How the Institutional Environment Affects Technological Innovation:Examination from the Perspective of Technological Cycle
What institutional advantages can China's mixed ownership industrial system provide for technological innovation?The institutional environment in which state-owned enterprises and private enterprises operate is different in terms of governance structure,financial relations,labor relations,organizational networks.Different institutional environments shape different innovation advantages for enterprises.The state-owned enterprises usually can pursue long-term goals,own patient capital,and have stable employment and coordination networks,and thus have more advantages in the innovations in"long-cycle technology".In contrast,private enterprises are usually more responsive to market and more flexible in adjusting its production networks,and thus have more advantages in the innovations in"short-cycle technology".Therefore,the Chinese-styled innovation system with state-owned and private enterprises,provides a unique advantage in full-range technological innovations,which embodies a different path of modernization.
technological innovationvarieties of institutionstechnological cyclestate-owned enterprisesprivate enterprises
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