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SCIENCE & TECHNOLOGY PROGRESS AND POLICY
 
2023 Vol.40 Issue.16
Published 2023-08-25
Innovation in Science and Technology Management
Regional Scientific Development
Industrial Technological Progress
Enterprise Innovation Management
Review
Digital Innovation and Digital Transformation Column
Digital Innovation and Digital Transformation Column
1 Comparisons of Multiple Modes of Digital Transformation of State-owned Enterprises: A Case Analysis Based on 50 State-owned Enterprises
Zhang Zhe,Yang Zhen,Chen Jin,Li Qian
Since state-owned enterprises are usually large in scale and play a pivotal role in the industry chain, their digital transformation will involve a wide range of factors. Therefore, it is a key issue of how to choose an appropriate transformation model for properly promoting the digital transformation of state-owned enterprises and reducing transformation risks. However, the research objects of mainstream research are mostly private enterprises and manufacturing enterprises; the purpose of these studies is to explore the mechanism and path to promote the digital transformation of enterprises by enhancing market competitiveness as a driving force. In contrast, the research on state-owned enterprises has not been fully carried out.#br#Therefore this study makes a qualitative text analysis to study the process and mechanism of digital transformation of Chinese state-owned enterprises. It builds a qualitative text database based on the case text database of 50 state-owned enterprises' digital transformation processes publicly released by the SASAC. In addition, this paper describes the digital transformation process of state-owned enterprises with the dual integration theory of "technology-management". Moreover, taking "driving factors-behavioral logic-transitional outcomes" as the logical framework, this paper analyzes the qualitative data following the general steps of grounded theory for qualitative material analysis. Finally, it analyzes the driving factors for the digital transformation of state-owned enterprises, and presents the types of digital transformation paths conditioned by different combinations of driving forces.#br#The research conclusion shows that the digital transformation of state-owned enterprises is a strategic transformation process,by which it means the transformation starts with the integration of new digital technologies and digital infrastructure, takes the "digital technology integration-organization management reform" dual "ripple" interactive promotion and integration as the path, and finally realizes the holistic transformation of corporate strategy. The internal driving force of the digital transformation of state-owned enterprises includes the scene innovation power, leadership for strategic transformation and the resource integration power. Among them, the "minor innovation" of each scene is the basis for business process reengineering and digital upgrade of management modules; leadership for strategic transformation is the glue that integrates the various isolated business management modules of state-owned enterprises, thereby effectively promoting the dual integration of "technology-management"; while resource integration power is the driving force that transforms data into production factors and enables data elements and other production factors to synergize to create value. More specifically, when the combined driving force of the digital transformation of state-owned enterprises is different, the transformation paths are different, and three models can be summarized, including the digital technology-driven model, the strategic leadership-driven model, and the digital capability-cultivating model. Among them, for enterprises that promote digital transformation in a digital technology-driven model, the penetration and integration of digital technology first acts on the micro-scenario of the organization, and the enterprises will start the digital technology-driven business process and realize the digital transformation "from the bottom up"; for enterprises that promote digital transformation with a model driven by strategic leadership, their "first-order change" begins with macro-strategic planning; enterprises that promote digital transformation with a digital capability-cultivation model occupy the mainstream. At the beginning of the transformation, there is usually no obvious sequence of synergies between technology and management. However, with the continuous penetration of digital technology in micro-scenarios, senior managers are simultaneously carrying out meaning construction, structural transformation, and organizational resource integration in implementing the mission of state-owned enterprises. These enterprises will gradually cultivate their digital capabilities, build an integrated digital management platform, and finally realize the transformation of core capabilities.#br#For state-owned enterprises that are still in the digital technology-driven mode to carry out digital transformation,it is suggested that they take the path of technology-driven management change and promote digitalization to achieve strategic transformation. For state-owned enterprises that are already undergoing leadership-driven transformation, digital transformation can be further promoted through the scenario-deepening digital transformation path. Finally, for state-owned enterprises that promote digital transformation through digital capability cultivation, they can take a resource-enabled digital transformation path. By breaking the data isolated islands of internal modules, it is expected to realize the empowerment of data resources for digital transformation and go through the key turning area of S-shaped strategic transformation.#br#
2023 Vol. 40 (16): 1-11 [Abstract] ( 294 ) [HTML 1KB] [ PDF 1724KB] ( 491 )
12 The Back-feeding Mechanism of Service Innovation to Product Innovation in Digital Environment: A single Case Study Based on Xiaomi Technology
Luo Jianqiang,Li Yujuan
At present, with the in-depth advancement of scientific and technological revolution and industrial transformation, digital technology accelerates enterprise innovation, technology diffusion and industrial integration, and it has become a driving force for manufacturing enterprises and an important force for a company's competitive advantage. For manufacturing enterprises, the effect of digital servitization is becoming increasingly significant, and it has exacerbated the complexity of the relationship between service innovation and product innovation (two types of innovation). As service innovation evolves from the incremental type to the fundamental, service value creation will be increasingly influenced by product technology, making the two types of innovations more interactive. When the two types of innovations interact with each other to promote the in-depth transformation of services, digital technologies, such as artificial intelligence, blockchain and cloud computing, it helps to realize the two types of innovations. The application of digital technology to the front-end supply and demand interaction process generates and retains a large amount of evidence/information of services, extracts the customer demand information vaguely and converts the information into customer knowledge, which can help form a first-mover innovation advantage characterized by data expression. For this reason, this paper focuses on how to realize the back-feeding of service innovation to product innovation under the good circumstances created by digitalization.#br#First of all, this paper sorts out domestic and foreign literature based on innovation theory, knowledge-based theory and value creation theory,and constructs a service innovation feeding back product innovation mechanism in the digital environment. Secondly, in order to verify the effectiveness of the service innovation and product innovation mechanism of manufacturing enterprises in the digital environment, this paper uses the case study method to take the significantly digitalized and service-oriented Xiaomi Technology as the research object, and analyzes the evolutionary process of its product innovation and service innovation in the product-dominant logic stage and service-dominant logic stage. Finally, this paper follows the research paradigm of "value discovery—value creation—value realization", and deeply analyzes the value creation process of Xiaomi Technology from the perspective of knowledge transformation. With the greatest advantages provided by the digital environment, Xiaomi Technology collects, transmits, stores and analyzes customers' demand data and provides a platform that supports the realization of supply and demand interaction, so as to realize the extraction and transformation of customer demand knowledge-supply and demand interaction knowledge-experiential materialized knowledge. Knowledge enables service innovation to feed back incremental or subversive product innovations, confirming and refining the implementation process of the feed-back mechanism.#br#The results of the case analysis show that the product technology of manufacturing enterprises is the cornerstone of service innovation, the realization of service innovation for greater value creation requires the support of higher product technology and the service innovation relying on advanced product technology can help to achieve greater value added; the digital environment provides manufacturing enterprises easy access to data,so that enterprises are sensitive to supply and demand, which further enhances the synergy of the two types of innovation; the mechanism by which the realization of service innovation feeds back product innovation in the digital environment is the result of the internalization of manufacturing enterprises external knowledge. The acquisition of customer knowledge can update the knowledge base of the manufacturing enterprise instantly, promoting the enterprise's incremental and subversive product innovation. This paper uses the single-case study method to refine the mechanism of service innovation feeding back product innovation in the digital environment, and it corresponds with the objective reality that manufacturing enterprises could improve product innovation through service-based empowerment. The research conclusions open up the "black box" of service innovation enabling product innovation of manufacturing enterprises in the digital environment, help manufacturing enterprises to reconstruct innovation advantages, enhance industrial resilience and provide a theoretical reference for the two types of innovation collaboration of manufacturing enterprises under the trend of digitalization and service integration.#br#
