by enterprises, while absorbing local knowledge sources aggravates information asymmetry, which is unfavorable for foreign enterprises to cite their knowledge. (3) The level of national innovation capabilities weakens the negative relationship between local knowledge sources and reverse transfer of enterprise knowledge, as well as the positive relationship between international knowledge sources and reverse transfer of enterprise knowledge. When the national innovation level is high, the disadvantages of local knowledge sources on the reverse transfer of enterprise knowledge and the advantages of international knowledge sources on the reverse transfer of enterprise knowledge will both be weakened.This paper firstly proposed international "reverse knowledge transfer" from the perspective of enterprises in emerging economies, that is, the patents of enterprises in emerging economies are cited by enterprises in developed countries/regions, which enriches the research on knowledge sources and enterprise innovation. From the perspective of knowledge sources, it focuses on the reverse knowledge transfer of emerging market enterprises to the knowledge adoption by enterprises in the developed countries (the United States in this research), and takes into account the regulatory role of technology complexity, which deepens the understanding of how the knowledge source strategies of enterprises in emerging economies affect the micro-mechanism of enterprises in developed countries to quote their knowledge. Secondly, considering the change of national innovation level over time, this paper advanced the research on knowledge source and knowledge reverse transfer from a dynamic perspective. Based on the improvement of innovation capabilities in emerging market, such as China in this research, we analyzed the evolution of the relationship between different types of knowledge sources and knowledge reverse transfer. The analysis found that after the improvement of national innovation capabilities, the negative effect of local knowledge sources on enterprises′ reverse knowledge transfer and the positive effect of international knowledge sources on enterprises′ reverse knowledge transfer will be weakened, which reveals the dynamic impact of the improvement of innovation capability at the macro level over time. After the improvement of the national innovation capability, Chinese enterprises need to actively adjust the strategy of knowledge sources to further utilize and build the advantages of local knowledge. Related Articles | Metrics

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Research on the impact of niche entrepreneurial leadership on hidden champion enterprise performance: A regulated intermediary model Ge Baoshan, Zhao Liyi, Ye Dan 2023, 44(10): 141-152.  DOI: 10.19571/j.cnki.1000-2995.2023.10.015 Abstract ( 116 )       The hidden champion enterprises always focus on key technology fields and obtain a high share in the international market. They are absolute leaders in the market segments and play an important role in global economic development and scientific and technological progress. Under the background of anti-globalization, how to cultivate more hidden champion enterprises to reverse the situation that key technologies are controlled by others and achieve high-quality economic development has become the focus of both practical and academic circles. From the perspective of leadership, combined with the concept of “niche” of hidden champions, this paper put forward the concept of “niche entrepreneurial leadership”, which is considered to be the key factor for the success of hidden champions. Based on the strategic choice theory and dynamic capability theory, this paper constructed a regulated intermediary model to explore the impact mechanism of niche entrepreneurial leadership on the performance of hidden champion enterprises, and further used the data of 257 hidden champion enterprises for empirical research. The study results showed that: Niche entrepreneurial leadership has a positive impact on the performance of hidden champions; specialization strategy plays an intermediary role in the mechanism of niche entrepreneurial leadership on the performance of hidden champion enterprises; and explorative learning ability has a positive impact on the relationship between niche entrepreneurial leadership and enterprise performance and the relationship between specialization strategy and hidden champion enterprise performance, while exploitive learning ability does not play a regulatory role. The theoretical contributions of the study are as follows: firstly, previous studies have shown that entrepreneurial leadership has an important impact on enterprise performance, but most studies are carried out at the team level, which does not open the black box between entrepreneurial leadership and performance from the organizational level. This paper first puts forward the connotation and influence mechanism of niche entrepreneurial leadership. The research conclusions not only enrich the relevant leadership research, but also provide a powerful explanation for the development of hidden champion enterprises in an increasingly turbulent environment. Secondly, although studies have shown that entrepreneurial leadership has an important impact on enterprise strategic choice, and strategic choice is a key factor affecting enterprise performance, few scholars have explored whether the above research conclusions are applicable to hidden champion enterprises. This paper first reveals the intermediary role of specialization strategy between niche entrepreneurial leadership and hidden champion enterprise performance, which not only provides an explanation way for the formation and implementation of special entrepreneurial strategies of enterprises such as hidden champions, but also expands the strategic management