Research On The Impact Of Technological Innovation On Financial Performance From The Perspective Of Life Cycle

With the advancement of science and technology,technological innovation has brought a vital impact on the development of enterprises and national economy in this rapid development of the information age.Faced with the fierce market enviromnent,technological innovation has already become a key factor to promote the development of enterprises.Therefore,it is particularly important to study the impact of technological innovation on corporate financial performance.At the same time,information technology industry is based on the theory of modern science as a new industry.It has become an important strategic industry in China.It plays a very important role in economic development,structural upgrading and improving national competitiveness.At present,although the research on technological innovation and financial performance of enterprises has made progress,it has not distinguished the different stages of enterprise life cycle and then studied the relationship between technological innovation and financial performance of information technology industry in China.Therefore,from the perspective of listed companies in information technology industry,this paper empirically analyses the relationship between technological innovation and financial performance of enterprises in different life cycle stages.This paper chooses five-year data of information technology listed companies in China from 2013 to 2017 and divides the sample into three life cycle stages:growth stage,maturity stage and recession stage and then studies the relationship between technological innovation and corporate financial performance in different stages of the life cycle from the theoretical and empirical perspectives.The final empirical results show that:(1)For the growing information technology listed companies,the proportion of R&D investment,technical personnel investment and capital expenditure are significantly positively correlated with the financial corporate performance.(2)For the mature information technology listed companies,the proportion of R&D investment and capital expenditure is positively correlated with the financial corporate performance,while the proportion of technical personnel is not correlated with the financial corporate perfonnance.(3)For information technology listed companies in the recession period,the proportion of R&D investment,technical personnel and capital expenditure rate are not related to the corporate financial performance.Based on the perspective of enterprise life cycle,this paper deeply analyses the relationship between technological innovation and financial corporate performance,which makes the research more accurate and convincing.At the same time,In this paper,the financial performance indicators are calculated by principal component analysis.Meanwhile,technological innovation is measured by multi-dimension,and information technology enterprises,mainly high-tech companies,are selected as research samples.Reasonable selection of samples and indicators and the construction of evaluation system make the relevant empirical research more perfect.