基于资源观的技术创新能力与企业价值关系研究
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摘要
建设创新型国家,企业是核心,提高技术创新能力又是企业发展的核心。以企业为主体进行技术创新,存在着投入大、周期长、风险高的问题,那么以何种导向才能激励企业进行技术创新活动并使之持续呢?本文提出以企业价值作为目标导向,有利于企业从长远和全局来考虑发展的现实路径。
鉴于资源是企业技术创新能力依附的载体,本文选择以资源为逻辑起点,将企业技术创新能力和企业价值相联系。全文从文献研究、理论溯源、理论剖析、实证检验、条件性资源的支撑等多个方面,论证构建“资源—技术创新能力—企业价值”三者关系的必要性和可行性。
通过对国内外相关文献的梳理,发现基于资源观的视角探讨技术创新能力和企业价值相互关系的交叉研究还处于空白状态。通过理论溯源,证明研究技术创新能力与企业价值的关系在理论上是可行的。这些理论基础包括新增长理论、竞争优势理论和新制度经济学理论。在此基础上,对基于资源观的技术创新能力与企业价值的关系进行理论剖析,包括对资源的广义解释和企业创新资源储备的界定和划分,技术创新能力的重新界定、特征及作用说明,企业价值的诠释、本质、特征和驱动因素分析,技术创新能力与企业价值互动关系的机理分析,技术创新能力与企业价值良性互动所必需的战略要素。接着,根据上市公司的样本,对技术创新能力与企业价值的相关性进行了回归分析;根据电子信息行业的企业数据,对企业价值的各驱动因素以及技术创新能力的影响因素进行回归分析。技术创新能力与企业价值的相互关系能否持续良性互动,除了对自身拥有或控制的资源有效地配置和利用外,还需要一些条件性资源的支撑,包括企业的价值管理、企业技术创新的真正主体地位、企业家的作用、企业发展的战略转型,创业板市场平台等。最后,对全文进行总结,提出了全文的研究结论、创新点以及今后进一步研究的方向。
In the National Science and Technology Conference in January 2006,President Hu Jintao put forward the overall objective of building an innovative country:By 2020, China's independent innovation capability will have been significantly enhanced,the ability of science and technology for economic and social development and national security will have been significantly enhanced; China will have achieved a significant impact on a number of the world's scientific and technological achievements, and gone into the ranks of innovative countries, which will also provide a strong support for building a moderately prosperous society comprehensively. To build an innovation-oriented country, the enterprise is the core, enhancing the technological innovation capability is also the core of enterprise's development. Enterprises as the main bodies of a technological innovation-oriented country, how to strengthen their technological innovation abilities and make them continued, has become an urgent priority in developing strategies for an innovation oriented country.
However, the critical and international domestic economic situations also make this difficult task more urgent. From the view of international situation,the new opportunities and challenges, which are brought by world's scientific and technological revolution, force the China's economy to transform the extension type of development to connotative development (innovation-driven).The disaster brought by the world financial crisis, the complexity of the international economic environment in post-financial crisis era and the new conflicts in China's economy make the mode of economic development even more prominent. Making a comprehensive assessment of the international and domestic economic situation, changing the mode of economic development problem has been urgent and the transformation of the mode of development is imminent. So the thesis emphasizes that the technological innovation to promote sustainable development of enterprises is the strategic choice of their development.
Enterprises as the main bodies of technological innovation, particularly in independent innovation, there are lots of issues about large investment, long cycle and high-risk, how can we stimulate enterprises to take technological innovation activities and keep them continued? In this thesis,the enterprise value as the oriented goal, can contribute enterprises to consider their realistic path of the development.
Based on the above considerations, resource is the carrier that the technological innovation capability of an enterprise depends on,the thesis elects resources as the logical starting point, connects the technological innovation capability with the enterprise value, analyses which factors affect the level of technological innovation capability? Which factors determine the enterprise value? Which factors affect both of them? Whether there are some correlations between them? In order to build a theoretical platform for studying the sustainability of technological innovation behavior and the transformation of development model, full-text builds a model of“resources-technological innovation abilities-enterprise value”, and demonstrates the necessity and feasibility of the topic, from many aspects such as the literature review, theory traceability, theoretical analysis, empirical testing and the support of conditional resources.
Chapter 1 introduces the background and the significance of the topic,the definition of key concepts, research methods and technological strategies.
