内外部创新资源要素影响下的民营中小企业研究投入战略

Research on the relationship between R&D investment stability and innovation performance of private SMEs

民营中小企业的研发投入战略具有更强的波动倾向,这对企业创新绩效产生不确定性,特别是在企业外部技术市场充裕度以及企业内部研发强度的影响下,民营中小企业的研发投入战略在稳定性上就会出现显著偏差。选取2012—2016年我国创业板与中小板的727家民营中小企业的面板数据进行实证分析,结果显示“间断平衡”逻辑占据优势,即研发投入稳定性较低的民营中小企业的创新绩效更好;同时,外部技术市场充裕度具有减弱以上相关关系的作用,而高研发资源禀赋企业的研发投入稳定性对创新绩效的影响相较于低研发资源禀赋企业更弱,且外部技术市场充裕度对高禀赋企业依然显示为弱化作用,但对低禀赋企业起显著的强化作用。

R&D investment is an important guarantee for private SMEs to create and maintain market competitive advantages.Corporate innovation output is not only affected by the absolute amount of R&D investment,but also by the stability of R&D investment.The relative lack of internal innovation resources makes private SMEs more inclined to rely on the open innovation model of external technology market supply.On the basis of reviewing relevant studies,the paper focuses on the impact of the stability of private-sector R&D investment on the innovation performance of enterprises,and further proposes that the adequacy of external technology markets forms a significant regulatory effect on the relationship between the two.In order to verify the above theoretical hypothesis,this study selects panel data of 727 private SMEs in China's GEM and SME Boards from 2012 to 2016 for empirical analysis.The results show that there is a significant positive correlation between firm R&D investment stability and corporate innovation performance,and that the external technology market margin has the effect of weakening the positive correlation between R&D investment stability and innovation performance.