Abstract: The market of domestic technology enterprises has been greatly disturbed since the trade war between China and the U.S. The analysis of the first-hand data from a survey of spin-off firms in the Chinese Academy of Sciences indicates that different types of transformation motivation, i.e., capital, learning, and mission have different impacts on firm performance, and market disturbance will attenuate the positive relationship between spin-off firms’ learning motivation and firm performance. These results show that the government and research institutes should encourage various transformation motivations of spin-off enterprises, and give appropriate policy preference to the spin-off enterprises founded with learning motivation, so as to ensure that such enterprises can cope with the market disturbance caused by the trade war.

Key words: spin-off enterprises, transformation motivation, firm performance, market disturbance

摘要： 中美贸易战以来，国内科技企业的市场环境受到了较大的扰动。通过对中科院衍生企业进行调查得到的一手数据进行分析，研究发现，不同类型的转化动机中资金、学习和使命对企业绩效具有不同的影响，市场扰动对衍生企业的学习动机对企业绩效的影响具有负向调节作用。研究结果表明，政府和科研院所应鼓励衍生企业的各类转化动机，对以学习为动机创办的衍生企业可以给予适当的政策倾斜，以保障此类企业应对外部环境的市场扰动。

关键词: 衍生企业, 转化动机, 企业绩效, 市场扰动