Creative driving force and market rational factors in innovation path selection

The traditional photovoltaic (PV) silicon industry stemmed from monocrystalline silicon, however, along with the great development, polycrystalline silicon and amorphous silicon have become the center of technological innovation. Through case study in this industry, our results suggest that those listed PV silicon companies with polycrystalline silicon and/or amorphous silicon as products gain higher valuation in the market than.... That further analysis manifests that this valuation is in line with the rational cost-benefit balance principle. This paper shows that (1) the traditional path of innovation follows the path of driving force innovation, and in line with the principles of innovation orbital theory, while modern innovation path follows the market rational, and makes its choices according to the balance of costs and benefits; (2) The impact of the expectation of technical innovation on the valuation is exist likely; (3) In the traditional path of technological innovation, government and individuals are the leading forces, while in the modern innovation path, companies are more likely to be the leading force through profit seeking mechanism.