Chapter 2 demonstrates that the crossover study between the perspective of technological innovation capability based on resources and the relation to the enterprise value still exist a gap, by sorting out relevant literature at home and abroad. Therefore, the study aims to develop the resource theory, technological innovation ability theory, and also enriches the research in the field of enterprise value.
Chapter 3 proves that this relationship is theoretically feasible by theory traceability, including New Growth Theory, Competitive Advantage Theory and New Institutional Economics. The new growth theory has laid a solid theoretical basis for studying technological innovation capability and the feasibility of relationship to the enterprise value. Competitive advantage theory provides an explanation to study how a business generates excess profits. The resource-based view, the concentrated competence theory and knowledge-based view are three major branches of broad resource view in a broad sense. The internal relation has become basic considerations to analyze the enterprise value by combining technological innovation ability with resources for and takes it as the starting point. Analyzing the relationship of resources, abilities, and the enterprise value is also considering that there may be some interrelations in“resources-abilities-value”to study competitive advantage.The new institutional economy school emphasizes the vital role of system factor in economic growth, regards the system as an enterprise’s resource, extends the categories of resources, inspires to break the traditional definition, develops the scope of resources, it also provides a theoretical basis to study sustainable competitive advantage of entrepreneurs by combining strategic elements such as value management, systems, culture and entrepreneurs as conditional resources.
Chapter 4 theoretically analyses the relationship between the enterprise value and technological innovation ability based on resources, including the broad interpretation of resources, the definition and classification of technological innovation resources reserving, the re-definition, characteristics and functions of technological innovation ability, analysis on the interpretation, the nature, characteristics and driving factors of enterprise value, the mechanism of interaction between the enterprise value and technological innovation abilities and the conditional resources they needed when interact positively.
Chapter 5 is about empirical test. Based on samples of listed companies, analyses the correlation between the technological innovation capability and enterprise value in regression, finds that various indicators, which the technological innovation abilities reflects, have a logarithmic relationship with the enterprise value, according to some data of electronic information industry, make a regression analysis on driving factors of the enterprise value, as well as the impact factors of technological innovation abilities, and draws the conclusion that human resources and R&D resources have a linear relationship with the logarithmic enterprise value, but it has non-existent relationship between material resources and the enterprise value. The enterprise value depends primarily on human resources and R&D resources,financial resources are also an important factor. The Herfindahl index in organizational resources means that the concentrative degree of shareholding is positively correlated with the enterprise value. The factors of technological innovation capability has an obvious linear correlation with human resources, R&D resources, material resources, as well as with some variables reflecting financial and organizational resources.
Chapter 6 proposes conditional resources to ensure that technological innovation interacts with the enterprise value continuously, including the value-based management, the real dominant position in technological innovation, the role of entrepreneurs, the transformation of business development, Growth Enterprise Market (GEM) platforms, which are conditional resources in the view of broad resources. By analyzing 2 cases of ZTE Corporation and Shenzhen Huawei Technology Corporation Ltd.,comprehensively demonstrates that the strategic elements above have played an important role in continuous and positive interactions between technological innovation capability and the enterprise value.
Chapter 7, the conclusions of the study and its outlook. This chapter summarize the full text, proposes the conclusions as well as innovative points and further research directions.
The innovative points are reflected in the following areas:
1. It still exists a gap in the relationship between the technological innovation abilities and enterprise value based on resources. Therefore, this perspective is novel and the identification of starting points is unique.
2. This thesis, based on the value, integrates resources with technological innovation abilities and the enterprise value for the first time, concentrates resources on innovative resources which are owned or controlled by enterprises, makes the creation of value rely on technological innovation capability of enterprises,to build a three-dimensional theoretical framework of“the source of value, the creation of value and the realization of value”.
3. This thesis divides resources into elementary resources and conditional resources, and uses them as logical starting point, based on elementary resources, analyses the mutual relations between technological innovation abilities and the enterprise value; and further studies conditional resources which ensure that technological innovation abilities can interact with the enterprise value sustainably.
At the same time, this study also has some limitations, mainly including:
1. The generality of conclusions: whether the concludes apply to non-listed companies, also need to be further verified through the relevant data.
2. The mechanism of interaction between the enterprise value and technological innovation abilities: due to the difficulty of accessing to data, this thesis has not analyzed the reactions of enterprise value to the technological innovation abilities.
This thesis has built a preliminary frame of the relationship between technological innovation capability and the enterprise value, the follow-up studies are still needed and its research space is much. For example, the interaction of various resources, the interaction between the enterprise value and technological innovation abilities, are not resolved. Therefore, they are needed that in-depth studies of the relationship between technological innovation abilities and the enterprise value based on RBV. The estimated system of technological innovation abilities, with the enhancement of enterprises’information disclosure, will be improved accordingly.