2023 Vol. 40 (16): 12-21 [Abstract] ( 196 ) [HTML 1KB] [ PDF 1783KB] ( 459 )
22 Can the Development of Digital Economy Improve China's Resource Misallocation?
Li Huiquan,Jian zhaoquan,Lin Qingning
The economic problems such as market factor distortion, resource misallocation and overcapacity hinder China's economic development. Resource misallocation caused by factor distortion is an important reason for the difference in economic growth rate. It can effectively promote economic growth by optimizing resource allocation. As a new economic pattern,the digital economy pays more attention to the importance of digital data in economic development, changes the supply structure of market factors, and provides a new mechanism for improving resource allocation. So the current academic and industrial research centers on how to release the driving force of digital economy on economic development.#br#The essence of improving resource misallocation is to improve factor allocation efficiency, alleviate factor distortion and reduce the degree of resource misallocation to make the actual production closer to the production frontier. Drawing on the resource allocation theory and the balanced panel data of 29 provinces in China from 2011 to 2019, this study constructs the digital economy development indices from multi-dimensional indicators. By calculating the capital and labor misallocation indices, it employs the static and dynamic models, and uses a variety of measurement methods to empirically test the impact of the development level of digital economy on China's factor resource misallocation. The discussion on the improvement effect of digital economy on resource misallocation has deepened the understanding of the technical dividend of digital economy, providing practical significance to improve the allocation of resources in various regions and promote economic development.#br#It is found that there is a certain path dependence in China's resource misallocation, that is, the past factor misallocation will significantly affect the current allocation efficiency. The development of digital economy can effectively improve the misallocation of capital and labor force in various regions of China and improve the efficiency of resource allocation. It has become a new driving force to promote economic growth. After substituting the variables and introducing the instrumental variables for robustness test, its improvement effect still exists significantly. The development of digital economy can indirectly affect the misallocation of capital and labor force in various regions by promoting market-oriented development and the level of financial development, as well as improving the degree of opening to the outside world, so as to improve the allocation efficiency of capital and labor force. The development of digital economy has a significant spatial impact which can effectively improve the resource misallocation in the region, but will aggravate the resource misallocation in some adjacent areas, mainly because of the "Matthew effect" and "digital technology gap" in the development of digital economy in various regions. Further analysis shows that there are obvious heterogeneity differences in the improvement effect of digital economy development on resource misallocation. The difference of overcapacity level and the direction of resource misallocation in different regions and regions have a significant impact on the improvement effect of digital economy; specifically, the digital economy has a greater effect on the improvement of resource misallocation in the eastern region, regions with high overcapacity level and excessive resource allocation, and less effect on the improvement of resource misallocation in the central and western regions, regions with low overcapacity level and insufficient resource allocation.#br#The marginal contribution of this paper lies in three aspects. First, this paper brings the development of digital economy and the misallocation of factor resources into a unified analysis framework, deeply analyzes the internal mechanism of the development of digital economy affecting resource allocation, and strengthens the theoretical research on the relationship between digital economy and resource allocation. Second, on the basis of the calculation of the resource distortion coefficient of each region, the static and dynamic panel models are used to empirically test the direct, indirect and spatial impact of the development level of digital economy on the misallocation of capital and labor force in each region, deepening the empirical research in the field of digital economy. Third, it focuses on whether regional differences, differences in the level of regional overcapacity and different directions of resource misallocation have an impact on the improvement effect of digital economy, deepens the understanding of the heterogeneity of dividend effect of digital economy, and provides a practical reference for the implementation of differentiated and dynamic digital economy development strategy. In addition, this paper uses a variety of methods to test the endogeneity and robustness, which better improves the robustness of the research conclusion.#br#
2023 Vol. 40 (16): 22-31 [Abstract] ( 291 ) [HTML 1KB] [ PDF 1273KB] ( 720 )
32 Antecedent Configuration of Digital Transformation and Its Performance:Empirical Evidence from Chinese Manufacturing Listed Companies
Li Lei,Yang Shuili,Chen Na
With the deepening of a new round of global technological revolution and industrial change, digital technologies represented by artificial intelligence (AI) and big data are booming and have quickly become new drivers for China's economic transformation and growth. However, compared with the robust development of digital industrialization, China's industrial digitalization is relatively lagging behind. Especially at the microeconomic level, many traditional manufacturing enterprises struggle to transform their operations to the new digital business models and have no idea how to realize digital transformation. Moreover, in terms of the digital transformation effect, most enterprises fail to achieve the expected results in practice. Thus it has become the focus of common concern in both theoretical and practical circles of how to improve the digital transformation performance of enterprises. However, existing studies have investigated the net effect of individual factors on digital transformation through regression analysis more often, lacking systematic research from a configuration perspective and failing to distinguish the differences in the influence of digital transformation on enterprise performance driven by various paths. Therefore, on the basis of the technology-organization-environment (TOE) theoretical framework, this study creatively combines fuzzy set qualitative comparative analysis (fsQCA) with the propensity score matching (PSM) method to analyze and test the antecedent configuration and transformation performance of enterprise digital transformation.#br#The research period of this paper is set to be 2018-2020, and the Chinese A-share listed manufacturing enterprises are taken as the initial research samples. As the data on enterprise digital transformation performance is used to be delayed by one period, the research period of fsQCA specifically includes 2018 and 2019. Considering that digitalization includes digital industrialization and industrial digitalization, and the focus of this paper is on the digitalization sample of traditional manufacturing industry, hence the samples of enterprises whose main business involves digital industrialization such as artificial intelligence and computer communication are excluded. In addition, in order to improve the reliability of research results, the samples of ST and PT enterprises, abnormal financial data and missing data are removed in turn. By the end,with 1715 samples of Chinese listed A-share manufacturing enterprises, this paper identifies the key factors influencing their digital transformation from technology, organization, and environment. The digital transformation level of enterprises is measured by the textual analysis method, and empirical analysis is conducted by fsQCA and PSM. The study focuses on two questions:Which conditions (configurations) can trigger a high level of digital transformation? Does digital transformation driven by different paths have the same effect on enterprise performance.#br#The research results indicate that the successful digital transformation of manufacturing enterprises is not driven by a single condition but is the result of a synergistic linkage of technical, organizational, and environmental conditions. There are 4 types of configurations that drive the digital transformation of enterprises, which can be summarized into 3 adaptation models:the model explained by regional digital infrastructure alone (environment-driven); the model explained by enterprises'technology management capability and digital infrastructure together (internal and external synergy); and with attention allocation as the core condition, the model explained by a combination of digital investment, financial security, and peer competitive pressure (opportunity perception). The environment-driven and opportunity-perception models cannot significantly improve enterprise performance, whereas the internal and external synergistic models can positively influence enterprise performance.#br#Within the TOE theoretical framework, this paper examines the key drivers influencing the digital transformation of manufacturing enterprises by fsQCA and summarizes three types of conditional configurations driving their digital transformation, which enriches the literature on the factors influencing digital transformation from a configuration perspective. Moreover, the impact of digital transformation driven by different paths on enterprise performance is examined by PSM. The findings are conducive to explaining why digital transformation brings differential economic consequences, while providing a reference for the paths that enterprises can follow to implement digital transformation at the practical level.#br#
