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以2013年—2017年新三板创新层企业和创业板上市公司为样本,利用面板回归模型和处置效应模型,实证检验了服务中小创新创业企业的两个资本市场中企业创新投资的差异,并运用中介效应模型分别从企业内部“管理者短视”和外部“股票流动性”视角探究了影响该差异的作用机制。研究发现：新三板创新层企业的创新投资活动显著高于创业板公司;新三板企业低管理者短视在其中发挥了中介促进作用,而新三板的低流动性具有遮蔽抑制效应。本研究为全面判断与评估创业板和新三板企业的创新活动提供了新证据,对深化多层次资本市场改革和促进企业创新具有一定现实指导意义。 相似文献
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In the decade before the 2008 economic crisis, the US biotechnology industry was booming. In a 2006 book, Science Business: The Promise, the Reality, and the Future of Biotech, Gary Pisano implies that, given the 10-20 year time-frame for developing biotech products and the lack of profitability of the industry as a whole, the US biotech boom should not have happened. Yet the biotech industry has received substantial funding from venture-capital firms as well as from established companies through R&D alliances. Why would money from venture capitalists and big pharma flow into an industry in which profits are so hard to come by? The purpose of this article is to work toward a solution of what might be called the “Pisano puzzle”, and in the process to provide a basis for analyzing the industrial and institutional conditions under which the growth of the US biopharmaceutical (BP) industry is sustainable. One part of the answer has been the willingness of stock-market investors to absorb the initial public offerings (IPOs) of a BP venture that has not yet generated a commercial product, and indeed may never do so. The other part of the answer is that the knowledge base that BP companies can tap to develop products comes much more from government investments and spending than from business finance. Indeed, we show that, through stock buybacks and dividends, established corporations in the BP industry have been distributing substantial sums of cash to shareholders that may be at the expense of R&D. We use the framework that we have developed for analyzing the sustainability of the US BP business model to pose a number of key areas for future research and policy, with an emphasis on the implications of the financialization of this business model for the generation of safe and affordable BP drugs as well as the need for a theory of innovative enterprise. 相似文献
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Kim Kaivanto 《Research Policy》2007,36(5):637-651
In Europe (and elsewhere) governments intervene to stimulate innovation in the SME sector, and because SMEs face financial constraints in particular, governments encourage the provision of debt and equity (venture capital) finance to such firms. This paper discusses sales contingent claim (SCC) backed finance - funding secured only on a claim written on sales - that offers a different repayment profile to debt and equity. The attractiveness of such finance to firms as well as the behaviour of firms financed in this way are analysed. For various reasons SCC-backed financial instruments are generally not available to SMEs on the market, but it is argued that wider availability could further stimulate the growth and innovative activity of SMEs. The correction of this market incompleteness by the introduction of government schemes providing SCC-backed corporate finance for SMEs in higher risk (higher tech) sectors is recommended. The workability of such a scheme is explored by looking at existing examples aimed largely at project finance for larger firms. 相似文献
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Academic spin-offs often lack business expertise, face uncertainties regarding their innovation and their markets, and do not have a clear idea of how their product will create value. In spite of this vagueness, academic entrepreneurs must articulate a business model and rapidly establish trustworthy relationships with potential users, purchasers and capital investors. One may thus wonder how their technology development process is influenced by the long-term expectations of their putative customers as well as the short-term requirements of capital investors? This longitudinal case study examines how the business models of three Canadian health technology spin-offs sought to address the value expectations of clinical users and capital investors, how tensions were resolved, and the impact this had on technology design. We describe the synergistic readjustments, drastic reconfiguration and mismatch between business model and technology design we observed. Our discussion highlights the mediating mechanisms by which business models and technology design influence each other, clarifying why the initial value proposition of the spin-offs was either refined or reframed. Beyond confirming the importance of differentiating business models in the health technology industry, our study suggests that it is not only who makes decision that matters, but also how stakeholders’ value expectations get embedded in a spin-off's value proposition. 相似文献
