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This paper attempts to empirically investigate the mechanisms underlying growth in Hsinchu high-tech clusters. We emphasize knowledge spillovers as one of the potential factors contributing to agglomeration benefits. This paper sheds light on the impact of external and internal spillovers on firm performance in Hsinchu high-tech clusters. The empirical results provide supporting evidence that the external R&D spillover is statistically significant in explaining net sales of firms in Hsinchu high-tech clusters. 相似文献
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如何战略性地整合专业化知识是高技术创业企业在市场竞争中取胜的关键,尽管一些学者在研究中提到“战略知识整合”,然而对其具体模式及影响尚缺乏深入的探讨。本文以中国4家高技术创业企业为研究对象,采取探索性多案例研究的方法挖掘战略知识整合的模式类型及其与高技术创业企业竞争优势的关系。案例分析结果表明：战略知识整合模式包含计划式知识整合和应急式知识整合,上述两种战略知识整合模式及其交互作用对高技术创业企业竞争优势具有积极影响。本研究有助于从战略形成的视角打开“战略知识整合”的黑箱,丰富和拓展战略知识管理视角和知识基础理论。此外,本文为转型经济情境下高技术创业企业如何获取知识的战略价值以获取竞争优势提供理论指导。 相似文献
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基于激励、认证、“良性循环”三个理论视角,研究政府引导基金投资对创业企业后续融资的影响机制。通过私募通数据库搜集数据构造匹配样本,研究结果表明：（1）为私人资本提供收益类补偿时,政府引导基金投资可以促进创业企业后续融资;然而,为私人资本提供亏损补偿加上收益类补偿,或采用市场化运作模式时,政府引导基金投资不能促进创业企业后续融资。（2）无论投资早期还是后期的创业企业,或者无论投资高科技行业还是非高科技行业的创业企业,政府引导基金投资都不能促进创业企业后续融资。（3）无论投资创投落后地区还是创投成熟地区的创业企业,政府引导基金投资都不能促进创业企业后续融资。上述结论支持激励假说,但不支持认证假说和“良性循环”假说,表明通过政府引导基金投资促进创业企业后续融资的关键在于为私人资本提供合适的补偿机制。 相似文献
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整合海归创业企业国内创业网络与组织合法性视角,构建了海归创业企业国内创业网络强度与国内创业网络质量对创业绩效的影响,以及组织合法性的中介效应理论模型。利用北京市科技园区等机构176家海归创业企业的问卷调查数据,采用回归分析方法对研究假设进行了验证。研究结果表明,嵌入国内创业网络强度和质量对海归创业企业的组织合法性和绩效都具有显著的正向影响;组织合法性在国内创业网络强度与海归创业企业绩效的关系中发挥部分中介作用;组织合法性在国内创业网络质量与海归创业企业绩效的关系中发挥完全中介作用。研究结果对于海归创业企业通过嵌入国内创业网络获取组织合法性并提升绩效具有重要的意义。 相似文献
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Juan V. García-ManjónM. Elena Romero-Merino 《Research Policy》2012,41(6):1084-1092
Following recent literature, we present a model of endogenous firm growth with R&D investment as one of the main mechanisms of growth. Our study evidences a positive effect of R&D intensity on the sales growth by using OLS, quantile regressions, and GMM system estimators for a sample of 754 European firms for the 2003-2007 period. We also find this association is more intense in high-growth firms and is especially significant when referring to high-technology sectors. This paper gives empirical support to those recommendations from policy makers and business leaders for maintaining the R&D expenditures especially in high-technology sectors even when facing a recession. 相似文献
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以湖北2015-2017年新三板年报披露的463家公司数据,从信号传递与股权集中度的调节角度,运用“倾向得分匹配”方法,评估了高新技术企业认定政策的创新增量效应及其作用机制。实证发现：①高新技术企业认定政策能有效激励产出增量,策略性创新激励效应大于实质性创新激励效应;②信号传递的调节作用存在异质性。金融支撑体系对认定政策的投入增量和产出增量效应具有负向调节作用,股权流通性对认定政策的产出增量效应具有正向调节作用;③股权集中度对认定政策的产出增量效应具有负向调节作用。研究结果从投入与产出增量视角丰富了创新激励影响因素研究的文献,并为高新技术企业认证的政策完善提供了实证指导。 相似文献
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This study examines the technology strategies of 88 technology-based growth companies that went public on the German “Neuer Markt” between 1997 and 2002. The regression analyses show significant positive effects of R&D on growth but negative effects on profitability. The data suggests that firm age is a moderating factor influencing whether technology investments lead to higher growth or profitability in the life cycle of technology-based growth companies. In our sample, higher R&D intensity led to increased sales growth but lower return on sales, but the growth effect was negative and the impact on profitability positive. These results support the significance of company life cycle theories for formulating technology strategies, which suggests that different stages in the development of technology-based firms call for specific levels of R&D intensity to sustain growth and profitability. 相似文献
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《Research Policy》2022,51(10):104601
We study differences in the returns to R&D investment between German manufacturing firms that sell in international markets and firms that only sell in the domestic market. Using firm-level data for five high-tech manufacturing sectors, we estimate a dynamic structural model of a firm's discrete decision to invest in R&D and use it to measure the difference in expected long-run benefit from R&D investment for exporting and domestic firms. The results show that R&D investment leads to higher rates of product and process innovation among exporting firms and these innovations have a larger economic return in export market sales than domestic market sales. As a result of this higher payoff to R&D investment, exporting firms invest in R&D more frequently than domestic firms, and this endogenously generates higher rates of productivity growth. We use the model to simulate the introduction of export and import tariffs on German exporters, and find that a 20 % export tariff reduces the long-run payoff to R&D by 24.2 to 46.9 % for the median firm across the five industries. Overall, export market sales contribute significantly to the firm's return on R&D investment which, in turn, raises future firm value, providing a source of dynamic gains from trade. 相似文献