2023 Vol. 40 (16): 32-41 [Abstract] ( 208 ) [HTML 1KB] [ PDF 1318KB] ( 635 )
Innovation in Science and Technology Management
42 The Ineffective Innovation Signals or the Insufficient Incentive:The Mystery of the Low Efficiency of Venture Capital Market on the Resource Allocation of Science and Technology Enterprises
Ma Renmin,Zhang Dixin,Ge Yang
China's venture capital market for technology start-ups has been in a situation of insufficient effective supply owing to its late start and short development time. The risk aversion of venture capital (VC) to technology start-ups has resulted in a mismatch of resources, leading to inefficient resource allocation to technology enterprises in the VC market, and inhibiting R&D investment and technological innovation in technology start-ups. In view of the long-term market failure in China's venture capital market,this paper investigates the reasons for the inefficient allocation of resources to technology start-ups in China's venture capital market based on signaling and incentive theories. By constructing a dynamic game model with imperfect information, it fulfills the preconditions for the existence of a separating equilibrium in which firms with strong innovation capabilities tend to signal and can be supported by venture capital (VC): the effectiveness of innovation signals (the distinguishability of innovation signals to firms' innovation capabilities and the identifiability of innovation signals to VCs) and the incentive compatibility of VCs to invest in innovative firms. The empirical evidence based on the data of technology enterprises listed in 2005-2020 shows that firstly the in novation performance of technology enterprises receiving VC investment in China is significantly higher than that of technology enterprises not invested by VC, but there is no significant relationship between the intensity of VC investment and the innovation performance of enterprises, indicating that China's venture capital market possesses the role of resource allocation to technology enterprises, but it is inefficient; secondly patent application behavior as an innovation signal can effectively reflect the innovation ability of enterprises and be identified by VC, indicating that the innovation signal constructed in this paper has validity; lastly the low excess return rate on VC investment returns to innovative enterprises gives VCs insufficient incentives to invest in innovative enterprises, which leads to the inability of the venture capital market to achieve segregated equilibrium and reduces the efficiency of market resource allocation. The robustness test results are consistent with the findings of the empirical study.#br#Thus,it is suggested that government departments should continue to deepen the reform of the issuance and trading systems of the securities market, such as the Science and Technology Innovation Board and the registration system, to enhance the maturity and inclusiveness of the capital market. On the one hand, the launch of the Science and Technology Innovation Board will provide a smooth exit channel for VCs investing in technology enterprises, guiding VCs to invest more actively in technology start-ups; on the other hand, the promotion of the registration system will lower the threshold of financial indicators for listing and increase the speed of IPO issuance, which will lead to a decrease in the overall valuation premium and liquidity level of listed companies, but innovative enterprises with scarcity will obtain a higher valuation pricing, enhancing the return on innovation premium returns from VC investments in technology companies going public. Although the registration system has been steadily promoted in the A-share market since 2021, the current substantive review phase controlled by the exchanges and the SFC still plays a decisive role in the process of listing companies. Therefore, the financial regulators should expeditiously promote the effective implementation of the registration system in accordance with the provisions of the Securities Law, and further leverage the role of the capital market in optimizing resource allocation.#br#The innovations and contributions of this paper are as follows. Firstly, a dynamic game-theoretic model of the investment and financing activities between VCs and technology enterprises with incomplete information is constructed and solved under the premise of market incentives, which enriches the academic application of signal theory in the field of venture capital. Secondly, it verifies the value discovery ability of VCs to innovative enterprises, and provides reference for the government to continuously promote the development of the venture capital market. Thirdly, this study finds that the A-share market's insufficient market incentives for VCs to return returns on investment in innovative enterprises have led the venture capital market to deviate from equilibrium. It also provides data support of practical significance for financial regulators to further improve the issuance system of the securities market and enhance the resource allocation efficiency of the venture capital market.#br#
2023 Vol. 40 (16): 42-51 [Abstract] ( 119 ) [HTML 1KB] [ PDF 1263KB] ( 470 )
52 Science and Technology Governance in Post-modern Society: Connotation, Principle and Theoretical Direction
Li Yang,Meng Wei
In recent years, science and technology (S&T) governance has been widely used by both academics and practitioners to distinguish it from the traditional S&T management. However, due to the divergence of views on governance, the connotation and denotation of S&T governance are vague, and the theoretical components are of fragmentation and conflict with each other. This, in turn, limits the guiding function of S&T governance for S&T innovation practice. Hence,this paper aims to answer three fundamental questions: What is S&T governance? Why should we adopt S&T governance? How should we act in S&T governance? #br#It can be found that, through retrospecting the history of S&T institutionalization in China, the governance paradigm changes are closely related with the transitions of characteristics of S&T innovation activities in different historical stages. Since the founding of New China, S&T innovation has witnessed a process of continuous strengthening in institutionalization. As human beings step into the post-modern society, some new problems have been emerging in the social collective actions around S&T innovation: "unmanageability" of S&T development issues, the VUCA(Volatility, Uncertainty, Complexity, Ambiguity) as the prominent characteristic of process of S&T innovation, high dependence of innovation to cooperation, diminishment of marginal utility of S&T investment, institutional lag triggered by the acceleration of changes of S&T, etc. But the S&T management which advocates institutionalization seems to fail to deal with these challenges, because it's difficult to put forward the solutions to these problems under the framework of “management”. On the basis of critical reflection on institutionalization, S&T governance puts forward “deconstructivism” as the best medicine to post-modernity, catering for the new changes happening in S&T innovation practices. #br#S&T represents a governance paradigm and action process of S&T social collective action in line with the post-modern society, and it reconstructs the practice which is under the S&T management paradigm from multiple dimensions. First of all, S&T governance replaces the "center-edge" structure with actor-network as action structure. Actor-network redefines the relationship between subject and object, multiple stakeholders participate in the process as governance subjects, and the problems during S&T development are common governance objects. Actor-network aims to achieve global Pareto optimality, and benefit all without harming the interests of part. In addition, the actor-network in S&T governance involves multilateral interaction instead of unilateral interaction. Secondly, S&T governance replaces meta-narratives with post-modern discourse as dialogue form, and this discourse diversion mainly manifested itself in two aspects: in terms of discourse content, S&T dialogue should get rid of the exterior stipulation of administrative discourse and return to the value standard of S&T innovation activities; in terms of dialogue way, post-modern discourse determines the form and content of dialogue according to the space-time situation in which the dialogue takes place, breaks the myth of "absolute authority", respects the voice of “local knowledge”, and emphasizes the two-way and