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

作　　者：庞长伟 唐佩斯 王琼 Pang Changwei;Tang Peisi;Wang Qiong(School of Economics&Management,Nanjing Tech University,Nanjing 211816,China;School of Marxism,Nanjing University of Science and Technology,Nanjing 210094,China)

机构地区：[1]南京工业大学经济与管理学院,江苏南京211816 [2]南京理工大学马克思主义学院,江苏南京210094

出　　处：《科技管理研究》2025年第5期1-10,共10页Science and Technology Management Research

基　　金：国家自然科学基金青年科学基金项目“管理认知和制度因素对创业企业商业模式构建的影响机制研究”(71802107);江苏省高校哲学社会科学研究重大项目“平台企业数字化转型对商业模式演化的影响机制研究”(2023SJZD015);江苏省社科基金项目一般项目“‘技术-组织-环境’框架下平台企业颠覆性创新的形成、发展与产出机制研究”(23GLB008)。

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,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,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创新模式之间的关系的调节作用不显著。内生性和稳健性检验进一步证实了研发投入对创新模式的作用。基于信号理论这一新的研究视角,拓展了研发投入与企业创新模式相关文献研究,为企业如何选择创新模式提供理论借鉴。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.From 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 as follows:(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 innovation mode.The role of R&D investment in promoting firm-level innovation is supported by endogenous and robustness tests.Based on signal theory,this study introduces a new new research perspective on the relationship between R&D investment and firm-level innovation,which is an expansion of the existing literature.It also provides theoretical reference for firms on how to choose innovative models.

关 键 词：研发投入 创新模式 信号理论 

分 类 号：F270[经济管理—企业管理] G301[经济管理—国民经济]