产学研合作如何影响企业的市场绩效?

How does IUR cooperation affect the market performance of enterprises?

使用2007—2018年中国上市公司数据并与其专利申请信息相匹配,探讨产学研合作对企业市场绩效的影响效果及内在机理。研究发现:产学研合作显著抑制了以营业收入增长率和托宾Q值测度的市场绩效,即产学研合作同时抑制了企业在产品市场和资本市场的市场绩效,并且这一负面影响可以持续2~3年。其内在影响机理在于,尽管产学研合作可以提高企业的技术创新水平,但却无法有效提升企业技术的商业价值,加之以产学研合作所耗费的机会成本,造成了产学研合作对企业市场绩效的抑制效应。进一步对产学研合作模式加以考察后发现,产学研合作广度显著抑制了企业市场绩效,合作深度则对市场绩效具有“U”型影响,说明只有进行较为深度的产学研合作才可能真正促进企业市场绩效。本研究为市场经济体制下全面评价产学研合作效果及影响机理提供了有益启示。

In recent years, research cooperation between enterprises and universities and research institutions has attracted increasing attention from policy makers and academic circles, which is called Industry-University-Research(IUR) cooperation. Current studies generally agree that IUR cooperation has a significant effect on technological innovation of enterprises, but they generally ignore the effect of IUR cooperation on market performance of enterprises. Therefore, the core research problem of this paper is to analyze and investigate the effect and internal mechanism of IUR cooperation on enterprise market performance.This paper based on the data of listed companies in China from 2007 to 2018, measures the level of Industry-University-Research(IUR) cooperation with joint patent application, and discusses the mechanism of the impact of IUR cooperation on the market performance of enterprises from the perspective of technological innovation level and technological commercial value of enterprises, furthermore, from the perspective of the breadth and depth of IUR cooperation, this paper analyzes the heterogeneous influence of IUR cooperation model on enterprise market performance. The study had the following findings: First, IUR cooperation significantly inhibited the market performance, which is measured by increase rate of business revenue and Tobin′s Q value, which indicated that IUR cooperation inhibited the development of enterprises in product market and capital market at the same time, and the empirical estimation results after adjustment lag period showed that this negative effect could last for 2-3 years. This conclusion is still robust after the adjustment of various empirical methods and the consideration of model endogenicity. Second, in the investigation of internal mechanism, this paper measures the technological innovation level of enterprises by the number of application of invention patents and utility model patents, and measures the technological commercial value of enterprise by the proportion of intangible assets generated by technological innovation in the total assets of enterprises, and the study found that although the IUR cooperation can significantly improve the level of enterprise′s technological innovation, but it cannot effectively increase commercial value of technology, combined with the amount of the opportunity cost, which indicates the internal mechanism that IUR cooperation inhibiting the market performance of enterprises. Third, in order to further study the heterogeneous influence of the IUR cooperation model, this paper measures the cooperation breadth index by "the number of different universities or research institutions cooperating with enterprises", and measures the cooperation depth index by "the average number of cooperation between the enterprise and each cooperation object", it is found that the breadth of IUR cooperation significantly inhibits the market performance of enterprises, while the depth of cooperation has a U-type influence on the market performance of enterprises. In other words, for a small number of enterprises with deeper cooperation, the in-depth integration of IUR cooperation will help enterprises to improve the market performance. This indicates that the blind expansion of cooperation objects and the lack of in-depth integration of IUR institutes may be an important reason for the IUR cooperation to inhibit the market performance of enterprises.The research of this paper shows that the current IUR cooperation of Chinese enterprises not only fails to help enterprises get further development, but also inhibits the performance of enterprises in the market, which will seriously reduce the initiative of enterprises to participate in the IUR cooperation. In addition, blind pursuit of extensive IUR cooperation and the lack of in-depth integration of IUR cooperation may be an important reason why IUR cooperation inhibits the market performance of enterprises. Therefore, it is necessary to accelerate the industrialization of IUR cooperation and optimize the cooperation mode.