diversified way of dialogue. Thirdly, S&T governance replaces hierarchical organization with cooperative organization as organization form. There are three key features of cooperative organization: to begin with, organization goals, norms and structure are subject to change according to needs in practice, and there is no fixed and solidified group of members; next, specialization at organizational rather than individual level is emphasized, and members are selected according to the demands of cooperation; finally, cooperative organization has no boundary, and it includes not only the actual boundary, but also the mental, cognitive and spiritual boundary. Fourthly, S&T governance replaces institutionalism with activism as interaction form. Activism advocates the mutual construction between S&T actions and institutions, actors should solve problems dynamically in the interaction, rather than laying down institutions in advance to cope with uncertainties. Finally, S&T governance replaces mere output with a benign and sustainable ecosystem as a development goal. In a benign and sustainable S&T ecosystem, output is the automatic result of system′s ecological optimization, and its impetus comes from the adjustment and refinement of internal resource allocation. #br#This study clarifies the principles, connotations and theoretical components of S&T governance, sketches out the blueprint of S&T governance in post-modern society, and answers several fundamental but crucial questions about S&T governance. It innovatively integrates the theoretical propositions, including actor-network, post-modern discourse, cooperative organization, activism, innovation ecosystem into the S&T field. Furthermore, it puts forward some feasible suggestions for the current reform of S&T institution and mechanism.#br#
2023 Vol. 40 (16): 52-61 [Abstract] ( 151 ) [HTML 1KB] [ PDF 1310KB] ( 342 )
62 The Influence of Entrepreneurial Enterprise Identity Characteristics and Organizational Field on Entrepreneurial Financing
Wen Yao,Li Cuini,Wang Zhengbin,Li Chunqing
Against the backdrop of global economic tensions in the post-epidemic era, "mass entrepreneurship and innovation" as a national strategy has played a positive role in boosting the economy and creating jobs. However, financing difficulty has always been a key factor restricting the development of entrepreneurial enterprises. Existing research suggests that startups can seek financing by actively presenting their identified identity to investors. Legitimacy characteristics have been proven by established studies to have a positive effect on eliminating the newly created weaknesses of startups. Nevertheless, in reality, the shaping of the legitimacy of entrepreneurial enterprises has led to the serious homogeneity of entrepreneurial projects, which makes it difficult for investors to identify high-quality entrepreneurial projects, thus further exacerbating the financing difficulties. On the other hand, the uniqueness of entrepreneurial identity reflects the entrepreneurial spirit and novelty of the firm's identity, but previous studies have overlooked the role of uniqueness in obtaining venture financing.#br#In addition, investors' value judgment criteria for the identity characteristics of startups are not set in stone, but are influenced by the rules, values and expectations of the entrepreneurial enterprises in the context in which they are located. Moreover, because of the differences in the relationship, interaction mode and institutional rules among stakeholders, investors should comprehensively consider the external environment faced by the startups when judging the identity characteristics of the entrepreneurial enterprises. On the basis of the above issues, this paper uses the institutional theory and identity theory to explore the impact of investors' perceived entrepreneurial identities on their investment behavior in both mature and emerging organizational fields, and the impact of corporate identities on investors' decisions in different organizational fields of maturity.#br#To obtain more realistic and objective information about startup projects and specific financing amounts, this study selects Angel round financing events from January 2018-December 2020 as a sample based on the CV-Source investment database, and obtains a total of 167 startup financing cases. Then, the information of each case through the public information of the project is refined, and 28 venture capitalists rate the project according to the scale with 167 valid questionnaires collected. Finally, the hypotheses are tested by defining variables and constructing a multiple linear regression model.#br#The results show that the three dimensions of legitimacy (regulation, norms and perception) have a positive impact on venture financing in a mature organizational field. However, as the maturity of the organizational field increases, the positive contribution of regulatory legitimacy to entrepreneurial financing is weakened, the positive contribution of normative legitimacy to entrepreneurial financing is enhanced, and there is no significant moderating effect of cognitive legitimacy on entrepreneurial financing. Uniqueness is significantly negatively related to entrepreneurship financing and is not moderated by organizational field maturity. In the emerging organizational field, regulatory legitimacy has no significant effect on entrepreneurial finance and is not moderated by field maturity. Regulatory legitimacy has a negative effect on entrepreneurial finance and is negatively moderated by organizational field maturity. Cognitive legitimacy has a positive effect on entrepreneurial finance, but is not moderated by organizational field maturity. Uniqueness has no significant effect on entrepreneurial financing.#br#Unlike most previous studies on entrepreneurial financing based on signaling theory and resource-based theory, this study explores the impact of entrepreneurial firm identity characteristics on access to entrepreneurial financing based on identity theory and broadens the research perspective on entrepreneurial financing. At the same time, it introduces the uniqueness of corporate identity and explores the impact on entrepreneurial financing from the opposite side of legitimacy, which is enlightening for discovering the value of the uniqueness of entrepreneurial corporate identity, makes up for the shortcomings of previous studies. While previous studies on the external environment of entrepreneurial firms have often selected a particular aspect, this paper introduces the concept of organizational field to provide an overall description of the external environment faced by entrepreneurial firms at the meso level, and uses field maturity as a moderating variable to explore the value of investors' identification of corporate identity characteristics in different types of organizational fields, making the overall study more systematic and relevant. Finally, this paper is an analysis of real investment data and better reflects the results of the impact of entrepreneurial enterprises′ identity characteristics on venture financing, thus more accurately revealing the influencing factors of real investment decisions.#br#
2023 Vol. 40 (16): 62-71 [Abstract] ( 154 ) [HTML 1KB] [ PDF 1272KB] ( 245 )
Regional Scientific Development
72 The Multi-dimensional Measurement of Beijing-Tianjin-Hebei Collaborative Innovation
Zhao Chengwei,Zhai Ruirui,Cao Zhi,Zhang Shengtai
Although the Beijing-Tianjin-Hebei Collaborative Development Plan was issued in 2015, there is still a large gap in the current level of innovation development and the scale of innovation resource allocation in Beijing, Tianjin and Hebei, restricting the coordinated innovation development of the three regions. 92.5% of Beijing's scientific research achievements have been industrialized in the Yangtze River Delta and the Pearl River Delta, which means that the innovation chain and industrial chain of Beijing Tianjin R&D and Hebei incubation transformation have not yet formed. It is difficult for Beijing's scientific and technological achievements to land in Tianjin and Hebei, and it is difficult for the industries in the three regions to coordinate with each other, which has become a prominent problem of Beijing-Tianjin-Hebei coordinated innovation. Understanding the status quo of Beijing-Tianjin-Hebei collaborative innovation and the characteristics of spatial network connection is the prerequisite for promoting collaborative innovation. The present research is inadequate to analyze in detail the level of collaboration between various regions in Beijing and Tianjin and cities in Hebei.