Abstract
It is of great significance to build an efficient and cooperative innovation system and support system under the background of China persisting in leading the development with innovation and speeding up the construction of an innovation-oriented country. The collaborative relationship and profit distribution of each innovation subject will be analyzed through the study of the innovation activity in the innovation chain. With consideration of the characteristics of the innovation chain such as high risk, financing difficulty, cooperative partnership and so on and using the internal financing mode of supply chain for reference, the game model of internal financing between members of the innovation chain will be established. The game equilibriums will be solved and analyzed, and the optimal equilibriums will be achieved by designing the contracts to establish the internal financing mechanisms in the innovative chain. For the risk asymmetry at each stage of the innovation chain, the contracts will be optimized to construct the risk sharing mechanism to control the risk of the internal financing in the innovation chain. In order to make innovations, this paper creates the financial support mode of the innovation chain, improves the innovation support system and increases the efficiency of the innovation chain.
Highlights
China has entered an era of New Economic Normality, one characteristic of which is the turn from a factors-driven and investment-driven economy to an innovation-driven one
In 2018, R&D spending as a share of GDP was 2.18%, higher than the average level of OECD countries. Such investment has not led to a rapid increase of TFP, which, by contrast, is only half that of OECD countries. is shows that the innovation efficiency of China is still relatively low. e main reason is the lack of synergy of the innovation system, such as the disconnection between the research and development stage and the production and commercialization stage of the technological innovation, which renders many technological innovations really unable to meet the market demand and unable to be transformed
It is among the first to focus on the quantitative research of the innovation chain. is paper is to construct models of innovation chain to study innovation activity and income distribution by game theory based on the analysis of composition and operation mechanism of innovation chain, solve game equilibrium and carry on optimization analysis to design internal financing mode of innovation chain. at provides quantitative research results for innovation chain research. It provides the theoretical basis and operation guide for the financial support of the innovation chain. is paper is to design the internal financing model between members of the innovation chain and the risk control mechanism based on the relationship and the profit distribution among the innovative subjects in the innovation chain, so as to reduce the financial constraints of innovation subjects and improve the innovation efficiency of the innovation chain
Summary
China has entered an era of New Economic Normality, one characteristic of which is the turn from a factors-driven and investment-driven economy to an innovation-driven one. E internal financing mode between members of the innovation chain is a new financial support model to promote an innovation-driven economy by innovation chain. E internal financing mode between members of the innovation chain can perfect the resource allocation mode in accordance with the law of innovation and provide a new financial support mode for innovation activities. Is paper is to design the internal financing model between members of the innovation chain and the risk control mechanism based on the relationship and the profit distribution among the innovative subjects in the innovation chain, so as to reduce the financial constraints of innovation subjects and improve the innovation efficiency of the innovation chain.
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