Research On Internal Controllable Resources And Innovative Investment In Enterprises

With the rapid development of economy in our country,China's manufacturing enterprises are confronted with the historical opportunity of transformation and upgrading,and the transformation and upgrading of enterprises can't be separated from innovation,which has become a new driving force source of China's economic development.Facing fierce competition in the industry,enterprises will pay more attention to innovative investment so as to enhance their competitiveness.Innovation is not only for technology and product innovation,but also for system and mode innovation.J A Schumpeter once mentioned view that "innovation" is an endogenous.It can be seen that innovation to a large extent belongs to the internal behavior of the enterprise itself,and the internal innovation of the enterprise needs continuous innovation investment to realize technological innovation and product innovation.The academic community usually focuses on the capital acquisition and project selection of innovative investment,and in practice,the innovation investment of the enterprise may be more dependent on the internal resources owned by the enterprise.Based on theoretical analysis and empirical analysis,this paper tries to analyze the relationship between internal resources and innovative investment of enterprises.This study has a certain theoretical significance for improving the existing research on innovation investment,and has a positive effect on the promotion of enterprise innovation ability.Based on the above research background,this paper will focus on the relationship between internal resources and innovation investment of manufacturing enterprises in China.This paper selects 220 manufacturing enterprises which are listed in China's main board and gem in March 6,2017 as samples.The sample time period is three years from 2014 to 2016,with a total of 660 sample points.Enterprise innovation theory,resource-based theory,enterprise competence theory,Pecking Order theory,depreciation compensation theory,enterprise import and export related theory as the theoretical basis,from the Angle of view of the manufacturing enterprise internal controllable resources,using panel regression method of empirical analysis,factors affecting the innovation investment of our country manufacturing industry listed companies are analyzed First of all,on the basis of the review of related literature at home and abroad combined with related theory to study and put forward the corresponding research hypothesis,further,according to the characteristics of manufacturing innovation investment of listed companies in China,the empirical research of this article has carried on the design.Then,according to the empirical research design,the selection of R&D investment intensity are explained variables,the asset-liability ratio,total assets return rate,enterprise scale,the condition of assets structure and the overseas business income as explanatory variables,manufacturing listed companies in China empirically the influence factors of the intensity of R&D investment.The results of the empirical test show that:The higher the company's own capital adequacy ratio,the more inclined to make innovative investment;The stronger the profitability of the enterprise,the more innovative investment activities;Enterprise innovation investment has scale effect;The higher the use efficiency of fixed assets,the more positive the innovation investment;The higher the accumulation degree of intangible assets,the more inclined to make innovative investment;The import and export business activities of enterprises have a positive effect on innovation investment activities.