#br#The ultimate goal of regional collaborative innovation is to narrow the innovation gap between regions. The most important way is to promote the free flow of innovation elements and innovation collaboration across regions and subjects. The innovation network is the most important spatial manifestation of regional collaborative innovation. This paper attempts to measure the level of Beijing-Tianjin-Hebei collaborative innovation from the macro and micro dimensions with focus on the differences between the collaborative innovation development and the Yangtze River Delta,the Guangdong Hong Kong-Macao Greater Bay Area, the status quo of the collaborative innovation development of 43 sub-units in Beijing-Tianjin-Hebei, and the construction of the Beijing- Tianjin-Hebei innovation network. On the macro level, focusing on the synergy among science, technology and industry, this study makes comparisons with the Yangtze River Delta and the Guangdong Hong Kong-Macao Bay Area, and summarizes the characteristics of Beijing-Tianjin-Hebei collaborative innovation by the entropy method. On the micro level, it analyzes the collaborative innovation in 43 sub regions, mainly using the entropy weight method. Given the collaborative innovation capability of each subdivided region, it further analyzes the construction of the Beijing-Tianjin -Hebei innovation network through network analysis by combining gravity model and social network analysis, and the analysis results are presented visually with ArcGIS software.#br#Compared with the two world-class urban agglomerations of the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, Beijing -Tianjin-Hebei has a very strong scientific research level and is at the front end of the innovation chain. The front end scientific research level and technology diffusion level of Beijing-Tianjin-Hebei are high, but the connection with the back end industrial chain is not enough, and the industrial development level is poor, which seriously restricts the improvement of the collaborative innovation level of Beijing-Tianjin-Hebei. The innovation and development of each region in Beijing, Tianjin and Hebei are not balanced. From 2014 to 2020, the level of collaborative innovation in Beijing-Tianjin-Hebei has been improved to a large extent, but the synergy between the main bodies is still at a low level, and the polarization has been accelerating. An efficient and collaborative innovation network has not been formed among Beijing, Tianjin and Hebei. Although the total amount and network density of the actual relationship of Beijing-Tianjin-Hebei collaborative innovation are growing rapidly, they are still at a low level. The network connections are mostly generated in Beijing, Tianjin and between Beijing and Tianjin, showing the spatial characteristics of Beijing and Tianjin as two poles, and gradually expanding to the surrounding areas. In the future, efforts should be focused on promoting the integration of context-driven innovation industries, improving Beijing's innovation radiation driving capacity, and building an innovation network with efficient collaboration between Beijing, Tianjin and Hebei.#br#
2023 Vol. 40 (16): 72-83 [Abstract] ( 122 ) [HTML 1KB] [ PDF 1767KB] ( 372 )
84 The Influence of Two-way FDI Coordination on Provincial Innovation: Increasing “Quantity” or Improving “Quality”
Chen Huaichao,Tian Xiaoyu,He Zhimin
As the important ways of “bringing in” and “going out”, IFDI and OFDI have become the important international technology transfer channels to promote provincial innovation. Although some scholars have brought IFDI and OFDI into the research framework at the same time to examine their influences on provincial innovation respectively, they have ignored the coordinating effect of two-way FDI. The existing literature has not yet explored the relationship between two-way FDI coordination and provincial innovation, let alone distinguishing the types of provincial innovation and examining the influence of two-way FDI coordination on provincial strategic innovation and substantive innovation. In view of this, this study classifies provincial innovation into strategic innovation and substantive innovation. It then uses the panel data of 30 provinces in mainland China from 2010 to 2020 to explore the influence of two-way FDI coordination on provincial innovation and the regional heterogeneity of this influence, and analyzes the moderating effect of intellectual property protection and the mediating effect of provincial absorptive capacity in the process of two-way FDI coordination influencing provincial innovation.#br#It is found that firstly, two-way FDI coordination has a significant positive influence on provincial strategic innovation, but has no significant influence on provincial substantive innovation, that is, it has an effect in increasing the quantity rather than improving the quality of provincial innovation. Secondly, two-way FDI coordination has significant promoting effects on strategic innovation in both coastal and inland regions. Two-way FDI coordination significantly promotes substantive innovation in coastal regions, but has no significant influence on substantive innovation in inland regions. Thirdly, intellectual property protection enhances the influence of two-way FDI coordination on provincial strategic innovation. Fourthly, provincial absorptive capacity has a partial mediating effect in two-way FDI coordination influencing provincial strategic innovation.#br#The theoretical contributions of this study include four aspects. Firstly, from the perspective of coupling coordination, it examines the influence of two-way FDI coordination on provincial strategic innovation and substantive innovation, expanding the relevant study of provincial innovation under the background of “bringing in” and “going out”. Secondly, from the perspective of regional difference, this study examines the influences of two-way FDI coordination on provincial innovation in different regions, and deepens the study in the field of international direct investment. Thirdly, it verifies the situational effect of intellectual property protection in two-way FDI coordination influencing provincial strategic innovation, which expands the integration study of intellectual property protection and two-way FDI coordination in provincial innovation. Fourthly, by clarifying the path effect of provincial absorptive capacity in two-way FDI coordination influencing provincial strategic innovation, this study provides a new perspective to reveal how two-way FDI coordination influences provincial innovation.#br#The following suggestions are proposed. Firstly, relevant departments should build a platform for the coordinating development of IFDI and OFDI, and integrate the two forces of two-way FDI to effectively promote provincial strategic innovation and ensure the development of provincial substantive innovation. Secondly, they should guide the rational allocation of two-way FDI between different regions through preferential tax policy and financial subsidies and so on. The coastal regions should continue to promote IFDI and OFDI with its geographical advantages to enhance its strategic and substantive innovation levels, and the inland regions should expand the scale of two-way FDI, raise the awareness of independent innovation, and make use of the latecomer advantages to speed up the development of substantive innovation. Thirdly, relevant departments should improve the intellectual property protection institution to enhance the provincial attractiveness to high-quality foreign investment, and stimulate the power for the province to learn advanced technology and carry out secondary innovation in the OFDI process, so as to promote the development of provincial strategic innovation. At the same time, they should adjust intellectual property protection degree to ensure the promoting effect of two-way FDI coordination on provincial substantive innovation, and provide institutional guarantee for high-quality innovation activities. Fourthly, it is necessary to increase investment in human capital, optimize the provincial talent structure and promote the development of provincial strategic innovation by improving provincial absorption capacity. In addition, relevant departments should strengthen the cooperation among enterprise, university and research institution to cultivate innovative talents together, improve provincial absorption capacity, ensure the province to enhance knowledge accumulation in two-way FDI, and conduct high-quality innovation activities to ensure the development of provincial substantive innovation.#br#
2023 Vol. 40 (16): 84-95 [Abstract] ( 220 ) [HTML 1KB] [ PDF 1465KB] ( 401 )
Industrial Technological Progress
96 The Interactive Relationship between Collaborative Agglomeration Externalities and Industrial Upgrading: A PVAR Analysis of Manufacturing and Producer Services
Tong Lei,Rong Yafei