theory. Thirdly, in response to the call of Li Ping, this paper took into account both business deepening and application expansion when studying hidden champion enterprises, in which the expansion of application scenarios depended on ambidextrous learning ability. On the one hand, in response to the call of Wiklund and Shepherd on the discussion of multi-regulatory mechanism, this paper explored the boundary conditions for the role of niche entrepreneurial leadership of hidden champion enterprises, and comprehensively explained the entrepreneurial success mechanism of hidden champion enterprises. On the other hand, from the perspective of learning, it enriched and improved the research related to organizational learning.The management implications of this paper are as follows: First, the leadership directly affects the execution of organizational shared vision, employees’ enthusiasm and efficiency and so on. Therefore, giving full play to the role of niche entrepreneurial leadership is the top priority for hidden champion leaders. Second, in the era of digital economy, many enterprises have opened up new businesses and cross-border new fields in pursuit of the benefits of the times. The leaders of hidden champion enterprises should stick to their original intention, unswervingly implement specialization strategy, and adhere to the best of what they are best at, so as to become an irreplaceable existence in the global supply chain. Third, inspire hidden champion managers to cultivate and improve exploratory learning ability. Leaders can speed up the efficiency of internal knowledge circulation by improving the education level of employees, adjusting organizational structure and applying digital technology, encourage the application of new knowledge within the team, help the implementation of specialization strategy, improve the survival ability of enterprises in turbulent environment and help the rapid growth of enterprises. References | Related Articles | Metrics

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Research on the impact of internationalization of capital market on green innovation of enterprises Liu Gang, Wang Gang, Pu Qingmao, Lu Zhe 2023, 44(10): 153-167.  DOI: 10.19571/j.cnki.1000-2995.2023.10.016 Abstract ( 174 )      Over the past 40 years of reform and opening up, one of the great progresses made in China′s financial system reform is to optimize the investor structure and improve the efficiency of capital allocation. The capital market has entered a new stage of opening up. With the introduction of Shanghai Hong Kong Stock Connect, Shenzhen Hong Kong Stock Connect and a series of other opening-up measures and the gradual improvement of the capital market system, the international influence of China′s capital market has significantly increased, which has important practical significance for the development principle of "financial services for the real economy". Enterprises not only undertake the task of creating new economic growth points and improving the development quality of the real economy, but also play a driving role in accelerating the development of low-carbon economy and promoting the green transformation of industrial structure. Therefore, it is an important question to investigate how the internationalization of capital market affects the green development of enterprises. As one of the main manifestations of green development or transformation of enterprises, green innovation investment can enhance the positive expectations of investors and the public on enterprises. The internationalization of the capital market not only introduces more foreign investors, but also increases the constraint strength of public opinion on enterprises, which may become an important factor affecting enterprises′ investment in green innovation.The capital market opening to the outside world is an important measure in China, and its influencing factors and economic consequences are deeply concerned by the practitioners. This paper used the financial industry FDI limit index to construct an indicator of the impact of internationalization of capital market on enterprise behavior, tested the impact of internationalization of capital market on green innovation activities of enterprises, and selected A-shares to be included in the Morgan Stanley Capital International Index (MSCI) as a Quasi-natural experiment for further analysis. The study found that the greater the impact of internationalization of capital market on enterprises, the more active their green innovation activities are. After using the PSM and DID models to solve endogenous problems, the conclusions are still stable. The mechanism test found that the promotion of enterprises′ willingness to disclose information, the strengthening of public media′s supervision function and the easing of financing constraints are important mechanisms for internationalization of capital market to promote enterprises green innovation. The result of sample grouping test showed that the impact of internationalization of capital market is more obvious in industries restricted by green credit policy and local environmental protection law enforcement is low for non-patent intensive enterprises. Further research showed that after A-shares are included in MSCI, the higher the shareholding ratio and growth rate of foreign investors, the better the performance of green innovation of enterprises. This study not only revealed the impact mechanism of internationalization of capital market on enterprise green innovation, but also provided empirical evidence for China′s implementation of the series of reforms of "deepening the opening of capital markets" and "financial services for the real economy".Compared with previous studies, the possible contributions of this paper lie in: First, it will expand the research field of capital market opening to the outside