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Given the mixed evidence for the impact of various publicly funded initiatives that aim to foster entrepreneurial activity, this paper empirically examines the efficacy of publicly funded business advisory services in relation to entrepreneurial outcomes. Based on a sample of 228 early-stage firms, of which 101 used business advisory services focused on helping companies secure 1st rounds of financing and start generating revenues, we examine the firm-level impact such services can have on sales growth, innovation, finance and alliances. We find services are positively associated with firms’ sales growth, patents, finance and alliances. We assess statistical and economic significance, and assess robustness to controls for the non-randomness of the firm's using business advisory service program, as well as endogeneity of advisors’ hours spent with firms. Other robustness checks are also included. We find significant robustness of hours spent on sales and finance, but sensitivity of the effect of hours on patents and alliances after controlling for endogeneity. 相似文献
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Determinants of industry-academy linkages and, their impact on firm performance: The case of Korea as a latecomer in knowledge industrialization 总被引：1，自引：0，他引：1
Boo-Young Eom 《Research Policy》2010,39(5):625-12407
This paper utilizes the Korea Innovation Survey data to identify the determinants of industry-university and industry-government research institute (IUG) cooperation, and its impact on firm performance. First, we find that among the determinants of IUG cooperation, traditional firm characteristic variables of size and R&D intensity are not significant, while participation in national R&D project turns out be most significant and robust in both cooperation modes. This is in contrast to the results from the cases in European countries and reflects the significance of government policies in promoting IUG cooperation in latecomer economies. Second, with regard to the impact of IUG cooperation, we conspicuously find no significant impact on the innovation probability of firms when we control the possible endogeneity, such that already innovative firms would participate more at such cooperation modes. This implies that the IUG cooperation cannot guarantee the success of a firm in technological innovation. Rather, it may have an influence on the selection or direction of the research projects of a firm. When we limited the analysis to innovative firms, we do find a positive impact of the IUG cooperation on patents generated from new product innovation but find none in terms of volume of sales or labor productivity. These results seem to reflect the still transitional nature of the national innovation system (NIS) and knowledge industrialization in Korea. 相似文献
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We study the employment and sales growth of entrepreneurial ventures that have received a government-sponsored participative loan (PL), a hybrid form of financing between debt and equity. We use propensity-score matching (PSM) and instrumental variable analysis (2SLS) to study a sample of 512 entrepreneurial ventures that received a PL from a Spanish government agency between 2005 and 2011. We find evidence that PLs significantly boosted their beneficiaries’ employment and sales. In the two years following loan issuance, a 1-million-Euro PL generated an increase in average employment of between 12.1 (PSM) and 14.7 (2SLS) units and an increase in sales of between 1.09 and 1.97 million Euro relative to the average for the two years prior to loan issuance. The effect is larger for high-tech, young and small entrepreneurial ventures and for those that received a PL during the global financial crisis. The effect on growth is significant and stable, and PLs increase their beneficiaries’ annual growth by 10.6% for employment and by 18.0% for sales. We do not find evidence of industry or regional spillovers, nor do we find differences in the probability of survival of PL beneficiaries after we control for their characteristics. 相似文献