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Innovation activities in the German business sector showed two opposing trends over the past two decades: While total innovation expenditures grew substantially, the number of firms conducting innovation activities fell sharply. In this paper, we explore the mechanisms behind the declining trend in the share of innovation active firms. Considering both input (R&D activities) and output (introduction of innovations), we model innovation decisions as a multi-stage process using continuous-time Markov chain analysis. We base our analyses on a 14-year panel from the German part of the Community Innovation Survey. Our results show that smaller firms and firms in sectors with less innovation competition are more likely to stop innovating. We also show that better financial situation and public funding can mitigate the trend towards a falling share of innovating and R&D-performing firms. 相似文献
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本文旨在探讨商业模式如何通过创新双元性的中介作用对企业绩效产生影响。为此,本文提出了商业模式、创新双元性与企业绩效三者之间关系的研究假设,并通过应用层次回归分析方法对来自173家制造业企业的问卷调查数据进行实证分析检验了这些假设。研究结果表明:效率为中心的商业模式设计与新颖为中心的商业模式设计都对创新双元性具有显著的正向影响;创新双元性对企业绩效具有显著的正向影响;创新双元性分别在效率为中心的商业模式设计、新颖为中心的商业模式设计对企业绩效的影响中起部分中介作用。这些结论因揭示了商业模式对于企业绩效的间接影响而拓展了商业模式与企业绩效关系理论,同时对于企业建立商业模式模仿隔离机制具有一定指导意义。 相似文献
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技术创新对科技型和非科技型中小企业成长性的作用具有一定重要意义,基于414家中小上市公司数据,本文首次针对两类企业分别构建了技术创新模型,分析技术创新对二者成长性的影响。结果表明:研发投入程度越大,企业创新环境越好,专利数量越多,人力资源的投入强度越大的中小企业技术创新能力越强;对于科技型中小企业,其技术创新与成长性呈显著正相关关系,而非科技型中小企业其相关性不明显,针对该情况,本文结合实际现状对中小企业的发展提出了建议。 相似文献
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This paper examines the existing literature on new technology-based firms in an attempt to understand how such companies contribute to the vitality of an economy and to see which variables are critical in enabling them to do so. From recent research efforts, we have drawn together a set of hypotheses and organized them around four central questions: (1) What do new firms contribute to the economy? (2) What factors contribute to the success of such enterprises? (3) In what cultural contexts do new businesses succeed? and (4) Which government policies are effective in stimulating and supporting new companies? We found that existing studies suggest (1) that new technology-based firms contribute significantly to an economy in terms of exports, employment, taxes paid, research and development, and innovations; (2) that the founders of these new businesses tend to have a strong entrepreneurial heritage, a development- rather research-oriented background, and a high need to achieve and are young and highly educated; (3) that sector differences may be a more important influence on company location than are regional policies; and (4) that no one government program has proven itself to be more than marginally successful in stimulating industrial innovation. 相似文献
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《国际创新研究学报(英文)》2023,7(1):32-46
This study aims to investigate the main factors driving technological innovation within firms in the manufacturing and service sectors of the Czech Republic. We apply a binary logistic regression model to cross-sectional data from 502 firms, obtained from the World Bank Enterprise Survey. The results of our empirical investigation show that certain elements of the business environment, such as the tax rate, serve as significant obstacles to firms’ product innovations. The results also confirm that international technological linkages—measured by international quality certificates and foreign technology licenses—affect technological innovations. Moreover, we found that internal R&D activities positively impact technological innovation across all sectors; contrarily, we found that process innovation in the manufacturing sector is positively influenced by foreign technology licenses and business association membership. Process innovations in the service sector are positively correlated with external R&D and financing from banking institutions. Finally, business association membership does not positively influence technological innovation in the service sector. Our findings have salient implications for firm managers, policymakers, and scholars aiming to explore and improve innovation outcomes in transitional economies. 相似文献
