| From 2009 to 2018,the number of corporate announcements related to strategic alliances issued by listed companies surged from 76 to 1,327.In 2009,8 listed companies set up equity alliances,while in 2015,81 listed companies set up equity alliances.The resources owned by an individual enterprise are always limited and it faces increasingly fierce competitive pressure.Therefore,it is an effective strategic direction for an enterprise to make better use of external resources.Therefore,as a common means of growth,strategic alliance is favored by more and more enterprises.Innovation,as the core competitiveness of enterprises,has been repeatedly mentioned in the two sessions in 2019,and its importance is increasingly prominent.Many literature studies have proved that strategic alliance can improve the innovation ability of enterprises,but the factors affecting the innovation ability of enterprises still need more studies.Therefore,from the perspective of strategic alliance,this thesis studies the influence of its governance structure on the innovation ability of enterprises.This thesis firstly sorts out relevant literatures and finds that among the literatures related to strategic alliance and innovation,few literatures study the influence of governance structure of strategic alliance on innovation ability of alliance enterprises.Moreover,the literature on governance structure collects research data based on questionnaire survey,and measures the innovation performance of enterprises unilaterally by the number of patent applications or licensing,ignoring the innovation commercialization output.At the same time,there are few studies on the difference of equity alliance capital cooperation mode,capital cooperation mode and enterprise innovation ability.The existence time of strategic alliance is generally 3 years.Therefore,in order to study the influence of the governance structure of strategic alliance on the innovation ability of enterprises,this thesis selected listed companies that achieved strategic alliance from 2009 to 2015 as the research samples and measured the technological innovation efficiency of the alliance enterprises based on the random frontier output distance model.The sample enterprises were grouped according to high-tech industry and non-high-tech industry,state-owned enterprises and non-state-owned enterprises.Based on mean difference analysis and panel Tobit model,the influence of different strategic alliance governance structure and equity capital cooperation mode on the technological innovation efficiency of allied enterprises was empirically studied.In this thesis,the main conclusions are as follows:(1)China’s listed companies participating in the strategic alliance of technological innovation efficiency is low,in the [T,T + 3] time window downward trend on the whole,based on the average of the results of comparative analysis,found that equity alliance and non-equity alliance enterprises,equity participatory alliance between companies and equity joint venture between alliance enterprises,high-tech enterprises and high-tech enterprises,stateowned enterprises and non-state-owned enterprises between the technological innovation efficiency between there is a significant difference.(2)equity alliance plays a more important role in promoting the technological innovation efficiency of enterprises than non-equity alliance which adopts contract governance.Choosing equity governance mode can effectively reduce opportunity cost and increase exit cost,form a close cooperation mechanism among alliance partners,and better deal with innovation activities with great uncertainty and risk.(3)equity participation alliance is better than equity joint venture alliance in promoting the technological innovation efficiency of allied enterprises.However,the multi-layer structure of equity joint venture alliance has a high agency cost,which inhibits the promotion of technological innovation efficiency.Equity participation alliance can better protect the core knowledge of the enterprise,indirectly improve the willingness of both parties to invest knowledge resources,and thus has a higher efficiency of technological innovation.(4)equity alliance and equity capital cooperation have different influences on enterprises with different characteristics.The influence of equity alliance on non-high-tech enterprises is greater than that of non-equity alliance and that of non-state-owned enterprises is greater than that of state-owned enterprises.However,equity capital cooperation has a greater impact on high-tech enterprises than non-high-tech enterprises and on non-state-owned enterprises than state-owned enterprises.The innovation of this thesis lies in:(1)most of past literature single selected enterprises patent application number or new product sales income as the innovation of the enterprise output indicators,and in this thesis,using multiple input and multiple output distance of the stochastic frontier production function model combining the two types of indicators,from the innovation of knowledge technology two aspects of production and innovation business income comprehensive measure the innovation ability of enterprises.(2)based on the cooperation mode of equity capital,this thesis subdivides equity alliance,empirically studies the impact of different types of equity alliance and enterprise technological innovation efficiency,and expands the existing research content.(3)based on the enterprise characteristics,this thesis makes sample group regression and explores the influence difference of equity alliance on different characteristic enterprises. |
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