鉴于资源是企业技术创新能力依附的载体,本文选择以资源为逻辑起点,将企业技术创新能力和企业价值相联系。全文从文献研究、理论溯源、理论剖析、实证检验、条件性资源的支撑等多个方面,论证构建“资源—技术创新能力—企业价值”三者关系的必要性和可行性。
通过对国内外相关文献的梳理,发现基于资源观的视角探讨技术创新能力和企业价值相互关系的交叉研究还处于空白状态。通过理论溯源,证明研究技术创新能力与企业价值的关系在理论上是可行的。这些理论基础包括新增长理论、竞争优势理论和新制度经济学理论。在此基础上,对基于资源观的技术创新能力与企业价值的关系进行理论剖析,包括对资源的广义解释和企业创新资源储备的界定和划分,技术创新能力的重新界定、特征及作用说明,企业价值的诠释、本质、特征和驱动因素分析,技术创新能力与企业价值互动关系的机理分析,技术创新能力与企业价值良性互动所必需的战略要素。接着,根据上市公司的样本,对技术创新能力与企业价值的相关性进行了回归分析;根据电子信息行业的企业数据,对企业价值的各驱动因素以及技术创新能力的影响因素进行回归分析。技术创新能力与企业价值的相互关系能否持续良性互动,除了对自身拥有或控制的资源有效地配置和利用外,还需要一些条件性资源的支撑,包括企业的价值管理、企业技术创新的真正主体地位、企业家的作用、企业发展的战略转型,创业板市场平台等。最后,对全文进行总结,提出了全文的研究结论、创新点以及今后进一步研究的方向。
In the National Science and Technology Conference in January 2006,President Hu Jintao put forward the overall objective of building an innovative country:By 2020, China's independent innovation capability will have been significantly enhanced,the ability of science and technology for economic and social development and national security will have been significantly enhanced; China will have achieved a significant impact on a number of the world's scientific and technological achievements, and gone into the ranks of innovative countries, which will also provide a strong support for building a moderately prosperous society comprehensively. To build an innovation-oriented country, the enterprise is the core, enhancing the technological innovation capability is also the core of enterprise's development. Enterprises as the main bodies of a technological innovation-oriented country, how to strengthen their technological innovation abilities and make them continued, has become an urgent priority in developing strategies for an innovation oriented country.
However, the critical and international domestic economic situations also make this difficult task more urgent. From the view of international situation,the new opportunities and challenges, which are brought by world's scientific and technological revolution, force the China's economy to transform the extension type of development to connotative development (innovation-driven).The disaster brought by the world financial crisis, the complexity of the international economic environment in post-financial crisis era and the new conflicts in China's economy make the mode of economic development even more prominent. Making a comprehensive assessment of the international and domestic economic situation, changing the mode of economic development problem has been urgent and the transformation of the mode of development is imminent. So the thesis emphasizes that the technological innovation to promote sustainable development of enterprises is the strategic choice of their development.
Enterprises as the main bodies of technological innovation, particularly in independent innovation, there are lots of issues about large investment, long cycle and high-risk, how can we stimulate enterprises to take technological innovation activities and keep them continued? In this thesis,the enterprise value as the oriented goal, can contribute enterprises to consider their realistic path of the development.
Based on the above considerations, resource is the carrier that the technological innovation capability of an enterprise depends on,the thesis elects resources as the logical starting point, connects the technological innovation capability with the enterprise value, analyses which factors affect the level of technological innovation capability? Which factors determine the enterprise value? Which factors affect both of them? Whether there are some correlations between them? In order to build a theoretical platform for studying the sustainability of technological innovation behavior and the transformation of development model, full-text builds a model of“resources-technological innovation abilities-enterprise value”, and demonstrates the necessity and feasibility of the topic, from many aspects such as the literature review, theory traceability, theoretical analysis, empirical testing and the support of conditional resources.
Chapter 1 introduces the background and the significance of the topic,the definition of key concepts, research methods and technological strategies.
Chapter 2 demonstrates that the crossover study between the perspective of technological innovation capability based on resources and the relation to the enterprise value still exist a gap, by sorting out relevant literature at home and abroad. Therefore, the study aims to develop the resource theory, technological innovation ability theory, and also enriches the research in the field of enterprise value.
