Research On The Relationship Between Open Innovation,Financing Constraints And R&D Investment Efficiency

In the past decade,The emerging approach to innovation,Open Innovation,has drawn the attention of academia and business,and become the discussion and the hot research topic in the field of Innovation management.Chesbrough proposed the concept of open innovation from the perspective of resources,which means that enterprises should utilize both internal and external innovation resources.With the development of the height in the software industry,complex science and technology innovation usually contain multiple fields,even with strong power,enterprises obtain the resources needed only from innovation is not enough.Therefore,to improve the R&D innovation ability of enterprises,to meet the demand of the market and keep up with the trend of technological development,open innovation has become an effective approach.In order to show that the research of open innovation is necessary,there are many empirical studies on the relationship between open innovation and innovative performance of enterprises.Main conclusions include open innovation can contribute to the development of a new generation of products,strengthen the innovative research and development project improve the success rate of enterprise innovation Additional revenue generated by transfer of patented technology,Improve the performance of the new generation of products.However,there are relatively few articles on how open innovation affects the efficiency of R&D investment and its impact.Based on the empirical data of China A-share software and information technology service industry from 2012 to 2016,the research methods are the combination of normative research and empirical research.First,through a review of open innovation literature,and then summarizes the ten indicators of width that distinguish open innovation research in software and information technology services,and then collect open innovation information from annual reports and site manuals.Second,we calculated the financing constraint index through binary logistic regression model,and obtained the level of corporate financing constraints.Finally,Richardson residual measurement model to calculate the efficiency of corporate R&D investment.Use relevant theories to analyze and explain the relationship between open innovation,financing constraints and R&D investment efficiency.Most research and development firms have information asymmetry and uncertainties in R&D results,leading to the existence of financing constraints in most enterprises.Relevant literatures have pointed out that the level of financing constraints of enterprises is negatively correlated with the efficiency of R&D investment.This article is to use open innovation as a regulatory variable to study the relationship between the three.The empirical study of this paper finds the following conclusions: Firstly,in the case of other conditions unchanged,the level of financing constraints has a negative impact on the R&D investment efficiency of software enterprises,and the existence of financing constraints will reduce the R&D investment efficiency of software enterprises;Secondly,open innovation has a positive impact on the R&D investment efficiency of the enterprise.After the implementation of open innovation,it will ease the financing constraints of enterprises and improve the efficiency of R&D investment.Moreover,through the empirical data is divided into two groups and financial constraint level of high and low respectively under different levels of financing constraints to discuss open innovation breadth and the relationship between R&D investment efficiency.Empirical results show that when enterprises are in a high level of financing constraints,the breadth of open innovation has a negative impact on the R&D investment efficiency of software enterprises.When enterprises are in a low level of financing constraints,the breadth of open innovation has a positive impact on the R&D investment efficiency of software enterprises.