| New classical economic growth theory and endogenous growth theory have showed that the power of economic growth comes from technological innovation. Enterprises as a key component of the national economy, is the micro subject of technological innovation, the improvement of national technological innovation depends on the breakthrough of enterprises’ technology innovation. At present, China’s economic develops into the new normal, facing new opportunities and challenges, if enterprises can exploit their advantages to the full and make up for weaknesses, strive to improve the capability of technological innovation, it will help to adapt and promote economic development into the new normal. Manufacturing industry as a traditional industry, accounts for a large proportion in the listed company, so identify the influence factors of manufacturing companies’ technology innovation timely and accurately, then strengthen the favorable factors, weaken the adverse effects, are very important to enhance the country’s overall innovation capability, promote economic growth and lead the economic development in the new normal. Therefore, this paper tries to focus on the driving factors of enterprises’ technology innovation about manufacturing industry, starts from the micro level enterprises, collects related data of 52 listed companies in Jiangsu province from 2007 to 2014, first uses Translog production function of the Stochastic Frontier Model(SFA) to measure technical efficiency, and with the composite index as dependent variable to reflect enterprises’ technological innovation ability. At the same time, considering the complex characteristic of the impact factors of enterprises’ technology innovation, abandon setting model in advance, by using Bayesian Model Averaging method(BMA) to handle the uncertainty of model, 20 potential factors may affect the ability of enterprises technology innovation are ranked in order of importance. The paper explores key factors by two kinds of analysis methods, which provides a significant reference for enterprises to seek effective ways to improve their technological innovation capability. The main research contents and conclusions are as follows:(1)The presentation of related theories about enterprises’ technology innovation. Combining theory with practice, on the basis of previous research achievements, this section states the related theory and method, including the technological innovation theory and technical efficiency theory, stochastic frontier analysis method and Bayesian model averaging method, this chapter clarifies the theoretical framework for the research contents of the paper.(2)The construction of driving factors index system of enterprises’ technology innovation. The research on the influence factors of technological innovation has been the focus topic for experts and scholars. From internal and external environmental factors, and considering the availability, validity and accuracy of data, the paper ultimately determines 20 potential factors may affect the capability of enterprises’ technology innovation, then further elaborates the mechanism of each factor’s effects. The internal environmental factors can be divided into three aspects, they are internal governance, enterprise innovation ability and the allocation of resources.(3)The measurement of enterprises technology innovation capability. In order to measure the technological innovation capability of enterprises, abandons using a single indicator but build a two per unit yield index system, then uses Translog production function to calculate the technical efficiency. In addition, from the perspective of the whole and system clustering, analyzes the enterprises’ technical efficiency respectively. The values of efficiency of sample enterprises are divided into high, medium and low three categories by system clustering, mean value of three categories are 0.6295, 0.3865, 0.0944, separately. And the annual average efficiency over time decrease gradually, keeping with the movements of all the sample enterprise annual average efficiency. The decreased range of three categories over time gradually increased, it further illustrates that it is necessary and urgent to identify the key driving factors of enterprises’ technology innovation in a more open economic system.(4)The research on the driving factors of enterprises’ technology innovation. Based on the construction of index system, uses the related data of 52 manufacturing enterprises in Jiangsu province from 2007 to 2014, with technical efficiency as dependent variable, uses Bayesian Model Averaging methods to solve the model uncertainty, then this chapter ranks the potential factors in order of importance, eventually identifies seven key factors and they all are internal factors. It can be seen the internal factors is in a leading position.(5)The countermeasures and suggestions for enterprises to promote technology innovation capacity. Through the empirical analysis, the paper found that: ratio of university degree or above, equity concentration, R&D personnel quantity, worker welfare funds, enterprise scale, capital intensive degree and executive pay, these seven indicators are the key factors that influence enterprises’ technology innovation. Finally, this paper puts forward the countermeasures and suggestions to improve enterprises’ technology innovation ability from the overall and specific perspective respectively, providing a reference for companies. |
