银行债权治理与企业技术创新转轨——基于创新资源的中介作用

Creditors' Governance and Re-tracking of Technological Trajectory——An Empirical Study Based on Mediating Effect of Innovation Resource

以高科技上市公司面板数据作为研究样本,辨析了探索式和利用式技术轨道对企业成长能力影响的差异性,并检验了银行债权治理与企业技术创新转轨的作用关系,以及创新资源在二者关系中起到的中介作用。研究发现,银行债权治理对公司向探索式技术创新转轨具有显著促进作用。具体而言,探索式技术轨道对企业成长能力的贡献率高于利用式技术轨道;相较于利用式技术轨道,银行债权治理对探索式技术轨道具有更强的解释力;创新资源在银行债权治理与探索式创新的关系中具有显著的中介作用。研究结论证实了银行债权治理机制能够帮助企业突破创新资源瓶颈,实现向探索式技术创新顺利转轨。

Having selected high-tech listed corporations as research sample, based on theories of organizational ambidexterity and technological trajectory, impact of technological trajectories of exploratory and exploitation upon corporations＇ growth has been analyzed, and the relationship between creditors＇ governance and exploratory innovation trajectory has been studied in this paper. Meanwhile, the mediating effect of innovation resource in this relationship has also been tested. It＇s found that exploratory technological trajectory has made a greater contribution to corporations＇ growth ability than the exploitative one. Creditors＇ governance can significantly boost exploratory technological trajectory, while the enhance effect weakens when it comes to exploitative trajectory. Furthermore, innovation resource has been playing a significant mediating role in the relationship between creditors＇ governance and exploratory technological trajectory.