Technological Innovation,Growth And Enterprise Value

In October 2017,the 19 th National Congress of the Communist Party of China was successfully held in Beijing.General Secretary Xi Jinping stressed the importance of insisting on innovation for China's current development and the construction of a modern economic system in his report.In March 2018,the report on the work of the NPC and CPPCC summarized China's major innovation achievements,which were all completed under the guidance of the era concept of innovation leading development.Enterprises are the main body of innovation.The R&D strategy chosen by the enterprise affects the growth of the enterprise.Therefore,in order to enable the country to embark on a new development journey and complete the new mission entrusted to the whole society by the new era,it is of epoch-making significance to study the technological innovation of enterprises and is also the driving force for building an innovative country.Only by continuously improving their innovation ability can enterprises stand on the new era,and only by improving their innovation ability can the country maintain a steady pace in the world's powerful countries.Based on this,this paper studies the relationship between technological innovation and enterprise value,technological innovation and growth,growth and enterprise value,and then it verifies the existence of intermediary effect from theoretical and empirical aspects.This conclusion is of vital significance to the improvement of enterprise value and the enhancement of innovation capability of the country.The theoretical basis of this article includes: the theory of technological innovation,the theory of core competitiveness,the theory of endogenous and exogenous growth of enterprises,and the exploration of the driving factors of enterprise value.By selecting listed manufacturing companies that disclosed R&D investment in Shanghai and Shenzhen A shares from 2013 to 2017 as samples,this paper studies the interaction among technological innovation,growth and enterprise value.Furthermore,according to the intermediary effect test procedure,it is verified that growth plays an intermediary role in the positive role of technological innovation in promoting enterprise value.At the same time,it puts forward relevant research assumptions,builds a model by referring to previous literature research,selects sample data,and carries out multiple regression analysis,pearson correlation analysis and descriptive statistics respectively.After that,substitute variables are selected for robustness test.Finally,according to the research results,this paper puts forward some suggestions for the development status of manufacturing enterprises.Through research,this paper finds that the improvement of technological innovation will affect the improvement of enterprise value.The improvement of growth will enhance the value of the enterprise.On this basis,the test shows that there is a significant local intermediary effect between technological innovation,growth and enterprise value.This paper focuses on growth,and makes theoretical analysis and empirical analysis on this research path,thus confirming that enterprises can improve enterprise value by increasing innovation investment and thus increasing growth,and providing theoretical guidance and reference for the new path of promoting enterprise value.At the same time,it comes to the conclusion that the positive effect of technological innovation on enterprise value and growth is lagging behind,which is of enlightening significance to manufacturing enterprises with low R&D efficiency.