基于信号理论视角的研发活动对创新模式的影响机制研究

Research on the influence mechanism of R&D activities on innovation model based on signal theory

摘要:

研发投入如何更好地促进企业创新活动一直是学术界关注的热点。与以往将创新产出视为单一类型不同,文章将创新类型区分为突变创新与渐进创新。基于信号理论视角并采用2012-2021年生物医药产业上市公司的财务和专利申请授权数据为研究样本,本文实证检验了研发投入如何影响不同的企业创新活动,并探讨了商誉价值和违规行为对研发投入与不同创新类型之间的调节作用。研究发现：(1)研发投入正向影响企业突变创新活动,而与渐进创新则存在倒U型关系；(2)商誉价值进一步增强研发投入与突变创新之间的正相关关系,而削弱研发投入与渐进创新的关系；(3)违规行为对研发投入与突变创新之间的关系不存在显著的调节作用,而对研发投入与渐进创新之间的正向调节作用明显。

Abstract:

How to promote firms’ innovation activities with R D investment has been an essential topic. Different from the previous research viewing innovation output as a single type, the article classifies innovation into radical innovation and incremental innovation. Basing the perspective of signal theory and using the financial and patent data of listed companies in the biomedical industry from 2012 to 2021, this study empirically tests how R D investment affects different innovation activities. It also explores the moderating effect of goodwill value and violations on the relationship between R D investment and innovation. This research finds that: (1) R D investment has a positive impact on radical innovation, while there is an inverted U-shaped relationship between R D investment and incremental innovation; (2) Goodwill value strengthens the positive relationship between R D investment and radical innovation, but decreases the relationship between R D investment and incremental innovation; (3) Violation has no significant moderating effect on the relationship between R D investment and radical innovation, but has a significant positive moderating effect on the relationship between R D investment and incremental innovation.