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以2007至2017年沪深A股上市公司为研究对象,本文考察了开发支出资本化对企业创新的影响。,实证结果研究发现,开发支出资本化比例与企业创新呈倒U型关系。且结论在稳健性检验之后依然成立。表明：当开发支出资本化比例低于临界值时,由于抑制了管理层通过削减研发投资以实现盈余目标的动机得到抑制,从而促进企业创新;当开发支出资本化比例高于临界值时,促使管理层基于声誉风险管理层为避免将已资本化金额转为费用对当期盈余造成的负面冲击,进行过度研发投资,从而阻碍企业创新。说明不同开发支出资本化比例下,管理层研发投资不同动机对企业创新产生非线性影响。结论在稳健性检验之后依然成立。进一步分析还发现：,开发支出资本化通过研发投资效率作用于企业创新,而且管理层面临的盈余公告压力越大,开发支出资本化对企业创新的非线性影响更为显著。资本化通过非效率研发投资,作用于企业创新;盈余公告压力越大,资本化与企业创新之间的倒U型关系越明显。 相似文献
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以2009—2014年创业板上市公司首次公开募股(initial public offering,IPO）前后3年数据为样本,构建双重差分模型,实证研究了IPO对企业创新投资的影响和不同融资依赖企业IPO创新影响的差异及其原因。实证结果表明：IPO后企业创新投资显著下降,且外部融资依赖企业IPO后创新投资下降幅度显著大于内部融资依赖企业,因为外部融资依赖企业风险投资参与比例和持股比例较高,IPO后风险投资对企业创新的负影响显著,体现了IPO后企业高管和投资者在市场短期盈利压力的“短视”行为。这为科创板市场弱化短期盈利的监管以强化企业持续创新的动力提供了经验证据。 相似文献
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Increasingly firms are looking to use social media to connect with different stakeholders as plans on building presence on such platforms are becoming part of top-level strategy. The purpose of this study is to identify the factors that would help the Small and Medium Enterprises (SMEs) of India to adopt Social Media Marketing (SMM) mechanisms for improving their business impact. Adoption of SMM by SMEs has considerable impact on the improvement of business outcome of the SMEs. A theoretical model has been developed with the help of theory borrowed from TAM and UTAUT2 with some modifications to explore this impact through business performance, sales, connect with customers, identify customer' needs and creativity of the employees. The theoretical model has been validated empirically using a survey of 310 firms and subsequent analysis have been carried out using structured equation modelling. The results highlight that perceived usefulness, perceived ease of use and compatibility positively affect impact of SMM after adoption by the SMEs. The facilitating conditions have insignificant impact whereas cost has a significant but negative impact on the use of SMM by SMEs. Since there are a few studies in this context, the study contributes to existing literature on the impact of SMM in SMEs in an emerging economy. 相似文献
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平台模式的出现,为各大中小企业的发展和转型提供了新的方向,以平台型企业为研究对象,运用系统动力学方法,对其商业模式创新系统进行了全面分析,进而构建了平台型企业商业模式创新系统动力学模型。基于近年来在线旅游业的飞速发展以及数据的可获取性,选取在线旅游平台——携程网作为仿真实证研究案例,验证了模型有效性,并对模型进行复合模拟和敏感性分析。通过研究得出：大数据能力,双边市场效益系数,平台型企业服务质量系数以及影响扩散因子是平台型企业商业模式创新的关键驱动因素,进而提出相关建议。 相似文献
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Sustainable technologies challenge prevailing business practices, especially in industries that depend heavily on the use of fossil fuels. Firms are therefore in need of business models that transform the specific characteristics of sustainable technologies into new ways to create economic value and overcome the barriers that stand in the way of their market penetration. A key issue is the respective impact of incumbent and entrepreneurial firms’ path-dependent behaviour on the development of such new business models. Embedded in the literature on business models, this paper explores how incumbent and entrepreneurial firms’ path dependencies have affected the evolution of business models for electric vehicles. Based on a qualitative analysis of electric vehicle projects of key industry players over a five-year period (2006–2010), the paper identifies four business model archetypes and traces their evolution over time. Findings suggest that incumbent and entrepreneurial firms approach business model innovation in distinctive ways. Business model evolution shows a series of incremental changes that introduce service-based components, which were initially developed by entrepreneurial firms, to the product. Over time there seems to be some convergence in the business models of incumbents and entrepreneurs in the direction of delivering economy multi-purpose vehicles. 相似文献
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以2007至2017年沪深A股上市公司为研究对象，本文考察了开发支出资本化对企业创新的影响。，实证结果研究发现，开发支出资本化比例与企业创新呈倒U型关系。且结论在稳健性检验之后依然成立。表明：当开发支出资本化比例低于临界值时，由于抑制了管理层通过削减研发投资以实现盈余目标的动机得到抑制，从而促进企业创新；当开发支出资本化比例高于临界值时，促使管理层基于声誉风险管理层为避免将已资本化金额转为费用对当期盈余造成的负面冲击，进行过度研发投资，从而阻碍企业创新。说明不同开发支出资本化比例下，管理层研发投资不同动机对企业创新产生非线性影响。结论在稳健性检验之后依然成立。进一步分析还发现：，开发支出资本化通过研发投资效率作用于企业创新，而且管理层面临的盈余公告压力越大，开发支出资本化对企业创新的非线性影响更为显著。资本化通过非效率研发投资，作用于企业创新；盈余公告压力越大，资本化与企业创新之间的倒U型关系越明显。 相似文献
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成功实施创新创业战略的后发地区究竟是采取了什么样的发展模式？模式的选择受到什么要素的影响及优化的方式是什么？既往的研究还未做出较为深刻地解释与回答。本研究基于南昌、郑州与贵阳创新创业发展案例的数据进行探索性研究,总结归纳了中国后发地区推进创新创业的发展模式及优化的内在规律。理论发展模式表明：后发地区推进双创的基础在于识别区域发展的潜在优势,潜在后发优势的发挥需要通过优化人力、资金、载体、技术、制度与文化要素来实现。推进后发地区双创发展要通过制定和完善相应的政策体系来引导要素的定向配置;构建实体平台或互联网虚拟平台实现要素的空间集聚;营造双创文化来提升要素的内在动力。相较于现有的侧重于先发地区创新创业的理论与实践,基于后发地区双创模式分析能够从宏观层面打开双创模式选择的“黑箱”。 相似文献