In China,the formation of the collaborative agglomeration of manufacturing and producer services (hereinafter referred to as "industrial collaborative agglomeration") is different from the market-oriented mechanism emphasized by the mainstream agglomeration theory, for it is not only affected by the dual role of the government and the market, but also mainly guided by the government. Therefore, it is necessary to analyze the theoretical interaction mechanism between the externalities of industrial collaborative agglomeration and industrial upgrading in the context of China. In order to break through the limitations of single-dimension and static research, this study divides the externalities of industrial collaborative agglomeration into diversification externalities and specialization externalities, and puts them into the same analytical framework as industrial upgrading. Drawing on China's provincial panel data from 2006 to 2019, this study employs the panel vector autoregression (PVAR) model, and discusses the dynamic interaction between China's provincial diversification externalities, specialization externalities and industrial upgrading, so as to accurately grasp the characteristics of China's industrial collaborative agglomeration and its relationship with industrial upgrading. #br#The results show that(1) at the national level, diversification externalities, specialization externalities and industrial upgrading are not all two-way causal relationships. Firstly among the three, only specialization externalities and industrial upgrading, specialization externalities and diversification externalities have two-way Granger causality, while diversification externalities are not the Granger cause of industrial upgrading. Secondly, diversification externalities, specialization externalities and diversification externalities all have self-reinforcing effects, but their effects on each other are significantly different. For example, diversification externalities have always inhibited specialization externalities, but specialization externalities have short-term promoting and long-term inhibiting effects on diversification externalities. Diversified externalities have short-term promotion and long-term inhibition effects on industrial upgrading, but specialized externalities have always promoted industrial upgrading. Although the effect of industrial upgrading on both specialization externalities and diversification externalities lags behind, one is short-term promotion, the other is long-term inhibition, and the third is constant promotion. (2) At the regional level, affected by the formation mechanism of synergetic agglomeration, the externalities of synergetic agglomeration in the central and western regions have similarities in their own and their relationship with each other,but do not have a long-term stable relationship. However, in the eastern region, the externalities of specialization have a self-reinforcing mechanism, while the externalities of diversification have a long-term self-restraining effect. The externalities of specialization promote the externalities of diversification, while the externalities of diversification inhibit the externalities of specialization. Although diversification externalities, specialization externalities and industrial upgrading all show a two-way causal relationship among regions, the dynamic relationship between the three shows heterogeneity at the regional level. For example, in the eastern region, the externalities of specialization and diversification can promote industrial upgrading in a short term, inhibit it in a long term, and promote it all the time. Although the western region is similar to the eastern region, the externalities of specialization and diversification play a heterogeneous role in industrial upgrading, for it seem there is not a long-term stable relationship between the two, but the externalities of specialization and diversification have been promoting industrial upgrading. The performance of the externalities of specialization in the central region on industrial upgrading is similar to that in the central region, but different from that in the eastern and western regions, and there is not a long-term stable relationship. #br#On the basis of the above conclusions, this paper makes two policy recommendations. On the one hand, the government and the market need to have coordination and unity in the process of resource allocation, so as to reduce the policy agglomeration effect of collaborative agglomeration, strengthen the endogenous interaction mechanism of diversified externalities and specialized externalities, and give play to the self-strengthening mechanism of industrial upgrading. On the other hand, because the externalities of collaborative agglomeration and industrial upgrading have regional heterogeneity, local governments need to trace back to the sources from the perspective of the whole life cycle, and select the appropriate agglomeration mode of manufacturing and producer services according to local conditions.#br#
2023 Vol. 40 (16): 96-107 [Abstract] ( 122 ) [HTML 1KB] [ PDF 1812KB] ( 214 )
108 Multiple Paths to Improve the Creational and Original Capacity Improvement of Intelligent and Connected Vehicle Industry:Configuration Analysis Based on Tentative Governance Framework
Sun Daming,Hu Sumin,Dong Kun
In the digital economy, intelligent connected vehicles (ICV) are a typical representative of the deep integration of the new generation of information technology and the automotive industry. Improving creational and original capacity (COC) is of key significance for exploring the digital transformation of emerging industries and coping with the impact of industrial technological change in the era of the digital economy . However, characterized by cutting-edge technology development and a high level of digitization in the COC enhancing process, the ICV industry is prone to multiple risks. As such, it is urgent to find new suitable policy means to guide the industry's development and respond to potential risks.#br#The rise of tentative governance has provided a new channel for enhancing the innovation strategy capability of the ICV industry. Tentative governance is a cutting-edge theory in the field of technological governance with the aim to address emerging technological fields and overcoming governance challenges through dynamic adjustment and continuous exploration. In view of this, the paper uses tentative governance theory to explore the combination effect and linkage mechanism of diversified governance niches on the improvement of innovation strategy capability in the ICV industry from a holistic perspective.#br#This paper takes the ICV industry in the Yangtze River Delta urban agglomeration as a research sample, and within the framework of exploratory governance theory, it selects four governance niches, including resource allocation, legitimacy, knowledge development, and market formation, to explore their intoxicating effect on improving the innovation strategy capacity of the intelligent connected industry. Specifically, the entropy weight TOPSIS method is used to measure innovation source capacity, text qualitative analysis is used to obtain governance niches, and fuzzy set qualitative comparative analysis (fsQCA) is used to identify the linkage effects and multiple paths to improve innovation source capacity.#br#The results show that, first, the COC of the ICV industry in the Yangtze River Delta urban agglomeration is on the rise, and the growth trend has been significant since 2015. To be specific, the growth trend of new scientific discoveries and new industrial directions is higher than the overall level of strategic capacity, with solid basic research and a clear development direction. Second, there are five key paths for a higher COC in the ICV industry, which can be summarized into three adaptation modes: strategic legitimacy, digital drive, and full dimensional collaboration. Among them, government digital technology support plays a universal role in high innovation policy source capabilities, and all sample cities adopt this policy tool. Third, there are significant differences in the improvement paths of resource planning capabilities at different levels. In areas with leading technologies, governmental support for digital technology and related research and development activities is a necessary condition, and the improvement of industrial ecology and innovation resource support can effectively drive the development of the intelligent connected vehicle industry. In areas with advanced technologies, support for innovative resources and R&D activity is an important factor driving the development of the intelligent connected vehicle industry, forming a resource-driven and knowledge-driven model. In underdeveloped areas, there is only one configuration path, i.e., a resource-driven path.#br#The marginal contribution of this paper lies in four aspects. At first, it effectively identifies the connotation and dimensional characteristics of COC, and thus expands the research content and adaptation scope of industrial innovation theory; second,the innovative introduction of exploratory governance theory provides a new explanatory framework for enhancing COC,breaks through the narrow governance perspective of only focusing on a single policy behavior, and helps to promote the stable development of emerging technology industries; in terms of experience, the use of fsQCA method effectively solves the problem of linkage matching and path selection of diverse government governance niches, and promotes the comprehensive realization of modernization of government governance. Meanwhile, due to data limitations, this paper only focuses on governance niches presented in the form of policy tools. In the future, attempts will be made to expand the selection of antecedents and conditions so as to more accurately and comprehensively reveal the multiple paths for improving the innovation policy capacity of the intelligent connected vehicle industry.#br#
2023 Vol. 40 (16): 108-117 [Abstract] ( 138 ) [HTML 1KB] [ PDF 1595KB] ( 430 )
Enterprise Innovation Management
118 The Fund Investment Experience in Innovative Activities and Corporate Innovation
Li Yan,Yuan Dongliang
