| The 20 th Party Congress report clearly put forward,"China has entered the ranks of innovative countries,to adhere to the core position of innovation in the overall situation of China’s modernization".As the backbone of the implementation of innovation-driven development strategy,private enterprises are the main promoters of technological innovation activities.Unlike the state-controlled nature of state-owned enterprises,China’s private enterprises are mainly founded and controlled by individuals or families,and the founders play a crucial role in the strategic investment decisions of private enterprises.The Outline of the National Innovation Development Drive Strategy also points out that building an innovative country requires the role of entrepreneurs as the driving force in implementing the main position of innovation in enterprises.Therefore,understanding the role played by founders as a special type of entrepreneurs in the overall innovation-driven development strategy can help stimulate the innovation potential of private enterprises and release new momentum for development.However,for a long time,the research on founders has been limited to the analysis of the control of founders,while other heterogeneous resources of founders and their resource management have not received due attention and focus.The core source of corporate competitiveness has been summarized by scholars in the field of management as the heterogeneity of "corporate resources",but the original source of corporate resources,the formation process and the role of resource owners have been neglected.In the digital economy,the main contradiction of corporate governance has shifted from "shareholder-centered" to "entrepreneur-centered",focusing on the founders who hold key resources and core technologies,and attaching great importance to the long-term value of founders’ resource management.Therefore,this paper focuses on the impact of founder’s key resources and their resource management on corporate innovation investment behavior,mainly from the following aspects:(1)to divide founder’s key resources into internal competence resources and external relationship resources,and to construct a structural equation model to explore the impact of founder’s internal competence resources on corporate innovation investment behavior and its internal mechanism;(2)to explore the impact of founder’s internal competence resources on corporate innovation investment behavior from the perspective of dedicated assets and social capital;(3)to explore the impact of founder’s internal competence resources on corporate innovation investment behavior from the perspective of dedicated assets and social capital.(2)explore the influence of external relationship resources of founders on the innovation investment behavior of enterprises from the perspective of dedicated assets and social capital and their channels of action;(3)adopt a fuzzy set qualitative analysis method to test the influence of internal-external resource portfolio management of founders on the innovation investment behavior of enterprises;(4)measure the effect of "end effect" on the innovation investment behavior of enterprises from the perspective of resource continuity.(4)to measure the effect of founder’s departure on firms’ innovation investment behavior under the influence of "end effect".The main findings of this paper are as follows:(1)founder internal competence resources have a positive effect on firms’ innovation investment behavior;effect reasoning plays a mediating role in the process of founder internal competence resources influencing firms’ innovation decision;the promotion effect of founder internal competence resources on firms’ innovation investment is more significant in small-scale firms,when the industry competition degree is low.(2)The external relationship resources of founders promote innovation investment mainly through information transfer mechanism,capital access mechanism and policy support mechanism.At the same time,the promotion effect of founder external relationship resources is more prominent in the case of high dynamic capability,low marketization and high uncertainty of economic policies,and it contributes to the "quantitative and qualitative improvement" of enterprise innovation.However,different dimensions of founders’ external relationship resources have heterogeneous effects on firms’ innovation investment behavior,with social relationship resources promoting firms’ innovation investment and political relationship resources reducing firms’ innovation investment.(3)Exploring the coupling effect of the founder’s internal-external resource mix,we find that the adoption of either "inward" or "internal-external" resource management is more helpful to promote the firm’s innovation investment.From a holistic perspective,the external political connections of founders do not create a "resource curse" effect,but rather they are not a central condition in a firm’s innovation decisions and often play a complementary role.(4)The "end effect" negatively affects the continuity of founders’ resources when they leave their positions due to "altruism",which is detrimental to corporate innovation,and this effect is more pronounced in high-tech companies,while government subsidies can effectively mitigate this negative effect.Government grants can effectively mitigate this negative effect.Therefore,this paper suggests: first,at the government level.China should gradually implement a dual-equity system in the capital market to protect the key resources of founders and their resource management capabilities from being lost and to reduce the risk of control dilution,so that founders can invest in innovation without distraction and lead the enterprises to deepen their work in key technology areas.Second,the enterprise level.In the post-epidemic era,enterprises should make use of the founder’s relationship resources to actively participate in the formation of innovation consortia,help form an open innovation ecology,and create a favorable environment for the growth of science and technology-based SMEs,but we should face the "double-edged sword" effect of the founder’s external relationship resources on innovation,especially with the government to build In particular,it is necessary to build a new type of government-business relationship with the government that is "pro" and "clear".Furthermore,the managerial level.At present,many private enterprises in China are ushering in the tide of inter-generational inheritance,and the rise of the fourth industrial revolution marked by "Internet" and "big data" has brought innovation-oriented enterprises a dilemma of innovation decision with high technical barriers.Many founders in China are facing the dual challenges of intergenerational inheritance and innovation.Therefore,this paper argues that founders should continuously expand their own vision and enhance their capabilities to cope with the increasingly complex demands of innovation and investment technology and to improve their conceptual fit with their successors,so as to maximize the positive effects of corporate innovation and intergenerational inheritance and help cultivate "specialized and new" and "single The program is designed to maximize the positive effects of innovation and intergenerational succession,and to help cultivate "specialty" and "single champion" companies. |
