“繁荣”的专利申请能否改善企业绩效?--基于不同创新导向的门限实证研究

The more Patent Applications,the Better Financial Perform ance of Enterprises?--An Empirical Study of Threshold Model Based on Innovation Strategic Orientation Differences

基于企业专利申请数据构建企业创新导向变量,以2013〜2017年医药制造业和汽车制造业上市公司为样本,采用面板门限模型分析不同创新导向下创新投人与企业绩效间的非线性关系。实证结果表明:创新导向对创新投入影响企业绩效的关系有显著的调节作用,只有在实质性创新导向下,创新投人才会促进企业绩效提升;实质性创新导向下,创新投人对企业绩效的正向促进作用呈现出边际递减趋势。研究结论有助于增强政府对策略性创新导向企业的识别和推动企业从自身内部修正创新动机进而促进创新活动回归理性。

Based on the data of enterprise patent application,this paper constructes the innovation-oriented variable,and analyzes the non-linear relationship between innovation investment and enterprises’financial performance by using panel threshold model and sample data from year 2013 to 2107.Results show that innovation orientation has significant moderating effects on the relationship between innovation input and financial performance,and innovation input could promote enterprise performance only under the guidance of substantial innovation;the positive effects of innovation input show a marginal decreasing trend.The conclusion of this paper is helpful to enhance the government's recognition of strategic innovation oriented enterprises,and for Chinese enterprises to revise innovation motivation and then promote innovation activities to return to rationality.