高研发强度企业一定有更多的探索性创新吗?

Must the Enterprises with High R&D Intensity Have More Exploratory Innovation?

探索性创新能够基于现有知识基础产生更加明显的变化,并促进企业发现新机遇,其重要性日趋增长。以中国A股上市企业2011—2015年的数据为样本,对企业研发强度与探索性创新的关系以及技术机会和财务冗余对两者关系的调节效应进行检验。实证表明:总体而言高研发强度的企业往往探索性创新更少;两者之间的关系受到显著的调节效应,调节变量能够促进研发强度对探索性创新的激发作用。两种调节变量之间存在补充作用,能够积极缓解低水平技术机会或财务冗余对于研发强度与企业探索性创新之间关系的阻碍程度。

The exploratory innovation produces a more significant changes based on the prior knowledge base and promotes the firm find new opportunities. So the importance of the exploratory iimovation is increasing in the fast changing environments. Using a sample of lis_ ted on the China’s A-share market form 2011 to 2015,this paper investigates the relationship among R＆D intensity and exploratory in-novation ,and studies the moderating effect that technological opportunity and financial slack impact on that relationship. The results show that： in general, the higher R＆D intensity, the less exploratory innovation; furthermore, this relationship is subject to signifi-cant regulatory effects, regulating variables can promote the effect of R＆D intensity on firm exploratory innovation. There are comple-mentary effects between the two regulatory variables.