Since 2003, China's investment funds have flourished and played an important role in stabilizing capital markets. As an important player in capital markets, funds are growing in management size. Are these growing funds simply taking advantage of their unique information and stock selection capabilities to seek excess investment returns? Or are they taking advantage of their shareholding strengths and governance experience to improve the governance performance of the underlying companies?#br#As an important part of a company's long-term strategy, innovative behavior often brings longer-term economic benefits and improves the economic and market performance of the company. In this context, stocks with a high probability of success and a high value of innovative projects are naturally the focus of investment funds. However, innovation activities are inherently associated with a high risk of failure and require the continuous investment of resources. If the innovation fails, the company will also face high losses. To increase the likelihood of success of the underlying innovation and seek higher investment returns, the fund management body will actively participate in the governance activities of the underlying company. The fund often holds shares of more companies, which allows it to establish investment partnerships with more companies and learn more about the success or failure of innovation from these targets.#br#The relationship between a fund investment experience in innovation activities and a focal company's innovation output is likely to be significant and positive, both based on the fund's stock selection path and the strategic embedding path. Fund companies with extensive innovation activity investment experience may either screen out innovation projects with a higher probability of success through efficient stock selection strategies, actively intervene in the innovation strategy decisions of the focal company, or provide the focal company with information or resources that can be used to help the focal company better carry out innovation activities and increase the likelihood of success of the focal company's innovation, effectively increasing the innovation output of the focal company. According to the knowledge base theory, it can be seen that when companies have rich knowledge reserves, they are more motivated to carry out innovation and have a higher possibility of innovation success, which means that the licensed patent holdings of focal companies can enhance the positive relationship between the fund's investment experience in innovation activities and the innovation output of focal companies. In addition, resource redundancy of the focal company can effectively enhance the promotion effect of external knowledge or information acquisition on the innovation output of the company. On the basis of resource-based theory, it can be inferred that resource redundancy of the focal company can enhance the positive relationship between the investment experience of the fund innovation activities and the innovation output of the focal company.#br#This paper empirically examines the impact of fund investment experience in innovation activities on corporate innovation by using A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as the research sample. The findings show that,first, funds with rich investment experience in innovation activities improve the innovation output of focal companies by providing them with experience to draw on. Second, focal firms with strong tangible resource reserves (resource redundancy) and intangible resource reserves (effective patent holdings) are able to better utilize the innovation experience provided by the fund, making the promotion effect of the fund's investment experience in innovation activities on their innovation output stronger. The third impact mechanism test shows that "resource provision" is the main path through which the fund's innovation experience promotes innovation in focal firms. #br#Compared with the existing studies, this study is innovative in the following aspects. First, from the "relationship" perspective and the knowledge base,it combines social networks and experiences and enriches the research on how previous "relationships" and knowledge work together with existing social networks and knowledge to contribute to the innovation output of enterprises. Second, this study distinguishes between the fund selection path and the resource transfer path, and deconstructs how fund managers' experience in investing in innovation projects of firms accumulated through previous or existing investment activities affects the innovation output of focal firms.#br#
2023 Vol. 40 (16): 118-129 [Abstract] ( 131 ) [HTML 1KB] [ PDF 1275KB] ( 390 )
130 "Specialized-Fined-Peculiar-Innovative" Strategy, Family Involvement and Technological Innovation
')" href="#"> Luo Fukai,Di Yingxin,Li Qijia
“Specialized-fined-peculiar-innovative” enterprises(hereinafter referred to as SFPI)are small and medium companies that adhere to focused and distinguished strategies, and take innovation as the core development power, and they are similar to the "hidden champion" enterprises. However, the SFPI enterprises are mostly in the infancy, and far behind the "hidden champion" in developed countries such as Germany. Thus,they cannot just copy the successful experience of the "hidden champion", and must formulate development strategies and plan in combination with the localization situation.In addition, SFPI enterprises in China are dominated by family groups, and family management involvement has substantial influences on technological innovation, but few literatures pay attention to the family nature of SFPI enterprises. #br#According to Simon′s research, strong market competitiveness, robust internal finance and large quantities of R&D staff are critical advantages for technological innovation of “hidden champion” enterprises. SFPI enterprises also follow the concentrated and differentiated strategies. Are there similar driving factors for their technological innovation?This paper mainly considers three factors:market competitiveness, R&D personnel input and government subsidy. Besides, the influence of family involvement on technology innovation can not be ignored. In view of the long-term contractual relationship, family controllers would try their best to play the role of good managers and support technological innovation. While as self-interested economic men, family managers would take opportunistic behaviors, like embezzling R&D funds,practicing nepotism,and weakening capital and talent bases of technological innovation. Furthermore,technological innovation is the key driving force of enterprise value growth, and SFPI enterprises may have greater value contributions.Additionally, external environment could exert uncertain effects on innovation decisions of SFPI enterprises. The uncertainty and marketization degree are two important aspects.Therefore,this paper takes the existing SFPI family listed companies as samples to discuss the effects of SFPI strategies and family governance on technological innovation and its economic consequences.In the meantime, the heterogeneous influences of external environment are further considered.#br#The results show that strong competitive power,more R&D personnel input and government subsidies originating from SFPI strategy are beneficial to improving technological innovation levels.While family management involvement will hinder the advance of technological innovation unless family managers have rich educational background. Moreover, SFPI firms have greater value contributions than ordinary innovative firms.Besides, stable and legal market environment is necessary for sustained technological innovation.#br#By analyzing the sample data of SFPI "Little Giant" family firms from 2010 to 2020, this paper has three aspects of contributions. First, comparing with "hidden champion" enterprises in developed countries and ordinary innovative firms in China, this paper empirically analyzes the advantages offered by SFPI strategy for family enterprises, thus enriching the research methods of innovative governance of SFPI enterprises. Second, different from previous studies, this paper considers not only the deep cultivation and meticulous working mode, but also the family control characteristics of SFPI enterprises and its influence on technological innovation, and thus it provides more comprehensive theoretical references for cultivating excellent SFPI "Little Giant" enterprises. Third, research conclusions on the heterogeneous impacts of external environment are consistent with current policies of building a unified national market, and provide impetus for government to accelerate the construction of stable and legal innovation environment.#br#In view of the availability of data, the study only selects the sample of SFPI listed companies. The development of technological innovation of non-listed SFPI companies and the impacts of whether they are listed are worth further discussion. Meanwhile with the in-depth development of SFPI enterprises, the follow-up research can compare and analyze the operating conditions of small and medium-sized enterprises before and after obtaining the SFPI certification, and analyze the policy effects of government departments in selecting SFPI enterprises.#br#
2023 Vol. 40 (16): 130-141 [Abstract] ( 128 ) [HTML 1KB] [ PDF 1310KB] ( 302 )
142 The Impact of Strategic Difference on Enterprise Innovation Performance:The Mediating Effect of Financing Constraints and the Moderating Effect of Financial Flexibility
Gong Xingguo,Lu Yao,Lin Chunlei
