Firm Value Creation Through Channel Innovation

With the rapid development of information technology,the acceleration of economic globalization,the increasingly fierce domestic and international competition,innovation is more and more important to the growth and development of enterprises,and become the key to the success of various industries and enterprises.Traditional innovation theory emphasizes product innovation and technological innovation,while the Internet and its spirit to speed up the consumer accessing to product information speed also expanded its breadth,the uncertainty and personality of the demand from users increase,and the market is in great need of customer and speed.This makes the innovation of contemporary enterprise more in a form of channel innovation,also,the rapid development of modern network technology has made channel innovation not an exclusive e-commerce giant.Nowadays,the connotation of enterprise channel innovation diversifies,and behavior towards channel innovation normalized.As an important marketing behavior of enterprises,channel innovation is the source of sustainable competitive advantage,which has far-reaching impact on the long-term performance of enterprises.However,because of the huge risk of investing a lot of resources in the early stage of channel innovation,so the discussion about the performance of channel innovation has long been a hot spot in this field of research,scholars have carried out a lot of researches from different angles in order to find an answer.In the performance indicators,both the market indicators and financial indicators are also gradually rising stock price indicators,etc.,in the impact of performance factors,the existing research focused on the external environment,innovation strategy and corporate financial characteristics of the differences,concerning less about the impact of governance characteristics on the performance of channel innovation,and concerning less about the ownership structure and external competition in different innovative models,Therefore,combined with the particularity of channel innovation of Chinese enterprises,this paper distinguishes two kinds of channel innovative models,namely the open innovation and closed innovation,based on the degree of innovation openness,by combining the ownership structure and external market environment,in respect of the micro-characteristics of enterprises,trying to explore the performance of China’s listed companies channel innovation performance,in order to provide for new directions of channel innovation to Chinese enterprises.This paper first systematically reviews the theoretical literatures such as transaction cost theory and resource base view,which are related to the creation of channel innovation value,and then gives a brief introduction to the current situation and development process of channel innovation in China.On the basis of this,this paper analyzes the relationship among channel innovation and firm value,how the internal and external factors,namely the ownership structure and the external market competition influence the efficiency of channel innovation,thus coming up with the hypotheses.Relying on the channel innovation and firms’ stock price data from listed firms’ annual reports and CSMAR in the period 2010-2015,this article investigates whether a firm’s announcement of innovation of channel influences firm value,authors also consider the moderating role of ownership structure and industry competitiveness.The results are achieved as below:(1)Both closed innovation of channel and open innovation of channel will have positive influence on firm value.(2)State ownership will positively affect the influence of closed innovation of channel on firm value,while will has no significant effect on the relationship between open innovation of channel and firm value;(3)Ownership concentration will positively affect the influence of open innovation of channel on firm value,while has no significant effect on the relationship between closed innovation of channel and firm value;(4)Industry competitiveness experience firm value reductions in respect to open innovation of channel,while has no significant effect on the relationship between closed innovation of channel and firm value.