Abstract

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

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

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