At present, affected by the COVID-19 pandemic and the drastic changes in the world's economic structure, the global market is shrinking and trade protectionism is rising again. Therefore, the Chinese government proposes to build a new economic development pattern with the trait of domestic big cycle as the main body and domestic and international cycles promoting each other. Many enterprises are actively promoting strategic adjustment and transformation to obtain better development opportunities. In the process of integration and reconstruction of internal resources, strategy adjustments not only promote enterprise innovation, but also improve the understanding of innovation concept. According to the strategic balance theory, the enterprise strategy should be as different as possible from the industry conventional strategy within the scope of rationalization. The degree of strategic difference enhances the innovation motivation of enterprises to a certain extent, but at the same time, it may also bring business risks to enterprises, increase the degree of information asymmetry and agency costs, and lead to problems such as the worsening quality of accounting information, the timeliness of annual report disclosure and the decline of the accuracy of earnings prediction. The above problems have exacerbated the financing constraints of enterprises to varying degrees. In the absence of continuous financial support, the exploration activities and innovation attempts of enterprises are likely to be terminated directly. Therefore, most studies agree that it can promote the ability to carry out innovation activities by enhancing strategic difference. But will the innovation willingness and motivation generated by the degree of strategic difference be transformed into the innovation performance of enterprises? Are there some key financial factors that can alleviate the uncertainty between strategic differentiation and innovation performance? These questions are worth discussing.#br#This study selects A-share listed companies in Shanghai and Shenzhen as the research object, and takes 2012 as the starting research point. Considering the integrity of data and the lag effect of patent application, it takes 2019 is the ending time point. After screening the data, 15 352 sample data are obtained. By constructing a multiple linear regression model, this study tests the internal mechanism of strategic difference affecting innovation performance and the differential regulation effect of financial flexibility under stock-based compensation heterogeneity and property nature heterogeneity.#br#The results show that the strategic differentiation of listed companies has an inhibitory function on enterprise innovation performance, and the financial flexibility plays a moderating role. That is, the increase of strategic difference intensifies the financing constraints of enterprises, and the lack of financial resources causes the enterprises to fail to achieve the established innovation objectives and miss development opportunities. In this process, financial flexibility can alleviate the inhibitory function of strategic differentiation on enterprise innovation performance. From the perspective of financial flexibility, the preventive function of financial flexibility cushions the innovation risk. The utilization function of financial flexibility enables enterprises to find appropriate innovation opportunities and improve innovation performance. So, the cultivation of financial flexibility is the key factor in improving innovation performance in the process of improving strategic differentiation.#br#This study further analyzes the effective path for the company to enhance financial flexibility. It is found that stock-based compensation plans can enhance the moderating effect of financial flexibility in enterprise strategic differentiation and innovation. By reducing the first and second agency costs, the stock-based compensation plan alleviates the financing constraints of enterprises and makes the financial flexibility of enterprises play an efficient role. In enterprises different natures, there are obvious differences in the moderating effect of enterprise financial flexibility. For the political connection of state-owned enterprises, financing constraints have a weak impact on innovation performance. However, due to the phenomenon of "ownership discrimination", it is difficult for non-state-owned enterprises to obtain financial resources. In order to improve the degree of strategic difference, they need to cultivate their financial flexibility to change the inhibition of strategic difference on innovation activities.#br#
2023 Vol. 40 (16): 142-152 [Abstract] ( 163 ) [HTML 1KB] [ PDF 1344KB] ( 640 )
Review
153 New Trends in Social Impact Assessment of Research Results in Universities:A Review of the Literature and Prospects Based on Research Frontiers
Wang Nan,Li Ruozhi
The impact of scientific research is assessed by its contribution to the whole society, economy, culture, public policy, health care, environment, and life quality of citizens outside of the academic community. In recent years, some international cases have demonstrated the transformation of the evaluation paradigm of scientific research,with a new dimension of impact assessment that focuses on comprehensive impact involving both academic and non-academic factors. With the evolution of science and society, impact assessment of scientific research is increasingly valued, following the logic of knowledge production, which facilitates public accountability, and helps strengthen the social responsibility of researchers. As a result, social impact assessment of research results has become an important dimension in the framework of scientific research assessment in recent years, and is also an important tool in the reform of scientific research assessment in China to change the evaluation orientation with a mere focus on papers and superiority on SCI, and to establish multiple evaluation criteria. Along with the advancement of evaluation practice in various countries, social impact assessment has also become a focus of scholarly attention, producing a large and rich body of research. #br#In order to meet the contemporary requirements of deepening education evaluation reform in the new era, this study summarizes the research trends concerning social impact assessment in universities by means of literature research, which provides strong theoretical support for the construction of a scientific and feasible social impact assessment system and the promotion of reform and innovation in the research evaluation system in China. It also reflects on the shortcomings of existing research and proposes the focus and possible growth points for future research, with a view to advancing the research in this field towards continuous enrichment and depth.#br#The study follows the logic of "what to assess-what leads to assessment-why to assess-how to assess-who to assess". The assessment system is defined as an organic whole, including assessment object, assessment orientation, assessment concept, assessment methods and assessment subject based on the integration of the conceptual framework of existing studies. Among them, as the assessment object has been defined as the research results of universities, the four dimensions of assessment orientation, assessment philosophy, assessment methods and assessment subjects present the cutting-edge developments and core ideas in this research field.#br#The findings of this study suggest that four new trends are emerging in current social impact assessment research. The first is the "process-oriented" assessment. In studies on social impact assessment, the emphasis is shifted from the outcomes of impacts to the interactions that occur during the impact process. The next is "humanized" assessment philosophy. In studies on social impact assessment, the tendency to focus on beneficiaries or groups of beneficiaries is more evident, i.e., human beings are the starting and ending points of social impact assessment, and relevant studies focus on individuals or groups of beneficiaries. The third is "integrated" assessment methodology. In studies related to social impact assessment, there is a tendency to adopt an integrated approach to social impact assessment, which is considered to better present a "complete picture" of social impact and ensure the objectivity and impartiality of the assessment. The last refers to the "diversity" of assessment subjects. In studies related to social impact assessment, it is advocated that non-academic review should be included in addition to traditional academic review.This approach is considered to facilitate a broader group of people to understand the content of the research, jointly develop the research agenda and achieve impact.#br#This study provides a comprehensive and systematic overview of the knowledge structure and research frontiers in the field of social impact assessment of research results, and summarizes new trends in research in a timely manner, which is of great significance for deepening theoretical research and promoting innovation in practice. It further reflects on the shortcomings of existing research, and suggests focal points and possible growth areas for future research, which will help to further deepen the research in this area.#br#
2023 Vol. 40 (16): 153-160 [Abstract] ( 254 ) [HTML 1KB] [ PDF 1281KB] ( 407 )
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