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We relate innovation to sales growth for incumbent firms in high-tech sectors. A firm, on average, experiences only modest growth and may grow for a number of reasons that may or may not be related to innovative activity. However, given that the returns to innovation are highly skewed and that growth rates distributions are heavy-tailed, it may be misleading to use regression techniques that focus on the ‘average effect for the average firm’. Using a quantile regression approach, we observe that innovation is of crucial importance for a handful of ‘superstar’ fast-growth firms. 相似文献
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中小科技企业创业价值与成长绩效关系实证研究 总被引：2，自引：0，他引：2
指出中小科技企业创业成长过程的实质是创业企业自身价值的成长和新价值的创造过程。通过实证数据检验了科技企业创业价值与成长绩效的关系,结果表明,创业价值因素对创业成长绩效具有显著的正效应,而创业孵化环境起到了外部催化剂效应。 相似文献
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Reducing information asymmetry between investors and a firm can have an impact on the cost of equity, especially in an environment or times of uncertainty. New technologies can potentially help disseminate corporate financial information, reducing such asymmetries. In this paper we analyse firms’ dissemination decisions using Twitter, developing a comprehensive measure of the amount of financial information that a company makes available to investors (iDisc) from a big data of firms’ tweets (1,197,208 tweets). Using a sample of 4131 firm-year observations for 791 non-financial firms listed on the US NASDAQ stock exchange over the period 2009–2015, we find evidence that iDisc significantly reduces the cost of equity. These results are pronounced for less visible firms which are relatively small in size, have a low analyst following and a small number of investors. Highly visible firms are less likely to benefit from iDisc in influencing their cost of equity as other communication channels may have widely disseminated their financial information. Our investigations encourage managers to consider the benefits of directly spreading a firm’s financial information to stakeholders and potential investors using social media in order to reduce firm equity premium (COE). 相似文献
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研究分析了对外搜寻战略对企业新产品绩效的影响，检验了企业内部因素企业家导向和外部因素竞争程度对对外搜寻战略的调节作用以及其联合调节作用。运用318家企业的调研数据进行了模型验证，利用AMOS和SPSS软件分析后，结果表明，深度搜寻战略和宽度搜寻战略均有利于企业新产品绩效提升；企业家导向和竞争程度对搜寻战略与新产品绩效的关系存在联合调节作用。当竞争程度低时，企业应选择深度搜寻战略更利于新产品绩效，若企业希望在竞争程度高的环境中选择深度搜寻战略，企业需提高其企业家导向程度；另一方面，当竞争程度和企业家导向程度均处于较高水平时，企业选择宽度搜寻战略会获得较好的新产品绩效。 相似文献
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Marco Cucculelli 《Research Policy》2012,41(5):808-821
This study contributes to the recent empirical literature on the innovation-firm performance relationship by investigating the effect of product introduction on firm growth in a sample of Italian firms from 2000 to 2006. We adopted a novel approach that exploits the interpretative content of the tenure of the last product introduced (i.e., the number of years since its first introduction) as an additional variable into the explanatory scheme of firm sales growth rate. This variable aims to capture peculiar characteristics of new goods, such as their novelty and complexity. The estimated results confirmed the relevance of this model specification and helps in understanding the reason why previous studies have failed to find a statistically robust relationship between product innovation and growth. Moreover, we found the following: first, the release of a new product enhances growth opportunity among multiproduct firms; second, product development promotes the growth of firms belonging to sectors with stronger commitment to research and development; and third, new product development enhances firm growth substantially in those sectors that absorb externally originated patents. 相似文献
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创业是企业发展的一种重要战略，以获取新技术、实现新业务创建为目的的创业导向并购逐渐成为了新创企业主要的战略实施方式。鉴于新创企业的发展具有技术依赖性，且董事会的构成较为特别，本文选取了2012年12月31日前在中国创业板上市的公司为研究对象，采集了截止到2015年12月的并购数据，通过回归分析，实证检验了不同技术轨道下新创企业董事会中创始人开放性和机构投资者参与对企业创业导向战略决策的影响。结果表明：在新创企业中，创始人开放性和机构投资者参与均能显著正向影响企业创业导向战略决策，且二者之间具有互补效应。进一步发现，企业所处的技术轨道不同，以上作用效果不同。在供应商主导和规模密集型企业中，创始人开放性与机构投资者参与的交互作用不显著；在信息密集型和专业化供应商企业中，创始人开放性与机构投资者参与具有显著的互补效应；在基于科学的企业中，机构投资者参与对企业的创业导向战略决策具有负向的影响。 相似文献
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我国高技术产业企业规模和创新能力的关系研究 总被引：1，自引：1，他引：0
在我国高技术产业中,企业规模是否与创新能力有正的相关关系?该问题对政府行政部门制定宏观政策有现实意义.文中建立了评价企业创新能力的评价指标体系,在此基础上收集我国高技术产业中所有行业的大、中型企业的相关数据,用实证的方法对我国高技术产业中企业规模和创新能力的关系进行研究.研究发现:在我国的高技术产业中,大型企业的创新能力均强于同行业的中型企业. 相似文献