创新投入与产学研合作对创业板公司绩效的影响研究——基于CDM模型的联立方程系统分析

Study on Influence of Innovation Investment and Industry-university Cooperation on GEM Enterprises' Performance——Based on CDM Model and Analysis of Simultaneous Equations System

研究依据创新阶段理论构建三阶段CDM模型,分析了创新投入与产学研合作对创业板公司绩效的影响性质与路径,并收集2012年创业板公司的创新投入产出与财务绩效数据,实证分析创业板上市公司的创新投入与产学研合作模式对创业板公司绩效的影响。研究表明,"产学研"合作创新模式对企业的创新活动存在显著的正向促进作用,对创新产出的影响要远大于对创新投入的影响。"产学研"模式的引入短期内并未给企业绩效带来积极影响。创新产出对企业的长期绩效存在显著的促进作用。企业应该在创新产出阶段,特别注重有效实施企业科创与技术经济管理措施。企业规模对于绩效的影响显著负相关,为保证创新最优化,小企业和大企业组成创新联盟是创新发展的一个合理走向。

The paper constructs the three-stage CDM model based on the theory of innovation stage, introduces index of whetherthe enterprise carries on the innovation behavior pattern, analyzes the influence nature and path of innovation investment and industryuniversitycooperation on the performance of the GEM companies , collects data of innovation input and output and financial performanceof GEM companies in 2012, and makes an empirical analysis of the impact of innovation investment and industry-university cooperationon the performance of GEM companies. Research shows that industry-university cooperation has a significant positive effect onthe innovation activities of enterprises, and the impact on innovation output is far greater than the impact on innovation investment. Andinnovation output not only has a significant positive impact on enterprise performance at this stage but also makes a positive impact onthe long-term performance of enterprises. In the innovation output stage, enterprises should put particular emphasis on the effective implementation of enterprise innovation and management measures. Industry-university cooperation does not take a positive effect on firmperformance. There is a significant negative correlation between enterprise size and performance. Therefore, in order to ensure the innovation optimization, constituting the innovation alliance between small businesses and large enterprises is a reasonable direction of innovation and development.