Dual Equilibrium Innovation,Policy Support And International Entreprene-Urial Performance:Research Based On The Pharmaceutical Industry

Driven by the international and domestic dual-cycle strategy,Chinese enterprises are striving to strengthen R&D and innovation activities in order to obtain the core competitiveness in the international market.At the same time,in order to effectively enhance the international influence of domestic enterprises,the Chinese government has laid a solid backing foundation for local enterprises to carry out international entrepreneurship through providing strong financial support,tax incentives and other inclusive policies.The international market faced by Chinese enterprises is changing rapidly.It has become a new research topic in the field of international entrepreneurship research that how to achieve rapid catch-up on the international entrepreneurship track based on ambidextrous innovation and the support of national policies.Based on the basic theory of organizational ambidexterity,resource endowment and dynamic capabilities,this study constructs the theoretical framework of ambidexterity innovation and its equilibrium,policy support and international entrepreneurship performance.The data of 131 listed companies in China’s pharmaceutical manufacturing industry from 2016 to 2020 are selected as the research samples.The ambidexterity equilibrium innovation is taken as the independent variable,the international entrepreneurship performance is taken as the dependent variable,and the policy support is taken as the moderating variable.In addition,the size,age,asset-liability ratio,management expense ratio and Tobin Q are introduced as control variables.The linear regression analysis is conducted with the help of Stata15.0.Through empirical testing,the following conclusions are finally drawn:(1)exploitive innovation has a significantly negative impact on international entrepreneurial performance,the balance dimension has a significantly negative impact on international entrepreneurial performance,and the exploratory innovation and complementary dimension of dual balanced innovation have no significantly negative impact on international entrepreneurial performance;(2)Subsidy positively moderates the positive relationship between exploratory innovation and international entrepreneurial performance,negatively moderates the relationship between the complementary dimension of ambidextrous innovation and international entrepreneurial performance,and negatively moderates the negative impact of ambidextrous innovation balance dimension on international entrepreneurial performance.However,the moderating effect of exploitative innovation on international entrepreneurial performance is not significant;(3)Tax rebate positively moderates the positive relationship between exploratory innovation and international entrepreneurial performance,and negatively moderates the negative relationship between the balance dimension of dual equilibrium innovation and international entrepreneurial performance.The moderating effect of exploitative innovation and complementary innovation on international entrepreneurial performance has not been empirically tested.To sum up,this study enriches the research perspective and topics of the dual innovation theory by exploring the internal logic of dual balanced innovation,policy support and international entrepreneurial performance.At the same time,summarizing the law of policy support for international entrepreneurship has certain guidance and reference significance for enterprises to select appropriate innovation models and strive for government policy support in the process of participating in international entrepreneurship.