This paper investigates the roles of technology distance and market distance in moderating the relationship between external R&D and innovation performance in the context of open innovation.Using the panel data of the Chinese innovative firms in 2008-2011, we applied Poisson regression to perform the empirical analyses.The results show that there is an inverted-U relationship between external R&D and innovation performance.We find that technology distance moderates the relationship between external R&D and innovation performance negatively, and the peak of inverted-U is occurring at a lower level of external R&D for firms with smaller technology distance.In addition, market distance moderates the relationship between external R&D and innovation performance positively, and firms with larger market distance reaches the peak of inverted-U at a lower level of external R&D.%本文探讨了在开放式创新模式下企业外部R&D、技术距离、市场距离与创新绩效的关系.基于2008-2011年中国创新企业面板数据,本研究采用泊松估计模型对影响企业创新的因素进行实证研究.结果表明,企业外部R&D与创新绩效呈倒 U 型关系;企业的技术距离负向调节外部R&D与创新绩效的关系,技术距离低的企业在更低的外部R&D水平上就能达到最优创新绩效;企业的市场距离正向调节外部R&D与创新绩效的关系,市场距离高的企业在更低的外部R&D水平上就能实现最优创新绩效.
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