Chapter 3 proves that this relationship is theoretically feasible by theory traceability, including New Growth Theory, Competitive Advantage Theory and New Institutional Economics. The new growth theory has laid a solid theoretical basis for studying technological innovation capability and the feasibility of relationship to the enterprise value. Competitive advantage theory provides an explanation to study how a business generates excess profits. The resource-based view, the concentrated competence theory and knowledge-based view are three major branches of broad resource view in a broad sense. The internal relation has become basic considerations to analyze the enterprise value by combining technological innovation ability with resources for and takes it as the starting point. Analyzing the relationship of resources, abilities, and the enterprise value is also considering that there may be some interrelations in“resources-abilities-value”to study competitive advantage.The new institutional economy school emphasizes the vital role of system factor in economic growth, regards the system as an enterprise’s resource, extends the categories of resources, inspires to break the traditional definition, develops the scope of resources, it also provides a theoretical basis to study sustainable competitive advantage of entrepreneurs by combining strategic elements such as value management, systems, culture and entrepreneurs as conditional resources.
Chapter 4 theoretically analyses the relationship between the enterprise value and technological innovation ability based on resources, including the broad interpretation of resources, the definition and classification of technological innovation resources reserving, the re-definition, characteristics and functions of technological innovation ability, analysis on the interpretation, the nature, characteristics and driving factors of enterprise value, the mechanism of interaction between the enterprise value and technological innovation abilities and the conditional resources they needed when interact positively.
Chapter 5 is about empirical test. Based on samples of listed companies, analyses the correlation between the technological innovation capability and enterprise value in regression, finds that various indicators, which the technological innovation abilities reflects, have a logarithmic relationship with the enterprise value, according to some data of electronic information industry, make a regression analysis on driving factors of the enterprise value, as well as the impact factors of technological innovation abilities, and draws the conclusion that human resources and R&D resources have a linear relationship with the logarithmic enterprise value, but it has non-existent relationship between material resources and the enterprise value. The enterprise value depends primarily on human resources and R&D resources,financial resources are also an important factor. The Herfindahl index in organizational resources means that the concentrative degree of shareholding is positively correlated with the enterprise value. The factors of technological innovation capability has an obvious linear correlation with human resources, R&D resources, material resources, as well as with some variables reflecting financial and organizational resources.
Chapter 6 proposes conditional resources to ensure that technological innovation interacts with the enterprise value continuously, including the value-based management, the real dominant position in technological innovation, the role of entrepreneurs, the transformation of business development, Growth Enterprise Market (GEM) platforms, which are conditional resources in the view of broad resources. By analyzing 2 cases of ZTE Corporation and Shenzhen Huawei Technology Corporation Ltd.,comprehensively demonstrates that the strategic elements above have played an important role in continuous and positive interactions between technological innovation capability and the enterprise value.
Chapter 7, the conclusions of the study and its outlook. This chapter summarize the full text, proposes the conclusions as well as innovative points and further research directions.
The innovative points are reflected in the following areas:
1. It still exists a gap in the relationship between the technological innovation abilities and enterprise value based on resources. Therefore, this perspective is novel and the identification of starting points is unique.
2. This thesis, based on the value, integrates resources with technological innovation abilities and the enterprise value for the first time, concentrates resources on innovative resources which are owned or controlled by enterprises, makes the creation of value rely on technological innovation capability of enterprises,to build a three-dimensional theoretical framework of“the source of value, the creation of value and the realization of value”.
3. This thesis divides resources into elementary resources and conditional resources, and uses them as logical starting point, based on elementary resources, analyses the mutual relations between technological innovation abilities and the enterprise value; and further studies conditional resources which ensure that technological innovation abilities can interact with the enterprise value sustainably.
At the same time, this study also has some limitations, mainly including:
1. The generality of conclusions: whether the concludes apply to non-listed companies, also need to be further verified through the relevant data.
2. The mechanism of interaction between the enterprise value and technological innovation abilities: due to the difficulty of accessing to data, this thesis has not analyzed the reactions of enterprise value to the technological innovation abilities.
This thesis has built a preliminary frame of the relationship between technological innovation capability and the enterprise value, the follow-up studies are still needed and its research space is much. For example, the interaction of various resources, the interaction between the enterprise value and technological innovation abilities, are not resolved. Therefore, they are needed that in-depth studies of the relationship between technological innovation abilities and the enterprise value based on RBV. The estimated system of technological innovation abilities, with the enhancement of enterprises’information disclosure, will be improved accordingly.
引文
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