world. The existing literature mainly focused on the research on the relationship between capital market opening and stock price information, audit quality and enterprise investment. This paper examined the impact of internationalization of capital market on micro-enterprises green innovation, which is an innovative attempt in the research field of capital market opening to the outside world; Second, this paper has broken away from the previous research framework that mainly focuses on the impact of environmental regulation tools, industry characteristics and corporate governance on corporate green innovation, and reveals the impact mechanism of internationalization of capital market on corporate green innovation. In addition, the conclusion of this paper will highlight the importance of internationalization of capital market for the high-quality development of China′s micro enterprises.In the context of China′s deepening opening-up, it is of great research value to deeply understand and grasp how foreign investors play a governance role in China′s capital market. The research conclusion of this paper confirmed the importance of the capital market opening to the outside world for the green innovation of China′s micro-enterprises, and has an important enlightenment role in promoting the implementation of the series of reforms of "deepening the opening of the capital market to the outside world" and "enhancing the ability of financial services to the real economy" in China. References | Related Articles | Metrics

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A non-equilibrium study of the impact of patent thicket on corporate market value Luo Kai, Zuo Xiangtai 2023, 44(10): 168-180.  DOI: 10.19571/j.cnki.1000-2995.2023.10.017 Abstract ( 119 )      Based on the "non-equilibrium" situation of patent thicket affecting the market value of enterprises and the situational factors of the inhibitory effect of patent assets, this study took 419 computer, communication, and other electronic equipment manufacturing enterprises in China as samples, and used quantile regression estimation to obtain the following conclusions: The number of patent applications of Chinese enterprises has shown a "blowout" growth, which highlights the importance of patents in promoting the market value of enterprises. However, enterprises have ignored the "devil" side of patents - the negative effect of "patent thicket". The "patent thicket" refers to the existence of a large number of patents in the industry, and the patents of a single patentee form a complementary relationship with the cited patents, but different patentees hold these cited patents. If companies want to obtain these complementary patents, they must pay a large number of patent license fees. The original intention of intellectual property protection is to provide "external incentives" for corporate innovation and to make patents a "booster" for corporate competition and profit. However, suppose the patents required by an enterprise are scattered among different patent holders. In that case, the enterprise will instead face increased innovation costs, reduced technology spillover effects, and increased external resource constraints. It can be seen that the "patent thicket" will affect the market value of enterprises.The existing literature on the relationship between patent thicket and enterprise market value mainly focuses on the following aspects: (1) "Fragmented" patent rights are easy to derive patent ripping off, which will reduce the market value of enterprises; and (2) Different mechanisms of patent thickets on the market value of enterprises. They also have the following deficiencies: (1) There is a lack of research on the relationship between the patent thicket and the market value of enterprises in the context of China; (2) The moderating effect of patent assets is ignored in the patent thicket study on enterprises′ market value; and (3) There is a lack of discussion on the differences in the moderating effects of different types of patent assets. Based on the shortcomings of the previous literature, this study firstly followed the theoretical logic of "resource structure-heterogeneous resources-performance", and took 419 listed companies in China′s computer, communication, and other electronic equipment manufacturing industries as research samples to analyze the effect of the patent thicket on the enterprise market and the influence mechanism of value; secondly, it analyzed the adjustment mechanism of enterprise patent assets in different market value quantiles of enterprises, and the adjustment difference of different types of patent assets.Through expansion of the existing research, this paper drew the following conclusions and theoretical contributions: firstly, as the quantile of the firm′s market value increases, the negative effect of the patent thicket on the firm′s market value increases. This study verified that in the context of China, there is a "non-equilibrium" state in which patent thicket restricts the promotion of enterprise market value, and extends the research on the relationship between patent thicket and enterprise market value.Secondly, patent assets can positively adjust the negative impact of patent thickets and help companies increase market value. The research enriches and expands the research of resource-based theory through the differences in the moderating effect of patent assets on the impact of patent thickets on different companies′ market value quantiles under the constraints of patent thickets. At the same time, the moderating effect of patent assets is examined from a more comprehensive perspective. Although previous literature has studied the moderating effect of patent assets, it has not broken down the types of patent assets. China′s patent system is different from that of the United States. Utility model patents