“创新-资本”互动共演与后发企业追赶——以药明康德为例

管理评论 ›› 2022, Vol. 34 ›› Issue (6): 325-340.

“创新-资本”互动共演与后发企业追赶——以药明康德为例

王艳^1,2, 沈伶钰¹, 周小豪³, 刘家安⁴

1. 广东外语外贸大学会计学院, 广州 510006;
2. 广东外语外贸大学粤港澳大湾区会计与经济发展研究中心, 广州 510006;
3. 中山大学管理学院, 广州 510275;
4. 普华永道中天会计师事务所(特殊普通合伙)深圳分所, 深圳 518001

收稿日期:2021-06-01 出版日期:2022-06-28 发布日期:2022-07-22
通讯作者: 周小豪(通讯作者),中山大学管理学院博士后,博士。
作者简介:王艳,广东外语外贸大学会计学院教授,博士生导师,粤港澳大湾区会计与经济发展研究中心主任,博士;沈伶钰,广东外语外贸大学会计学院硕士研究生;刘家安,普华永道中天会计师事务所(特殊普通合伙)深圳分所审计师,硕士。
基金资助:
国家社会科学基金重大项目（21ZDA039）。

"Innovation-Capital" Interaction and the Catch-up of Latecomers：The Case of WuXi AppTec

Wang Yan^1,2, Shen Lingyu¹, Zhou Xiaohao³, Liu Jiaan⁴

1. School of Accounting, Guangdong University of Foreign Studies, Guangzhou 510006;
2. Research Center for Guangdong-Hong Kong-Macao Greater Bay Area Accounting and Economic Development, Guangdong University of Foreign Studies, Guangzhou 510006;
3. School of Business, Sun Yat-sen University, Guangzhou 510275;
4. Shenzhen Branch, PWC Zhong Tian LLP, Shenzhen 518001

Received:2021-06-01 Online:2022-06-28 Published:2022-07-22

摘要/Abstract

摘要： 后发企业通过创新能力演进实现向独角兽企业的跃升，是新时代民营经济高质量发展的新引擎。然而，在创新能力演进的过程中，后发企业的创新导向和投资者偏好可能产生冲突，从而产生融资约束。基于这一问题，本文采用纵向案例探究药明康德在创新能力演进中的创新与资本互动共演的路径与机理。研究发现，在“创新-资本”共演机制的影响下，企业的技术创新能力和融资规模互相促进、协同共生，这一过程中也存在创新导向和资本的投资偏好不匹配的情况，此时企业需要通过资本运作的方式，放弃原有的市场，寻求新的资本投入，避免被资本裹挟而放弃自主创新。本文揭示了企业创新导向和投资者偏好之间的匹配关系，也为后发企业实现技术追赶提供了实践指导。

关键词: 技术创新, 投资资本, 后发企业, 中概股, 案例研究

Abstract: Latecomers that grow up to become unicorns by improving their innovating ability are driving the high-quality development of private economy in China.However,there are conflicts between innovation orientation and investor bias,thus leading to finance constraints.By the case study of WuXi AppTec,this paper explores the mutual relationship between innovation and capital.It is found that innovation capability and financing scale could co-exist and promote each other.In certain cases,there is a mismatch in the process of "innovation-capital" growing together.Companies in pursuit of independent development should abandon the original market and seek a new suitable capital market.This paper reveals how to achieve the match between innovation input and capital investment,and also provides practical guidance for latecomer companies that are catching up.

Key words: technological innovation, investment capital, latecomer companies, China concept stocks, case study

王艳, 沈伶钰, 周小豪, 刘家安. “创新-资本”互动共演与后发企业追赶——以药明康德为例[J]. 管理评论, 2022, 34(6): 325-340.

Wang Yan, Shen Lingyu, Zhou Xiaohao, Liu Jiaan. "Innovation-Capital" Interaction and the Catch-up of Latecomers：The Case of WuXi AppTec[J]. Management Review, 2022, 34(6): 325-340.

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