所有权配置与合作R&D创新投入——实验研究

Allocation of Ownership Rights and Cooperative R&D Investment:An Experimental Investigation

设计合理的所有权配置合约是合作R&D过程中的重要环节,促进合作R&D效率是中国创新面临的关键问题之一。本研究通过构建基本的两阶段合作R&D框架,运用实验研究方法,对所有权配置比例与合作双方两阶段投入的影响以及动态所有权配置方式在激励合作R&D方面的优势进行了分析。结果表明,双方的投入与所有权分配的比例正相关;可转债合约下的动态权益分配方式对于双方的激励作用高于固定权益合约。并且在固定权益契约下,开发阶段双方的投入均与研究阶段双方的投入显著正相关;在可转债契约下,对方在研究阶段的投入对自身开发阶段投入的影响减弱。另外,在可转债契约下,随着研究机构投入水平的增加,企业执行转股期权的可能性增强。

Innovation is a source of business transformation and an approach to achieving competitive advantage.However,the rapid technological advancement and the rapidly changing consumer demand are making it difficult for companies to achieve the full advantage of resources and technology.Hence,seeking cooperation with research institutions,universities,and companies to complement with each other＇s strength is a widely used technology innovation strategy.Opportunistic behaviors for the pursuit of unilateral interests in collaborative research and development （R＆D） can seriously affect the collaborative innovation efficiency.It is important to encourage cooperation and innovation through ownership allocation.This issue has been discussed considerably by economists and practitioners.Joint ownership is considered the main configuration.Two conflicting viewpoints dominate the discussion of the current literature.One view is that equal or approximately equal allocation of ownership makes the private benefits of control no longer exist.The other view is that peer to peer ownership provides the least efficient incentive.In addition,the current theoretical models point out the importance of the dynamic allocation of ownership,but lack of empirical examination.The design of a reasonable contract including ownership allocation is an important part of the cooperative R＆D.Besides,promoting cooperative R＆D efficiency is one of key issues faced by Chinese innovation.This study constructs a basic two-phase cooperative R ＆ D framework and analyzes the impact of ownership allocation on partners＇ inputs over two stages,and the advantage of dynamic allocation of ownership in incentives using experimental research method.The results show that partners＇ inputs are positively related to ownership.Dynamic allocation of ownership under convertible bonds contract has higher incentives on the partners than the contract with fixed ownership rights.In addition,the inputs at development stage are positively related to the inputs at research stage under the contract of fixed allocation of ownership.Under the contract of convertible bond,the impact of partner＇s investment at research stage on self-investment at development stage is weakened.With increasing input level of research institutions,enterprises would implement the conversion option under the contract of convertible bond.