Research On The Relationship Between Inter-enterprise Cooperative Technology Innovation And Financial Performance

Due to the rapid development of high-tech,social market competition among technology-driven high-tech enterprises is more intense.Faced with fierce market competition,it is becoming particularly important for high-tech enterprises to improve their technological innovation capacity.The complexity and uncertainty of technology makes it impossible for companies to rely solely on their own power.On the contrary,taking the advantages of other organizations and enterprises for collaborative innovation is probably a more efficient way to improve their technological innovation.At present,the current study by scholars at home and abroad on the relationship between enterprise collaborative technology innovation and financial performance is largely focus on that between enterprises and universities or scientific research institutes,and lacks systematic research on the collaborative innovation between enterprises.Therefore,this paper takes the perspective of collaboration between enterprises,and into which cut the life cycle theory,revealing the best suitable collaborative technology innovation model to obtain the best financial performance,and eventually to achieve competitive advantage for enterprises in different life cycle stage.This paper takes 201 listed companies in high-tech industry from 2011 to 2016 as the research sample,uses the technological innovation ability as the mediator variable,and measures the enterprise finance performance from four aspects,the future development situation,the asset operation status,the financial income situation and the capital structure condition.Based on the theory of collaborative innovation and the theory of life cycle,this paper analyzes the influence of different technological innovation ability on the financial performance of enterprises in different life cycle stages using different collaborative technology innovation model.Through the empirical research and analysis,the results of this paper are as follows:in the initial stage of the enterprise,the enterprise adopts the technical assistance collaborative innovation mode to better promote its technological innovation ability.And the financial performance can be improved from the financial income situation and the future development situation.In the growth stage,the enterprise can better improve its technological innovation ability with technical alliance mode of technological innovation,and specifically enhance its financial performance by capital structure.In the mature stage,the enterprise adopts the technology innovation mode of technology merge and acquisition to improve its technological innovation ability,through which to improve the financial performance from three aspects:asset operation status,future development situation and capital structure condition.In the recession stage,the enterprise adopts the technology license collaborative technology innovation mode to improve its technological innovation ability,and to improve the financial performance via financial income situation.