基于知识创造的高技术企业自主创新投资模型研究
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摘要
高技术企业的自主创新是一种以市场为导向的知识创造行为,并在知识创造中是追求和实现技术创新价值的过程。本文从知识创造的视角,围绕提升高技术企业的自主创新能力,分析了高技术企业知识创造及其在各个创新阶段的特点,探讨了自主创新投资与知识创造的关系。在持续的创新投资下,高技术企业的知识创造风险、知识门槛风险和知识创造效用在知识技术化、技术产品化和产品市场化等阶段产生了不同技术创新绩效,形成了不同的创新投资收益水平,从而构建了基于知识创造的高技术企业自主创新投资模型。最后通过调查数据对该模型的科学性和合理性进行验证,并提出相关的管理建议。
Technology innovation is an important strategic approach for China to optimize industrial structure and transform the mode of economic development. The continuous technology innovation investment is one of the core elements for high-tech enterprises to enhance the ability of independent innovation. How to stimulate intrinsic motivation of innovation investment and how to invest in technology innovation reasonably according to the inherent law of technological innovation are important problems for many high-tech enterprises in China. In the first part, this paper reviews domestic and foreign studies on investment in independent innovation. They mainly focus on the profit level of investment in independent innovation, the strategies of flexible innovation investment, the relations of property management, and the risk of intellectual property. These studies are important for improving the income level of innovation investment, but ignore the inherent laws and the operation mechanism of independent innovation of high-tech enterprises, especially the relationship between independent innovation and knowledge creation. They are not conducive for high-tech enterprises to fundamentally cultivate and enhance the capability of independent innovation. Therefore, the paper focuses on the relationship between knowledge creation and innovation investment and the model of innovation investment based on knowledge creation. In the second part, the paper analyzes the relationship between knowledge creation and innovation investment in high-tech enterprises. Independent innovation of high-tech enterprises is one kind of market-oriented knowledge creation and has its commercialization process. The knowledge creation in independent innovation of high-tech enterprise has three stages. Knowledge innovation in independent innovation has three kinds of new knowledge, including new technology knowledge, new product knowledge and new marketing knowledge. Under the role of investment in innovation, R&D employees in high-tech enterprises create new knowledge with the stock of knowledge. The continuous investment in innovation plays an important role in the three kinds of new knowledge. In the third part, the paper puts forward the model of innovation investment based on knowledge creation in high-tech enterprises. During independent innovation in the high-tech enterprises, the utility of new knowledge is different from the utility of commodity. From the perspective of knowledge creation, the paper puts forward a series of hypotheses on the utility of knowledge creation, the risk of knowledge creation, the risk of knowledge threshold, and investment returns at each stage. Then, the paper puts forward the model of innovation investment based on knowledge creation. The fourth part of the paper is empirical research. The paper investigates the innovation investment of high-tech enterprises in East China in 2014. During continuous innovation investment, the synthetic utility of independent innovation has a significant multiplier effect. The risk of knowledge creation has a decreasing trend. The risk of knowledge threshold is in the shape of U distribution. The investment return is in the shape of inverted U distribution and maximizes the returns at the stage of technology innovation. The investment return is in shape of reverse S distribution and is relatively low at the stage of product innovation. The investment return is in the marginal decline trend and is low at the stage marketing innovation. That verifies the model of innovation investment. According to the results of the study, the fifth part is the conclusion of this paper, and puts forward some suggestions.
Technology innovation is an important strategic approach for China to optimize industrial structure and transform the mode of economic development. The continuous technology innovation investment is one of the core elements for high-tech enterprises to enhance the ability of independent innovation. How to stimulate intrinsic motivation of innovation investment and how to invest in technology innovation reasonably according to the inherent law of technological innovation are important problems for many high-tech enterprises in China. In the first part, this paper reviews domestic and foreign studies on investment in independent innovation. They mainly focus on the profit level of investment in independent innovation, the strategies of flexible innovation investment, the relations of property management, and the risk of intellectual property. These studies are important for improving the income level of innovation investment, but ignore the inherent laws and the operation mechanism of independent innovation of high-tech enterprises, especially the relationship between independent innovation and knowledge creation. They are not conducive for high-tech enterprises to fundamentally cultivate and enhance the capability of independent innovation. Therefore, the paper focuses on the relationship between knowledge creation and innovation investment and the model of innovation investment based on knowledge creation. In the second part, the paper analyzes the relationship between knowledge creation and innovation investment in high-tech enterprises. Independent innovation of high-tech enterprises is one kind of market-oriented knowledge creation and has its commercialization process. The knowledge creation in independent innovation of high-tech enterprise has three stages. Knowledge innovation in independent innovation has three kinds of new knowledge, including new technology knowledge, new product knowledge and new marketing knowledge. Under the role of investment in innovation, R&D employees in high-tech enterprises create new knowledge with the stock of knowledge. The continuous investment in innovation plays an important role in the three kinds of new knowledge. In the third part, the paper puts forward the model of innovation investment based on knowledge creation in high-tech enterprises. During independent innovation in the high-tech enterprises, the utility of new knowledge is different from the utility of commodity. From the perspective of knowledge creation, the paper puts forward a series of hypotheses on the utility of knowledge creation, the risk of knowledge creation, the risk of knowledge threshold, and investment returns at each stage. Then, the paper puts forward the model of innovation investment based on knowledge creation. The fourth part of the paper is empirical research. The paper investigates the innovation investment of high-tech enterprises in East China in 2014. During continuous innovation investment, the synthetic utility of independent innovation has a significant multiplier effect. The risk of knowledge creation has a decreasing trend. The risk of knowledge threshold is in the shape of U distribution. The investment return is in the shape of inverted U distribution and maximizes the returns at the stage of technology innovation. The investment return is in shape of reverse S distribution and is relatively low at the stage of product innovation. The investment return is in the marginal decline trend and is low at the stage marketing innovation. That verifies the model of innovation investment. According to the results of the study, the fifth part is the conclusion of this paper, and puts forward some suggestions.
