Research On The Influence Of Conglomerates On Patent Innovation

Innovation is not only the soul of a nation's continuous improvement,but also the source of power for the company to move forward.As an important form of organization,conglomerates have become commonplace.In recent years,driven by national policies & economic situation,China has built a large number of large-scale conglomerates with high quality and strong competitiveness.In this context,this paper explores the impact of conglomerates on corporate patent innovation and its impact path,and draws the conclusion that conglomerates can promote patent innovation of member companies.The research conclusions of this paper broaden the research perspective of enterprise innovation on the one hand,and provide new ideas for enterprises to improve the level of innovation on the other hand.This paper first summarizes the research on conglomerates and enterprise innovation at home and abroad.On this basis,it clarifies the research direction of this paper and obtains the theoretical support of this paper.The number of patent grants is used as an indicator to measure the patent output and innovation level of enterprises.Explore the existence of the patent output effect of conglomerates.In the research steps,an empirical research method combining large sample regression analysis and representative case analysis was adopted.Firstly,based on the 2003-2015 Chinese manufacturing listed companies as a research sample,the econometric analysis model was established,and the theoretical analysis and research hypothesis of this paper were tested by the econometric analysis model.Secondly,take the large-scale conglomerateFosun Group as an example.It further proves how the enterprise group influences the innovation output level of the member companies through the internal capital market and the internal knowledge market,which shows that the research in this paper has theoretical and practical significance.Through empirical analysis and case analysis,this paper mainly draws the following conclusions: First,there is a significant positive correlation between conglomerates and the patent quantities of the member companies,and the impact on high-quality invention patents is higher than utility model patent and design patent;through heterogeneity analysis,it is found that the patent output effect of conglomerates is more obvious in non-state-owned enterprises and growth-oriented enterprises.Secondly,in terms of the impact mechanism,the conglomerates mainly affects the patent quantities of the member companies through two mechanisms: the internal capital market of the conglomerates alleviates the problem of “financing constraints” of innovation,and the internal knowledge market eases the “information shortage” of innovation.The robustness test shows that the patent output effect of the conglomerates has always existed.Its internal capital market provides convenience for member companies to finance funds,and the internal knowledge market provides a place for member companies to provide knowledge and information exchange.