Research On The Impact Of Technological Innovation Capability On The Value Of Manufacturing Enterprises From The Perspective Of Value Chain

Enterprises are important participants in innovation activities,and they also play active roles in our national science and technology innovation system.The manufacturing industry is the main body of our national economy and it can reflect our national productivity level.Continuous innovation is an indispensable requirement for manufacturing industry's long-term development.The deep integration of the new generation in information technology and the manufacturing industry,which is now triggering a new round of scientific and technological revolutions and industrial changes.The manufacturing industry is facing major opportunities and challenges in the transformation and upgrading,innovation and development.Therefore,it makes much sense to research systematically in the the influences of technological innovation abilities on the value of manufacturing enterprises.On the basis of combing domestic and foreign related researches,this paper reviewed systematically the existing researchs achievements and deficiencies in the fields of value chain,technological innovation,enterprise value and etc.and from the perspective of relevant theories and concepts,this paper expounds the function mechanism of technological innovation capability on the value growth of manufacturing enterprises from the perspective of value chain.And on this basis,the index is selected and the research hypothesis is put forward.By constructing the panel data model,the influence of technological innovation ability on the value of manufacturing enterprises is verified.The specific research contents are as follows:First of all,from the innovation input,innovation output and the environmental support three aspects,this paper analyzed the influence factors of technological innovation abilities on the value of manufacturing enterprises from the perspective of the value chain,and on this basis,the primary indexes of the influence factors of technological innovation ability are determined,and then the index system is tested and screened by factor analysis method,and the four influencing factors of technological innovation ability are obtained.Then,considering the stage characteristics of technological innovation,this paper puts forward the instant effect,lag effect and cumulative effect hypothesis of technological innovation ability.A multivariate linear regression model is constructed by using the improved Ohlson residual income model to calculate the value of each share,as the explanatory variable of the econometric model,and combining the influence factor and control variable of the technological innovation ability as the independent variable.Finally,this paper selected 100 manufacturing companies listed in Shanghai and Shenzhen stock markets,and use Eviews to conduct descriptive statistics,correlation analysis and regression fitting for panel data from 2012 to 2016.It came to the conclusion that:the four factors of technological innovation ability--technology input ability,fund support ability,achievement transformation ability and environment supporting ability have remarkable promotion effect to the current enterprise value promotion,and the lag of environment supporting capacity and the current value of the positive correlation weaker than other factors,not significant to the promotion of enterprise value.The promotion of enterprise value is not significant.The technical innovation ability of lag two periods is not significant to the value promotion of the current enterprise.The cumulative two-period technological innovation ability has a significant promoting effect on the enterprise value promotion in the current period.