Research On The Relationship Among The Strategic Orientation,Patent Quality And Firm Performance Of Small Technology-based Firms

Under the historical background that the innovation is driven by the knowledge economy,scientific and technological enterprises are the most dynamic,the most potential and the most promising innovation group in a country,they are also the vanguards of technological innovation.With the introduction of national policies which related to innovation and entrepreneurship,more and more scientific and technological enterprises are springing up like mushrooms.However,due to the high uncertainty in technology,the convergence and reform between industries,the ambiguity and variety of market demand,the shortening of product life cycle and the discontinuity of innovation,leading the growth of scientific and technological enterprises,especially the medium and small sized scientific and technological enterprises,has become a major problem,and the most basic point of growth is to create a good corporate performance.As two strategically oriented dimensions,technology orientation and market orientation are important strategic behaviors which will affect corporate performance and play an important role in the growth of a enterprise,for example,the technology orientation enterprise(Qualcomm Incorporated)continues to focus on research and development input during the growth process,and continues to develop technology,finally it has become the overlord of 3G times,on the other hand,the market oriented enterprise(Xiaomi Technology)rely on the market and “audiophile”,continue to focus on product development during the growth process,and achieve a good performance of annual revenue of over RMB 100 billion.It is obvious that both technology orientation and market orientation can bring better corporate performance to the enterprise,the only difference is that the form of the two types of performance.Therefore,this paper is based on the combination of theoretical research and the characteristics of medium and small sized scientific and technological enterprises,this paper first conducted a comparative study of the performance of scientific and technological enterprises,used the enterprise scale management,management benefit,and market value as indicators to measure the performance of medium and small sized scientific and technological enterprises.At the same time,patent,as the characteristic of technological innovation capabilities of scientific and technological enterprises,is an important aspect which cannot be ignored during the growth progress of scientific and technological enterprises.This study took patent quality as an important variable,and used the patentrate and the proportion of invention patent as a specific estimate to integrate with the research system to explore the relationship between strategic orientation,patent quality,and enterprise performance,it is intended to address the following three issues: First,what kind of performance will be brought to the scientific and technological enterprises by different strategic orientations? Second,which kind of strategic orientation will be more conducive to medium and small sized scientific and technological enterprises to create good performance and promote their rapid growth? Third,what kind of regulatory role does patent quality play in the relationship between strategic orientation and enterprise performance?In order to solve the three questions which have been raised above,this paper conducted adequate literature research and case studies,discussed the relationship among strategic orientation,patent quality and enterprise performance,constructed a theoretical model and proposed research hypotheses,took the scientific and technological enterprises which listed on the start up board as the research objects,selected the panel data from 2010-2015 and manually collect the relevant patent data of the scientific and technological enterprises,used empirical research methods to test the impact of technological orientation and market oriented strategic behavior on corporate performance,at the same time,and studied the role of patent quality in it to drawn the following conclusions:(1)The technology orientation has a significant positive impact on the enterprise management benefit and the enterprise market value,and has a significant negative impact on the enterprise scale management;(2)The market orientation has a significant negative impact on the enterprise profitability,has a significant positive impact on the enterprise scale management,and has no significant effect on the enterprise market value;(3)The patent authorization rate increases the positive influence of technology orientation on the enterprise profitability and increases the negative influence of market orientation on the enterprise management benefit;(4)The proportion of invention patents increases the positive influence of technology orientation on the enterprise market value,and decreases the negative influence of market orientation on the enterprise management benefit.The research results show that the technology orientation and market orientation bring different performance to the scientific and technological enterprises,and the patent quality plays an important role in it,and providing a reference for strategic orientation selection and patent application strategies of medium and small sized scientific and technological enterprises,and a reference for promoting the growth of medium and small sized scientific and technological enterprises.