Does Capital Investment Promote Substantial Innovation in New R&D Institutions?A Classification Perspective from Patents and Funding Sources
Luo Lihua1,2, Wang Yue1, Pan Yong3
1. Nanjing Science and Technology Achievement Transformation Service Center, Nanjing 210018, China; 2. Institute for Innovative City, Nanjing 210018, China; 3. School of Accounting, Nanjing University of Finance & Economics, Nanjing 210023, China
Abstract：Improving the substantial innovation ability of new R&D institutions is of practical significance for achieving high-level scientific and technological self-reliance.Based on input-output data from 407 new R&D institutions in Nanjing,this paper empirically examines the impact and mechanisms of diverse funding sources on substantial innovation.Research shows the followings.①Internal funding,government funding and market funding all exhibit significant positive effects on substantial innovation of institutions.And the conclusion is still valid after the robustness test.②The results of mechanism analysis show that effective capital utilization,investor confidence enhancement,and external resource acquisition are the reasons for the promotion of substantial innovation by internal institutional funding,government funding and market funding.③Further analysis shows that when there is only one kind of external capital (government or market)investment,the internal institutional funding will coordinate with it,which is the optimal combined capital investment strategy to promote the substantial innovation.When multi-channel external capital portfolio investment,it shows the inhibitory effect on substantial innovation.
罗利华, 王玥, 潘涌. 资金投入促进新型研发机构实质性创新了吗？——基于专利与资金来源的分类视角[J]. 中国科技论坛, 2025(8): 63-71.
Luo Lihua, Wang Yue, Pan Yong. Does Capital Investment Promote Substantial Innovation in New R&D Institutions?A Classification Perspective from Patents and Funding Sources. , 2025(8): 63-71.
2025, 