引文
[1]王元,张晓原等.中国创业风险投资发展报告2013[G].经济管理出版社,2013:Ⅲ-Ⅵ.
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[3]Vance H.Fried,Robert D.Hisrichz.Toward model of venture capital investment decision making[J].Financial Management,1994,23(3):28-37.
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[7]Grenadier S.R.,Weiss A.M.Investment in technological innovations:an option pricing approach[J].Journal of Financial Economics,1997,44(3):397-416.
[8]Kulatilaka N.,Perotti E.C.Strategic growth options[J].Management Science,1998,44(8):1021-1031.
[9]Carlsson C,Fuller R.A fuzzy approach to real option valuation[J].Fuzzy Sets and Systems,2003,139(2):297-312.
[10]Ming Lang Tseng,Sheng Hsiang Lin,et al.Mediate effect of technology innovation capabilities investment capability and firm performance in Vietnam[J].Procedia-Social and Behavioral Sciences,2012,40(1):817–829.
[11]P?nar Büyükbalc?.Sustaining firm performance through innovation oriented value investments[J].Procedia-Social and Behavioral Sciences,2012,(41):450-455.
[12]Yurii A.Rolik.A Complex approach to evaluating the innovation strategy of a company to determine its investment attractiveness[J].Procedia-Social and Behavioral Sciences,2013,(99):562-571.
[13]Paolo Zeppini,Jeroen C.J.M.,et al.Optimal diversity in investments with recombinant innovation[J].Structural Change and Economic Dynamics,2013,(24):141-156.
[14]Gifford S.On the relationship between the venture capitalist and the entrepreneur[R].Boston University Unpublished Manuscript,1995.
[15]R.C.Sweeting,C.F.Wong.A UK hand-off venture capital firm and the handling of post-investment investor-investee relationships.Journal of Management Studies,1997,34(1):125-150.
[16]谈毅,冯宗宪.高新技术风险投资过程中监控模式设计[J].中国软科学,2000,(2):67-69.
[17]杨建君,李垣等.基于公司治理的企业家技术创新行为特征分析[J].中国软科学,2002,(12):124-127.
[18]杨勇,达庆利,周勤.公司治理对企业技术创新投资影响的实证研究[J].科学学与科学技术管理,2007,(11):61-65.
[19]Jean O.L.,Mark S.Protecting intellectual property rights:are small firms handicapped?[J].Law and Economy,2001,XLVII.
[20]Hornu M.S.,Chanu Y.W.,Lin Y.Legal liability risk enterprise R&D:the case of high tech industry in Taiwan[J].The Journal of American Academy of Business,2006,9(2):99-101.
[21]Knott A.M.,Posen H.E.,Wu B.Spillover asymmetry and why it matters[J].Management Science,2009,55(3):373-388.
[22]Tatsuro Iwaisako,Hitoshi Tanaka,Koichi Futagami.A welfare analysis of global patent protection in a model with endogenous innovation and foreign direct investment[J].European Economic Review,2011,(55):1137-1151.
[23]Daniel Gredel,Matthias Kramer,Boris Bend.Patent-based investment funds as innovation intermediaries for SMEs:In-depth analysis of reciprocal interactions,motives and fallacies[J].Technovation,2012,(32):536-549.
[24]Anuj Joshua Mathew,Arijit Mukherjee.Intellectual property rights,southern innovation and foreign direct investment[J].International Review of Economics and Finance,2014,(31):128-137.
[25]F.M.Scherer.技术创新:经济增长的原动力[M].新华出版社,2001.
[26]李金生,李晏墅.高技术企业原始创新风险传递效应模型研究[J].中国工业经济,2012,(1):110-119.
[27]P.M.Romer.Endogenous Technological Change[J],Journal of Political Economy,1990,98(5):S71-S102.
[28]C.I.Jones.R&D-based models of economic growth[J],Journal of Political Economy,1995;103(4):759-784.
[29]严成樑,周铭山,龚六堂.知识生产、创新与研发投资回报[J],经济学(季刊),2010,9(3):1051-1070.
