Study On The Relationship Between The Technology Innovation Ability And The Enterprise Performance

With the globalization of science and technology innovation,the importance of innovation has been approved around the world wild.Chinese economic transition and development also requires more and more enterprises to turn their attention to technological innovation.GEM showed a promising growing trend,The main outstanding business,the pursuit of scientific and promoting high-growth has become the basic characteristics of the GEM enterprises.Among them,the equipment manufacturing industry is showing good growth ability,as many venture capital fund favored focus on investment,which is a force cannot be ignored for remoting Chinese sustained economic development,and promoting technological innovation.Since science and technology innovation is very necessary and important for the equipment manufacturing industry,the relationship between the technological innovation capability and the enterprise performance of the equipment manufacturing enterprises listed on the GEM?What factors will affect the relationship?This paper analyzes how to improves the enterprise's performance by the technological innovation ability,taking the equipment manufacturing industry as the research object,selecting equipment manufacturing industry of GEM in our country as the research scope,based on 2012-2015 panel data,The R&D input intensity and the number of patent applications are selected as the enterprise technological innovation capacity of the input indicators and quantitative output indicators respectively;ROE,the capital accumulation rate and Tobin Q are selected as a measure of corporate performance indicators;The regression analyses were made on the correlation between R&D investment and enterprise performance,the number of patent applications and enterprise performance.The results show that:(1)R&D investment intensity is not in the current period that can lead to the growth of corporate performance,but there is a lag of 1 to 2 years;(2)The number of patent applications has significant positive correlation with firm performance,and also has lag effect.(3)Tobin Q value compared to the accounting measurement indicators reflects the benefits of scientific and technological innovation ability more quickly;(4)There is a significant difference between the eastern region and the central&western regions in the degree of the correlation between technological innovation capability and enterprise performance,In the equipment manufacturing enterprises of GEM,the eastern part of the enterprise scientific and technological innovation capability of the relevance of corporate performance and positive effect is higher than the western region of the enterprise.Finally,this paper makes recommendations in three areas from the enterprises,investors and the Government:Enterprises should increase investment in technological innovation and improve the quality of innovation output and efficiency to promote the improvement of enterprise performance;Investors should maintain confidence in investment in technological innovation;The government should pay attention to the synergistic development among the various regions and complete the transformation from the leader to the guide.