| As an important innovation subject to build an innovative country,the innovation ability and willingness of enterprises have an important impact on China’s future economic development and international competitiveness.However,in the face of the reality of high failure rate of innovation,most people have the bias of "anti failure",which leads to the re-innovation after the failure of enterprise technological innovation has not attracted widespread attention in the process of traditional innovation research and practice.Due to the objective existence of innovation failure,therefore,in a strict sense,any enterprise is a technology innovation failure enterprise.But in the process of continuous innovation,in a certain period of time,enterprises will face failure and success.As an important strategic decision-making resource of modern enterprises,when facing the failure or success of technological innovation,the level of its risk preference will have an impact on its subsequent re-innovation investment and re-innovation behavior choice.When the innovation is successful,the top management team(TMT)can not only continue to explore the unknown new products or new technologies,and then carry out brand-new innovations,but also can improve the existing products or technologies and carry out supplementary innovation.When the innovation fails,the TMT can not only give up the failed innovation project,and then carry out brand-new innovation,but also modify the failed project and carry out supplementary innovation,which will ultimately affect the re-innovation performance through the difference of re-innovation of the enterprise.It is not only of great theoretical value to study the influence mechanism of TMT risk preference on re-innovation of enterprises with failed technological innovation,but also has great practical value to optimize or construct a reasonable risk preference structure of the TMT,improve the re-innovation behavior and enhance the re-innovation performance after the failure of technological innovation.Therefore,this dissertation constructs a theoretical model of the impact of TMT risk preference on re-innovation of enterprises with failed technological innovation,deeply analyzes the mechanism of the model,and empirically tests the relationship among the TMT risk preference,the failed re-innovation behavior and the re-innovation performance by using 2011-2019 listed pharmaceutical manufacturing enterprises as research samples.According to the conclusion of this dissertation,this dissertation puts forward countermeasures and suggestions from the two levels of enterprises and the government respectively.The innovation and research conclusions of this dissertation are mainly reflected in the following aspects:The first,fifteen indicators are selected from two levels of individuals and enterprises to build a comprehensive measurement index system of the TMT’s risk preference.Using the time-serial global principal component analysis,six principal components that affect the TMT’s risk preference level are extracted and the variance contribution rate of each principal component is taken as the weight to build the comprehensive measurement model of the TMT’s risk preference level.It is found that the TMT’s risk preference level of the successful technological innovation enterprises is more volatile than that of the failed technological innovation enterprises;the TMT’s overall risk preference level of the failed technological innovation enterprises is significantly higher than that of the successful technological innovation enterprises,and the risk preference is relatively high for a long time.The second,this dissertation analyzes the impact of risk preference of TMT on the re-innovation behavior of technological innovation failure.Through the empirical test of relevant theoretical hypotheses,the study found that:(1)the TMT’s risk preference has a significant positive impact on the re-innovation investment and the brand-new innovation after the failure of the enterprise’s technological innovation,but has no significant impact on the supplementary innovation.Due to the fact that re-innovation investment of the enterprises with technological innovation failure in that year includes brand-new innovation and supplementary innovation,when the TMT’s risk preference is higher,if the brand-new innovation after technological innovation failure also increases,hence the supplementary innovation will decrease.That also shows that the enterprises are more inclined to carry out brand-new innovation of higher risk coefficient after the technological innovation failure.(2)Furthermore,after comparing the re-innovation behavior after the technological innovation failure with that after the technological innovation success,it is found that the effect of the TMT’s risk preference on the re-innovation investment and brand-new innovation after the technological innovation failure is more significant than that on the re-innovation investment and brand-new innovation after the technological innovation success;however,less significant on the supplementary innovation in the re-innovation behavior after the technological innovation failure as well as that after the technological innovation failure.In other words,compared with the successful technology innovation enterprises,the failed technology innovation enterprises are more inclined to increase their re-innovation investment,and carry out brand-new innovation.The third,this dissertation discusses the impact of risk preference of TMT on the re-innovation performance of technological innovation failure.Through the empirical test of relevant theoretical hypotheses,the study found that:(1)after the failure of technological innovation,the TMT’s risk preference has a significant positive effect on the re-innovation performance at the stage of technological development,but a significant negative effect on the re-innovation performance at the stage of achievement transformation.(2)Furthermore,through comparing the re-innovation performance after the failed technological innovation with that after the successful technological innovation,it is found that,after the failed technological innovation,the re-innovation performance at the stage of technological development is more positively significant,while the re-innovation performance at the stage of achievement transformation is more negatively significant.It means that the innovation performance output at the stage of technological development of the enterprises with technological innovation failure is more significant than that of the enterprises with technological innovation success;the re-innovation performance at the stage of technological development of the enterprises with technological innovation failure has not been transformed into the re-innovation performance at the stage of achievement transformation as expected.Most of the patents developed at the stage of technological development are in a "dormant" state and have not been transformed into the economic benefits at the stage of achievement transformation.The last,it reveals the mediating effect of failure re-innovation behavior between risk preference of TMT and failure re-innovation performance.Through the empirical test of relevant theoretical hypotheses,the study found that:(1)The re-innovation investment and brand-new innovation after the failure of technological innovation have mediating effects on the risk preference of TMT and the re-innovation performance in the stage of technological development and achievement transformation after the failure,but the supplementary innovation has no significant mediating effect.(2)By comparing the intermediary effect of re-innovation behavior after the failure of enterprise innovation with that of re-innovation behavior after successful innovation of enterprises.It is found that,there is a more significant intermediary effect between the re-innovation investment and brand-new innovation after the failed technological innovation and the TMT’s risk preference as well as the re-innovation performance at the stage of technology development and achievement transformation. |
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