[30]李金生.高技术企业自主创新能力的内生演化模型研究[J],南京师大学报(社会科学版),2011,(3):85-95.
(1)The probability of getting a critical ratio as large as 3.66 in absolute value is less than.001
[2]T.T.Tyebjee,A.V.Bruno.A model of venture capitalist investment activity[J].Management Science,1984,30(9):1051-1066.
[3]Vance H.Fried,Robert D.Hisrichz.Toward model of venture capital investment decision making[J].Financial Management,1994,23(3):28-37.
[4]刘常勇,段樵.创业投资评估决策程序[J].中外科技政策与管理,1996,(12):64-74.
[5]Tung-Shan Liao,John Rice.Innovation investments,market engagement and financial performance:A study among Australian manufacturing SMEs[J].Research Policy,2010,(39):117-125.
[6]J.Upton,M.Murphy,et al.Investment appraisal of technology innovations on dairy farm electricity consumption[J].Journal of Dairy Science,2015,98(2):898-909.
[7]Grenadier S.R.,Weiss A.M.Investment in technological innovations:an option pricing approach[J].Journal of Financial Economics,1997,44(3):397-416.
[8]Kulatilaka N.,Perotti E.C.Strategic growth options[J].Management Science,1998,44(8):1021-1031.
[9]Carlsson C,Fuller R.A fuzzy approach to real option valuation[J].Fuzzy Sets and Systems,2003,139(2):297-312.
[10]Ming Lang Tseng,Sheng Hsiang Lin,et al.Mediate effect of technology innovation capabilities investment capability and firm performance in Vietnam[J].Procedia-Social and Behavioral Sciences,2012,40(1):817–829.
[11]P?nar Büyükbalc?.Sustaining firm performance through innovation oriented value investments[J].Procedia-Social and Behavioral Sciences,2012,(41):450-455.
[12]Yurii A.Rolik.A Complex approach to evaluating the innovation strategy of a company to determine its investment attractiveness[J].Procedia-Social and Behavioral Sciences,2013,(99):562-571.
[13]Paolo Zeppini,Jeroen C.J.M.,et al.Optimal diversity in investments with recombinant innovation[J].Structural Change and Economic Dynamics,2013,(24):141-156.
[14]Gifford S.On the relationship between the venture capitalist and the entrepreneur[R].Boston University Unpublished Manuscript,1995.
[15]R.C.Sweeting,C.F.Wong.A UK hand-off venture capital firm and the handling of post-investment investor-investee relationships.Journal of Management Studies,1997,34(1):125-150.
[16]谈毅,冯宗宪.高新技术风险投资过程中监控模式设计[J].中国软科学,2000,(2):67-69.
[17]杨建君,李垣等.基于公司治理的企业家技术创新行为特征分析[J].中国软科学,2002,(12):124-127.
[18]杨勇,达庆利,周勤.公司治理对企业技术创新投资影响的实证研究[J].科学学与科学技术管理,2007,(11):61-65.
[19]Jean O.L.,Mark S.Protecting intellectual property rights:are small firms handicapped?[J].Law and Economy,2001,XLVII.
[20]Hornu M.S.,Chanu Y.W.,Lin Y.Legal liability risk enterprise R&D:the case of high tech industry in Taiwan[J].The Journal of American Academy of Business,2006,9(2):99-101.
[21]Knott A.M.,Posen H.E.,Wu B.Spillover asymmetry and why it matters[J].Management Science,2009,55(3):373-388.
[22]Tatsuro Iwaisako,Hitoshi Tanaka,Koichi Futagami.A welfare analysis of global patent protection in a model with endogenous innovation and foreign direct investment[J].European Economic Review,2011,(55):1137-1151.
[23]Daniel Gredel,Matthias Kramer,Boris Bend.Patent-based investment funds as innovation intermediaries for SMEs:In-depth analysis of reciprocal interactions,motives and fallacies[J].Technovation,2012,(32):536-549.
[24]Anuj Joshua Mathew,Arijit Mukherjee.Intellectual property rights,southern innovation and foreign direct investment[J].International Review of Economics and Finance,2014,(31):128-137.
[25]F.M.Scherer.技术创新:经济增长的原动力[M].新华出版社,2001.
[26]李金生,李晏墅.高技术企业原始创新风险传递效应模型研究[J].中国工业经济,2012,(1):110-119.
[27]P.M.Romer.Endogenous Technological Change[J],Journal of Political Economy,1990,98(5):S71-S102.
[28]C.I.Jones.R&D-based models of economic growth[J],Journal of Political Economy,1995;103(4):759-784.
[29]严成樑,周铭山,龚六堂.知识生产、创新与研发投资回报[J],经济学(季刊),2010,9(3):1051-1070.
[30]李金生.高技术企业自主创新能力的内生演化模型研究[J],南京师大学报(社会科学版),2011,(3):85-95.
(1)The probability of getting a critical ratio as large as 3.66 in absolute value is less than.001