商业模式创新与技术创新匹配性对后发企业绩效的影响——来自年报文本分析的实证研究

以2014—2019年沪深A股成长期上市公司作为后发企业代表，借助Word2Vec的文本分析方法，基于公司年度财务数据度量后发企业商业模式创新水平，实证研究后发企业追赶过程中商业模式创新、技术创新以及二者匹配性与企业绩效间的作用机理。结果发现：商业模式创新对后发企业绩效具有显著正向影响；技术创新对后发企业绩效具有显著正向影响；商业模式创新和技术创新的平衡性与后发企业绩效正相关；商业模式创新和技术创新的组合性与后发企业绩效正相关。结果表明，对于后发企业而言，商业模式创新与技术创新为互补关系，而非互替关系，二者间的匹配性对后发企业绩效提升具有增强型交互作用。

The Effect of the Matching of Business Model Innovation and Technology Innovation on the Performance of Latecomers：A Textual Analysis Based on Annual Report

At present, the role of emerging economies is becoming increasingly prominent and has become the main driving force of world economic growth. The innovation and internationalization of latecomers from emerging economies have attracted widespread academic attention. Under the new background, latecomers make use of business model innovation to play the advantage of latecomers and achieve catch-up with leading firms through synergy with technological innovation, thus constantly changing the original competition pattern. As key components of innovation management, business model innovation and technological innovation have a significant impact on the performance of Chinese local latecomers. The research on the performance of latecomers based on the matching perspective of business model innovation and technological innovation is the focus of management practice and theoretical research of latecomers in the Internet era. Under the premise of limited resources, the roles, division of labor and tasks of business model innovation and technological innovation are different. Facing the strong technical strength and market advantages of leading firms, executives need to coordinate two seemingly contradictory strategic activities through resource allocation and create competitive advantages in emerging economies. Therefore, this paper focuses on the latecomers as the research object, focusing on the basic issue of the influence mechanism of the matching between business model innovation and technological innovation on the performance of latecomers.#br#This paper uses panel data to study the growth-period listed companies in Shanghai and Shenzhen A-shares from 2014 to 2019, and measures the business model innovation level of latecomers based on Word2Vec natural language processing technology. Finally, regression analysis is used to test the impact of business model innovation, technological innovation and the balance and combination between them on the performance of latecomers.#br#The results show that business model innovation has a significant positive impact on the performance of latecomers. Technological innovation has a significant positive impact on the performance of latecomers; the balance between business model innovation and technological innovation is positively correlated with enterprise performance; the combination of business model innovation and technological innovation is positively correlated with enterprise performance. This paper further explores the impact of the balance and combination of business model innovation and technological innovation on enterprise performance. It is found that the two are complementary to each other, not to replace each other. The matching relationship between the two has an enhanced interaction on the performance improvement of latecomers.#br#This paper puts business model innovation and technological innovation under the same framework to discuss how to balance and match the two types of innovation activities, as well as the impact on enterprise performance, which enriches the research on the impact of single innovation mechanism on enterprise performance, and builds a bridge between business model innovation and technological innovation, which makes up for the deficiency of traditional research on the catch-up problem of latecomers from the perspective of single technological innovation. In addition, compared with other measurement methods, this paper adopts the vertical research and the text analysis method based on Word2Vec to construct the business model innovation index, which can be used as a reference for the improvement and development of the enterprise business model innovation evaluation system. The research results of this paper also have guiding significance for latecomers in practice. First of all, latecomers need to play a synergistic role in business model innovation and technological innovation to achieve rapid catch-up. The balance between business model innovation and technological innovation should be ensured as much as possible, so that business model innovation and technological innovation can reach a high level. Secondly, latecomers need to pay attention to the promotion effect of business model innovation on performance, and play the latecomer advantage and overcome the latecomer disadvantage through business model innovation, so that latecomers can integrate into the new global value network. Finally, latecomers need to dynamically adjust business model innovation and technological innovation strategies according to the industry environment in order to promote the performance of latecomer companies and achieve catch-up.#br#