企业家冒险倾向对专精特新“小巨人”企业持续创新的影响及其作用机制

The Impact and Mechanism of Entrepreneurial Risk-taking Tendency on the Continuous Innovation of “Little Giants” Firms

摘要:

鉴于现有研究尚未深入探讨体现企业家冒险倾向与专精特新“小巨人”企业持续创新之间的关系，基于高阶理论和管理认知理论，以145家中国国家级专精特新“小巨人”上市公司2009－2020年的数据为研究对象，利用控制企业和年份的双向固定模型，分别以创新投入和知识产权保护强度为中介变量和调节变量，实证检验企业家冒险倾向对专精特新“小巨人”企业持续创新的作用机制及其中的中介效应和调节效应，同时检验这一影响机制在不同区域环境间的异质性。研究发现：企业家冒险倾向越强，专精特新“小巨人”企业持续创新水平越高，在外部营商环境较好时，这种正向促进作用较为明显，且创新投入在其中发挥完全中介作用；企业家冒险倾向通过创新投入来影响企业专精特新“小巨人”企业持续创新；知识产权保护强度会负向调节两者之间的关系。基于此，建议企业家要敢于冒险，但也要提升对创新风险的识别和防范能力。

Abstract:

In the context of anti-globalization, advancing the growth of specialization and specialization of small and medium-sized enterprises will help China break through the technical bottleneck of "stuck neck" technology. In view of the fact that the existing research has not yet deeply explored the relationship between entrepreneurial risk-taking tendency and the continuous innovation of specialized new small giant enterprises, based on the higher-order theory and management cognition theory, this paper targets at the data of 145 Chinese listed “little giant” companies from 2009 to 2020, and uses the two-way fixed model of controlling enterprises and years to empirically test the mechanism of entrepreneurial risk-taking tendency on the continuous innovation of “little giant” firms and its mediating effect and moderating effect by taking innovation investment and intellectual property protection intensity as mediating variables and moderating variables respectively. At the same time, the heterogeneity of this influence mechanism among different regional environments is tested. The results show that the stronger the risk-taking tendency of entrepreneurs, the better continuous innovation performance of “little giant” firms. This positive promotion effect is more obvious under the background of better external business environment, with innovation investment playing as a complete intermediary role. Entrepreneurs’ risk-taking tendency affects the continuous innovation of enterprises through innovation investment, and the intensity of intellectual property protection negatively regulates the relationship between these two. Based on this, it is suggested that entrepreneurs should dare to take risks, but also improve their ability to identify and prevent innovation risks.