The Influence Of Technology Innovation Of The GEM Listing Corporation On The Enterprise Performance

Since the founding of New China,manufacturing has been a major contributor to economic development.Without manufacturing,there is no modern material civilization.As the pillar of China's economy,the rise and fall of manufacturing is related to the country's international competitiveness.At present,China is a big manufacturing country,not a manufacturing power,mainly because of weak industrial technological innovation capabilities.Therefore,technological innovation is crucial to the development of manufacturing enterprises.The manufacturing enterprise is the cell of modern society and the main body of the market economy.SMEs are the most active part of this body.In the pursuit of the highest efficiency competition,SMEs can take advantage of the flexibility of the mechanism and the ease of transition,and continue to carry out technological innovations to survive in the fierce competition.GEM is established by the country to support high-tech and high-tech SMEs.And most SMEs are manufacturing.Therefore,this paper will study the impact of technological innovation on the performance of the enterprises listed on the GEM listed companies,so that enterprises in the development process can reasonably carry out technological innovation activities,improve corporate performance,and promote the development of China's economy.This article discusses the concepts and measurement indicators of technological innovation and corporate performance,the definition and characteristics of the listed companies on the GEM,and introduces the technology innovation theory and core competitiveness theory.Summarizing the methods and conclusions of literature research on the impact of technological innovation on business performance.And discuss the research objects and methods of this article.Then collecting and screening of relevant panel data of149 GEM listed manufacturing companies for 2014-2016.Measuring technological innovation with R&D density,technician ratios,and patent grants.Measuring corporate performance with a combination of return on equity,earnings per share,and return on total assets.The control variables are firm size and debt ratio,and the adjustment variables are corporate growth.And by establishing multiple linear regression models to study the relationship between technological innovation and corporate performance.Through theresearch: R&D density has a negative impact on corporate performance,and R&D density has a two-year lag effect on corporate performance.Explaining that R&D density can significantly enhance the performance of later-stage enterprises.There is a positive correlation between the ratio of technicians and corporate performance,indicating that the introduction of technical talents by enterprises can improve their effectiveness.The number of patent grants has no definite effect on firm performance,but there is one-year,two-year lagging effect on firm performance.Explaining that companies with a large number of patent grants will greatly improve their performance in later development.A better level of growth can enhance the impact of technological innovation on business performance.However,this study shows that there is no obvious regulatory effect of growth on the relationship between R&D density,technical personnel ratio,and the number of patent grants and business performance.Through the above conclusions,business managers should pay attention to the feasibility of technological innovation activities,scientific and rational investment in research and development funds,increase the proportion of technical personnel and accelerate the process of patent technology conversion.Investors should analyze the awareness and dynamism of the company's technological innovation activities,analyze its R&D process,focus on long-term planning,and strengthen financing activities to ensure high returns.The government should to strengthe the GEM listing threshold supervision system,regulate the disclosure of companies in their data,formulate relevant policies to train talents and provide corresponding funds to encourage enterprises to carry out technological innovation activities.