私募股权投资会影响企业创新策略吗

〖GK3〗基于企业实质性与策略性创新策略视角，以专利异质性作为切入点，考察沪深两市2010-2017年IPO企业私募股权投资与创新策略间的关系。研究发现，私募参与能有效提升企业整体专利数量，但仅对策略性创新行为即非发明专利数量具有显著提升作用；从私募特征看，单独投资和本土背景下的私募对策略性创新的引导作用更强。进一步研究发现，IPO叫停抑制了私募对企业策略性创新的引导作用，同时激发了私募对企业实质性创新的正面作用；对IPO企业异质性创新成果的经济后果进行研究发现，实质性创新能够显著提升企业绩效，而策略性创新对非发明专利的关注与包装并不能对企业绩效产生积极影响。

Does Private Equity Investment Affect the Company's Innovation Strategy

The relationship between private equity investment and innovation strategies of 2010-2017 IPO companies in Shanghai and Shenzhen is investigated in this study with patent heterogeneity as the entry point from the perspective of substantial and strategic innovation strategies. It is found that private equity participation can effectively increase the overall number of patents: it only significantly enhances the strategic innovation behavior, namely the number of non-invention patents, for companies; in terms of private equity characteristics, private equity with individual investment and local background play a bigger guiding role in strategic innovation. The study further finds that the stop of IPO prevents private equity from guiding strategic innovation while stimulating the positive effects of private equity on substantial innovation. Analysis of economic consequences of heterogeneous innovations of IPO companies reveals that substantial innovation can significantly improve corporate performance while strategic innovation won't boost corporate performance with its attention to and packaging of non-inventive patents.