account for a large proportion, while invention patents are more valuable and innovative than utility model patents. One of the contributions of the research is that combined with the characteristics of China′s patent system, patent assets are divided into invention patents and utility models, and integrated into the research framework of the relationship between patent thicket and enterprise market value, through the interaction effect test of these two patent assets and patent dispersion index. This paper analyzes the adjustment differences of different types of patent assets on the impact of patent thickets on the market value of enterprises. Finally, this study started from the three aspects of the "non-equilibrium" situation of the influence effect of the patent thicket, the market value of enterprises, and the maintenance time of patents, examined the situational factors of patent assets regulating the effect of the patent thicket on the market value of enterprises, and expanded the research on patent thicket. An important research conclusion is that in the dense environment of patent thickets, companies with high market value quantiles need to maintain the effectiveness of their patent assets more than companies with low market value quantiles to ensure that companies can obtain profits. Related Articles | Metrics

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Research on construction of the actuarial optimization model and experimentation of supporting policies for patent litigation Song Hefa, Xing Zixuan, Liu Anqi 2023, 44(10): 181-192.  DOI: 10.19571/j.cnki.1000-2995.2023.10.018 Abstract ( 93 )       Since the 18th National Congress of the Communist Party of China, with the changes in today′s market environment, patent disputes have become increasingly complex, and the promotion of patent litigation insurance business is conducive to reduce the cost of rights protection for enterprises and further solve the problem of financing difficulties for SMEs. At present, China has become a world-recognized major country in intellectual property rights, and also acted as a major country in handling intellectual property disputes. As China continues to increase the protection of intellectual property rights, the current policies in China mainly establish the ex post facto punitive damages mechanism, which further leads to the increasing amount of patent infringement damages. Many enterprises are unable to obtain normal innovation revenue due to patent infringement. Some enterprises have experienced operational difficulties due to infringement of others′ patent rights. Protecting intellectual property rights is to protect innovation. It is significant for the innovation development of enterprises to formulate an effective intellectual property insurance policy and to reduce the risk of intellectual property infringement. Patent insurance, as an important IP financial tool, is also an important way to promote the transformation of scientific and technological achievements and IP operation. Constructing an actuarial model of patent litigation insurance and conducting policy experiments in a multi-subject and multi-factor scenario, and sharing the risk between insurance companies and insured enterprises can help stimulate the development potential of the patent litigation insurance market. It further improves patent litigation remedies, and makes up for the inadequacy of patent protection in China′s legal policies; otherwise, it promotes the scientific and sustainable development of patent litigation insurance policy.In recent years, China has issued a series of policies to support the development of patent litigation insurance, but the insurance coverage scale in China is not large. In the existing actuarial model of patent litigation insurance, the factors such as intellectual property risk premium and insurance agents are not included. In addition, the simplicity of the type of insurance premiums for enterprises in the current policy and the lack of measures to calculate insurance premiums based on patent value have affected the enthusiasm of insured enterprises and insurance companies, and the high government subsidy model is unreasonable and unsustainable. Based on the current situation of the policies and the dilemma in practice, the research of this paper covers the following aspects. Firstly, the paper composed the patent litigation insurance pilot situation in China. It further summarized and analyzed the history and current situation of the development of domestic intellectual property insurance policies. It took into account the national conditions of China, fully considered the geographical characteristics, and summarized the commonalities and differences of patent litigation insurance policies in different regions. Furthermore, this paper constructed a multi-subject win-win model of "government-insurance company-agency-insurance enterprise" for patent litigation insurance, proposed a multi-factor and variable actuarial model for patent litigation insurance including IP risk premium and insurance agency rate, conducted an experiment on government financial subsidy policy for patent litigation insurance under a multi-factor variable scenario, and put forward some suggestions for improving government subsidy policies for patent litigation insurance. In order to improve the enthusiasm of patent litigation insurance, insurance companies are necessary to charge a reasonable remuneration for intellectual property risks, and carry out patent insurance agency business vigorously. Therefore, it is necessary for insured enterprises to calculate and select the reasonable insurance premiums according to the value of patents, and it is necessary for the government to reduce the ratio of premium subsidies gradually while improving the insurance agency rate. References | Related Articles | Metrics