The Influence Of Enterprise Asset Liquidity On Its Innovation Efficiency

With the development of the times,China's economic growth has slowed down gradually,the traditional economic model has been unable to meet the needs of the development of the new era,at the same time,the government is increasingly aware that innovation is the key driver of economic growth,Although China has made brilliant achievements in the field of economic development,the ability of independent innovation is still weak compared with developed countries.Therefore,the report of the 19th CPC National Congress clearly points out that innovation is the first driving force to lead development.Under such circumstances,enterprises,as the main bearers of socio-economic development,especially emphasize innovation-driven.Based on this,this paper takes A-share technology listed companies as a sample,analyzes the relationship between asset liquidity and enterprise innovation efficiency from a micro-perspective,and puts forward hypotheses after combing the relevant domestic and foreign literature.Then the DEA basic model is used to make static analysis on the innovation efficiency of sample enterprises,and the comprehensive technical efficiency,pure technical efficiency and annual mean value of scale efficiency of sample enterprises are sorted out and analyzed.The efficiency of DEA and the profit of scale of the sample enterprises are summarized.Finally,the correctness of the theoretical hypothesis is tested by empirical tests,and the following conclusions are drawn:(1)in terms of static efficiency measurement and evaluation,The average of comprehensive technical efficiency of sample enterprises from 2014 to 2017 is maintained at a relatively low level,and the overall trend of change is stable.The comprehensive technical efficiency varies greatly among different industries,and the proportion of non-DEA efficient enterprises in the total number of sample enterprises is higher in the aspect of DEA effectiveness of enterprises.In terms of returns of scale,the main board sample enterprises with increasing returns on scale from 2014 to 2017 accounted for a relatively large proportion.(2)the liquidity of assets of enterprises is positive.The higher the liquidity of assets,the higher the efficiency of innovation.