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Institutional Capital and Corporate Innovation Frictions: Evidence from China’s University Science Parks
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周
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DOI：10.1016/j.ribaf.2026.103476.png)
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Abstract
En 中文
• National University Science and Technology Parks (NUSTPs) reduce corporate innovation frictions by acting as external intangible assets. • Firms collaborating with universities that host a NUSTP produce significantly more patents, particularly high-quality invention patents. • The positive effect is most pronounced for state-owned enterprises and firms with limited internal R&D capacity. • Geographic proximity to the NUSTP and a higher density of incubating firms within it further amplify innovation output. • These parks enhance firms' ability to convert research partnerships into innovation, thereby reshaping the allocation of innovative activity in emerging markets.
Keywords:
Institutional Capital
Corporate Innovation
Science and Technology Parks
R&D Capacity
Innovation Frictions
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