| How to implement the strategy of innovation-driven development is an important topic during China's New Normal.According to the "National innovation index report 2014". Enterprises are the main power of R&D(Accounting for 77.3% of total investment in innovation).Therefore discussing the innovation activities of enterprises is key link of strategy of innovation-driven development. Currently the research perspective of enterprise innovation in China focused on three areas:1.factors of Enterprise Innovation investment,2.The relationship between innovation investment and innovation output(patent output),3.The relevance of Enterprise Innovation and Enterprise value. But few literature studied the issues about innovation quality and the profit distribution between the innovative technical personnel and the shareholders.However the mismatch between the patent output and quality become more and more prominent. Specially the number of invention patents which is known as the highest quality of the three type of patents accounts for a small part of total patent applications.It means in our country most patent applications are utility model patents and design patents.Thus the improvement of the patent quality has practical significance.Meanwhile China's demographic dividend is disappearing which forced the revolution of talent structure.Human capital will play an important role in innovation activities than ever before. How to complete the system of income distribution of Innovative technology talents is also a complex question worth exploring.based on the background and the research status mentioned above,this paper discuss the problem of innovation quality and income distribution considering the innovative technology talents proportion as the core research variable.The results of the study are listed as follows:1.It can promote the positive relationship between the innovation investments and the invention patent outputs that the enterprise enlarge the proportion of innovative technology talents,which improve the patent quality of the enterprise.As for the empirical model,we select the invention patent as dependent variable,innovation investment as the main independent variable,the innovative technology talents proportion as the adjusting variable,introducing the interaction term between the innovative technology talents and the innovation investment.Empirical results show that there is a positive correlation between innovation investment and invention patent,and the interaction term has the same relationship with invention patent.But there is no correlation between the innovative technology talents and the invention patent.This means that the enlarging technology talents proportion can't increase the invention patent applications but through the innovation investment promote the number of invention patent.2.It can inhibit the positive relationship between the innovation investments and the total patent applications that the enterprise enlarge the proportion of innovative technology talents.We use the same empirical model in the first part only considering the total patents as dependent variable instead of invention patents.The major difference between the results of the two models is that the interaction term in the second model is negative correlate with the total patents which represents that the enlarging the proportion of innovative technology talents inhibit the number of total patents through innovation investment.3.There is a risk of redistribution effect in China's listing corporation, and the risk size is positively related to the proportion of enterprise innovative technology talents.In this part we study the income distribution between innovative technology talents and share holders.based on the literature researching on the risk of redistribution effect,we reformat the traditional linear factor pricing model (adding the redistribution effect pricing factor)to verify if the risk of redistribution effect are embodied in the China's listing corporation.The reformative linear factor pricing model shows that the the redistribution effect pricing factor can explain the excess return caused by the proportion of enterprise innovative technology talents, and we also find the size of the risk is not only related to the proportion but also related to the size effect.Thus the small scale enterprises are facing greater risk of redistribution effect.Based on the results given by the above empirical models. We analysis the impact the innovative technology talents has given to the enterprises.If a enterprise enlarge the proportion of innovative technology talents it will increase the invention patent applications,improving the patent quality.But on the other hand by doing this the enterprise will increase the risk of redistribution effect.So the enterprises must balance the two influences.We suggest that whether the enterprises increase the invention patent applications depends on its nature.High technology industry, compared to the traditional industry, the risk of fluctuations in the industry itself is relatively large,so of technical personnel contributing to the establishment of competitive advantage,But by doing this, the traditional business may be counterproductive. As for the risk of redistribution effect,The increasement of proportion of technical staff will enhance the risk of redistribution effect which is a loss of claim right for surplus value from the shareholders perspective,but if the loss is used for equity incentive compensation of innovative technology talents it will motivate them to innovate which will have a positive effect on the enterprise.However if this risk is resulted from the Excessive flow of talent and the inadequate innovations property system which will have a negative impact on the shareholders,the value of the company even the innovation development of entire industry.Finally we indicates the research direction in future which will focus on the depth analysis of the risk of redistribution effect including the study on the reverse mechanism of the risk of redistribution effect on enterprise innovation and the further analysis on the other considerations of the risk of redistribution effect. |
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