The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis
Biomedical industry is a strategic emerging industry in China, especially the outbreak of the Covid pandemic. The biomedical industry is characterized by high risk, high investment, high technology and long cycle, and each stage contains risks and challenges. How to optimize the policy environment a...
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2024-01-01
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| Series: | Frontiers in Medicine |
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| Online Access: | https://www.frontiersin.org/articles/10.3389/fmed.2023.1297495/full |
| _version_ | 1797362383789752320 |
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| author | Yaqiong Zhang |
| author_facet | Yaqiong Zhang |
| author_sort | Yaqiong Zhang |
| collection | DOAJ |
| description | Biomedical industry is a strategic emerging industry in China, especially the outbreak of the Covid pandemic. The biomedical industry is characterized by high risk, high investment, high technology and long cycle, and each stage contains risks and challenges. How to optimize the policy environment and financial environment, explore the unique “policy” and “finance” model for the development of the biomedical industry, and improve the innovation performance has become an important issue. This paper analyzes the relationship among industry policy, financial institution and innovation performance in the biomedical industry from the configuration perspective, combining necessary condition analysis (NCA) and qualitative comparative analysis (QCA) research methods, using the A-share listed enterprises in Shanghai and Shenzhen in the biomedical industry from 2012 to 2020 as the research objects. It is found that (1) individual policy preference or financial institution dimension cannot constitute a necessary condition for generating high innovation performance of biomedical company, but increasing tax incentive and raising the proportion of equity-based financing method play a significant role in generating high innovation performance; (2) four “political” and “financial “synergistic grouping paths can generate high innovation performance, including tax incentives, financial institutions’ professional level and institutional background synergistic drive type; government subsidy, financing method and financial institutions’ professional level synergistic drive type; tax incentive and financing method synergistic drive type; tax incentive and institutional background drive type. Different synergistic grouping paths represent various ways to achieve high innovation performance of biomedical enterprise. In addition, the results show that the two “political” and “financial” groupings lead to low-to-medium innovation performance, which indicates that industry policy plays a very important role in the innovation performance and that the government’s support for emerging industries through policy is a significant force for the innovation development. This paper introduces the “political” and “financial” aspects to investigate the configuration effect of industry policy and financial institutions on the innovation performance of biomedical enterprise. The findings have important theoretical and practical implications for revealing the synergistic path of high innovation performance in the Chinese biomedical industry. |
| first_indexed | 2024-03-08T16:06:17Z |
| format | Article |
| id | doaj.art-42608eaf79f844cf9ac0f3a3d3c27a6d |
| institution | Directory Open Access Journal |
| issn | 2296-858X |
| language | English |
| last_indexed | 2024-03-08T16:06:17Z |
| publishDate | 2024-01-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Medicine |
| spelling | doaj.art-42608eaf79f844cf9ac0f3a3d3c27a6d2024-01-08T05:18:26ZengFrontiers Media S.A.Frontiers in Medicine2296-858X2024-01-011010.3389/fmed.2023.12974951297495The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysisYaqiong ZhangBiomedical industry is a strategic emerging industry in China, especially the outbreak of the Covid pandemic. The biomedical industry is characterized by high risk, high investment, high technology and long cycle, and each stage contains risks and challenges. How to optimize the policy environment and financial environment, explore the unique “policy” and “finance” model for the development of the biomedical industry, and improve the innovation performance has become an important issue. This paper analyzes the relationship among industry policy, financial institution and innovation performance in the biomedical industry from the configuration perspective, combining necessary condition analysis (NCA) and qualitative comparative analysis (QCA) research methods, using the A-share listed enterprises in Shanghai and Shenzhen in the biomedical industry from 2012 to 2020 as the research objects. It is found that (1) individual policy preference or financial institution dimension cannot constitute a necessary condition for generating high innovation performance of biomedical company, but increasing tax incentive and raising the proportion of equity-based financing method play a significant role in generating high innovation performance; (2) four “political” and “financial “synergistic grouping paths can generate high innovation performance, including tax incentives, financial institutions’ professional level and institutional background synergistic drive type; government subsidy, financing method and financial institutions’ professional level synergistic drive type; tax incentive and financing method synergistic drive type; tax incentive and institutional background drive type. Different synergistic grouping paths represent various ways to achieve high innovation performance of biomedical enterprise. In addition, the results show that the two “political” and “financial” groupings lead to low-to-medium innovation performance, which indicates that industry policy plays a very important role in the innovation performance and that the government’s support for emerging industries through policy is a significant force for the innovation development. This paper introduces the “political” and “financial” aspects to investigate the configuration effect of industry policy and financial institutions on the innovation performance of biomedical enterprise. The findings have important theoretical and practical implications for revealing the synergistic path of high innovation performance in the Chinese biomedical industry.https://www.frontiersin.org/articles/10.3389/fmed.2023.1297495/fullbiomedical industrygovernment policiesfinancial institutionsinnovation performanceNCA and QCA |
| spellingShingle | Yaqiong Zhang The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis Frontiers in Medicine biomedical industry government policies financial institutions innovation performance NCA and QCA |
| title | The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis |
| title_full | The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis |
| title_fullStr | The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis |
| title_full_unstemmed | The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis |
| title_short | The influence of “industry policy” and “financial institution” configuration effect on innovation performance of China’s biomedical industry-based on necessary condition analysis and qualitative comparative analysis |
| title_sort | influence of industry policy and financial institution configuration effect on innovation performance of china s biomedical industry based on necessary condition analysis and qualitative comparative analysis |
| topic | biomedical industry government policies financial institutions innovation performance NCA and QCA |
| url | https://www.frontiersin.org/articles/10.3389/fmed.2023.1297495/full |
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