Innovation Investment,Marketization Process And Corporate Performance

In 2017,China's economy has entered a new stage of development and new changes have taken place in its structure.It is worth noting that the ability to innovate has always been a necessary factor for the growth and development of an enterprise and an important guarantee for maintaining its own competitiveness.According to a survey of more than 1,000 enterprise technology centers in China,the company's ability to innovate has been continuously improved,and its innovative capacity has been further enhanced.In 2017,the investment in innovation of manufacturing enterprises reached 397.88 billion yuan,accounting for 78.1% of the total investment in innovation of all enterprise technology centers,and 71% of the investment in innovation of technology centers.At the same time,in the reform of the market economy system in the past four decades,China has gradually established a market economy system.However,the vast geographical area makes the development of different regions different from each other,and enterprises in different marketization processes are The level of internal performance varies.Therefore,the process of regional marketization will also affect the intensity of innovation investment of enterprises.These internal and external factors will play a decisive role in the development and growth of enterprises.In order to reflect the current trend of economic development more profoundly,this paper uses the large sample panel data of Shanghai and Shenzhen A-share listed companies,taking the period from 2010 to 2016 as the research period,and according to the latest data of the “China's Indices for Marketization by Provinces Index(2016)” Investigated the relationship between innovation investment,marketization process,and corporate performance,and conducted a series of quantitative tests.The following conclusions were drawn:(1)Innovation investment promotes corporate performance,but there is a certain lag in this effect.Sex,usually after two years of innovation and investment,corporate performance has a significant increase;(2)marketization process is significantly positively related to corporate performance,that is,the higher the marketization process,the better the regional firm performance;(3)compared to In regions with a low degree of marketization,the more highly marketized regions can strengthen the positive relationship between innovation investment and corporate performance.Based on the empirical analysis of the innovative investment in Shanghai and Shenzhen A-share listed companies,corporate performance,and the level of China's overall marketization,this paper helps enterprises to grasp the current trend of national innovation,increase investment in innovation,increase the efficiency of innovation investment,and promote enterprises.Growth and development;at the same time,the country can make policy decisions based on the level of market development in different provinces and cities,and on the one hand ease the unbalanced economic development in the region,on the other hand,it also enhances the country's overall overall strength.