A Study On The Innovative Performance And University And Research Institutions Equity Participation Enterprise

With the development of society,enterprise innovation has gradually become an important factor to promote industrial progress and enhance the sustainable competitiveness of enterprises.Over the years,when it comes to technological innovation,people usually focus on the internal of enterprise,feel that in order to achieve technological breakthroughs,they will often take the research and development responsibility themselves,and establish independent R&D institutions and improve investment strength to enhance the technical capacity of enterprises.However,the global technical competition in the world is increasing day by day,and the comprehensiveness and integration is becoming stronger.Even the large enterprises with strong innovation strength will also face the problem of shortage of technology and resources,the difficulty to obtain technological progress depends on their own ability is getting bigger and bigger.Therefore,making the external technical resources internalization through the way of division and cooperation,making use of resource sharing and complementary advantages to innovate and develop,are becoming the inevitable trend in the new situation of enterprise science and technology innovation.In the driven of the production-study-research cooperative innovation strategy in recent years,the cooperative innovation of China's universities,research institutions and enterprises have developed rapidly.However,the operation mechanism,the goal and the value orientation of the university and the enterprise organization are different,and the force of each party is difficult to coordinate effectively,so most cooperation still stays at a relatively low level.It is a question that whether university-research institutions can construct the same interest demands,break the barriers of cross-organization cooperation and improve the innovation performance of enterprises effectively.From the perspective of the interaction between the internal R&D and the research institutions of the university,there are usually phenomena of "alternative”and "complementarity" in the academic circles.But these theories regard the university scientific research institutions and enterprises as relatively independent organization,not as a unified entirety,so this cooperative innovation theory cannot fully explain the impact on enterprise innovation of shares in the form of cooperation.Based on the theory of high-level echelon and the theory of relational network,this paper studies the impact of the universities and research institutes hold ing shares of companies on the R&D initiative and the results of the patent.the research by using PSM method in 2007-2014 A-share listed companies in Shanghai and Shenzhen.Empirical results show that colleges,universities and research institutions holding shares of enterprises can improve the level of R&D investment,increase the quality of patent results and improve the efficiency of R&D output.Further research shows that the performance of enterprise R&D is significant or not is related to the strength of the joint research universities and scientific research institutions.This paper proves that the firms of universities and research institution provide a feasible solution to solve the key issues of how to establish a long-term,stable and institutionalized interest community in the process of production-study-research cooperative innovation.