制度资本对生物医药企业突破性创新的影响研究

With the competition is heating up in global high-tech industry, radical innovation plays a crucial role for the survival and development of firms. In order to stand out from the fierce competition, high-tech firms need to develop radical innovation. In high-tech industries, especially in bio-pharmaceutical industry, the innovation resources and uncertainty are increasing continuously. In order to meet these challeges, enterprises tend to build institutional capital to cope with the change of institutional environment and obtain resources. On the one hand, firms should acquire resources from government. On the other hand, firms need to develop external networking ties to acquire various resources which firms lack but urgently require, respond to environment. There are still the following limitations: Most of them focus on the single function of institutional capital and lack of analysis on the mechanism of various institutional capital; The mechanism and difference of multiple institutional capital influencing radical innovation are not clear enough; The comprehensive consideration of the situational factors betweeb institutional capital and radical innovation is lacking. The most important and fundamental question caused by this phenomenon is: how institutional capital affects radical innovation? Based on institutional theory,this paper theoretically discusses and empirically examines the functional mechanisms of firm institutional capital on radical innovation, their potential heterogeneities, and their situational constraint mechanism of institutional efficiency as well. The empirical results of the survey data from 165 paired firm samples and 5 firm cases in China show that: First, Financial aid has a higher positive effect on radical innovation than the policy support does; business tie has a higher positive effect on radical innovation than the political tie does. Second, institutional efficiency negatively moderates the relationship between policy support political tie and radical innovation, but positively moderates the relationship between business tie and radical innovation. This study has basically reached the expected research purpose, and clarified the influence mechanism of enterprise institutional capital on radical innovation. The main innovation points are summarized as follows: First, this study distinguishes the different dimensions of institutional capital, verifies the relative direct effect of different dimensions of institutional capital on radical innovation, expands the research of institutional theory in explaining institutional capital. Meanwhile, this study enriches the study of radical innovation, emphasizes the different dimension of capital in promoting radical innovation. The research conclusions have important implications for enterprises to use and select institutional capital to promote radical innovation. Second, this study verifis the moderating effect on the relationship between institutional capital and radical innovation by introducing institutional efficiency as institutional environment, and clarifies the boundary condition of institutional capital. Through examinng the moderation of institutional efficiency, the study enriches the understanding of the boundary conditions of the process of institutional capital action. This study helps enterprise managers to select institutional capital reasonably according to their environment to make up for their lack of innovation resources and reduce innovation uncertainty, so as to promote radical innovation more effectively.