Reaearch Of Innovation Efficiency Of Listed Companies In China's IC Industry

The integrated circuit industry is the foundation of modern information industry.The development of this industry will not only affect the process of national informatization,but also affect the upgrading of other traditional industries.At present,China is the market with the greatest demand for integrated circuits,but its development of integrated circuit industry is not satisfactory.Heavy import dependence,irrational industrial structure and lack of technology are main problems at this stage.This paper takes integrated circuit listed companies as the research object,conducting a two-step research.The research focuses on their innovation efficiency from 2011 to 2015.The first step is to measuring the company's innovation efficiency.In the calculation,the number of R&D personnel and the total R&D expenditure are input variables,the number of patent applications,the number of patents cited,size of patent family and total assets profit margin are output variables.The lag of innovation was also taken into consideration.The second step is to analyze the influencing factors of the company's innovation efficiency.Tobit regression is used in the analysis.Select the employee's education level,the company's Mergers and acquisitions,the company's size,market concentration,ownership nature,ownership concentration and government support as independent variables.This paper draws the following main conclusions after analysis: The innovation efficiency of IC companies is improving,and the current restriction on innovation efficiency is mainly due to the low efficiency of pure technology.The dividend of innovation scale reward of China's IC companies is likely to come to an end soon.The innovation efficiency of different links in the industrial chain is obviously different,showing the order of design,materials,sealing,manufacturing and equipment from high to low.Through the analysis of the influencing factors of innovation efficiency,it can be seen that the education level of employees,the Mergers and acquisitions of the company,the size of the company,the market concentration and government support will all have positive effects on the improvement of innovation efficiency of the company.In terms of ownership structure,it is proved that private enterprises have higher innovation efficiency than state-owned enterprises,and the relationship between ownership concentration and innovation efficiency is inverted U-shaped.The critical value of the shareholding ratio of the top ten shareholders is 64.61%.Based on the above conclusions,this paper puts forward the following suggestions: For enterprises,they should invest R&D resources rationally and improve the marginal efficiency of R&D funds;Pay more attention to talents and employ high-quality talents;Speed up the research and development process by Mergering company;Appropriate dispersion or concentration of equity,in order to improve the efficiency of the company's innovation.As for macro policies,the government should step up industrial support,focusing on chip manufacturing and equipment manufacturing;Improve market concentration and cultivate industry leaders.