Research On The Coupling Relationship Between Enterprise Innovation Performance And Financial Performance

China's economic development has entered a new normal stage.The current economic structure needs to be upgraded urgently.The main driving force of development in the future will be transformed into innovation.As an important part of economy,enterprises promote the progress of social economy and technology through their production and operation activities.At present,the competition between enterprises is becoming more and more cruel.Continuous technological innovation has become an inevitable choice for enterprises to survive and develop.However,due to the constraints of location,environment and other factors,the level of economic development in western region is slower than that in central region and eastern region,and the level of technological innovation in western is also slower.In this context,it is more significant to explore the relationship between innovation performance and financial performance of enterprises in the western region.Supported by resource-based theory,technology innovation theory and input-output theory,this paper firstly makes a comparative analysis of technological innovation activities and the overall financial situation of listed companies in the eastern,central and western regions by using data from 2010 to 2017,and summarizes the characteristics of technological innovation and the financial situation of enterprises in the western region;Secondly,based on the coupling coordination theory,we construct the comprehensive evaluation system of innovation performance based on input and output,and the comprehensive evaluation system of financial performance of enterprises based on the debt paying ability,operation ability,profitability and growth ability.Then,we use the coupling coordination degree model to analyze the development status and evolution path of innovation performance and financial performance of listed companies on GEM in the western region by using the data from 2015 to 2017.Finally,aiming at the enterprises with unbalanced development of innovation performance and financial performance,we use the gray relational degree model to analyze the internal factors which impact the performance level.The results show that:Firstly,The input and output of technologicalinnovation in the western region have maintained a growing trend,and the overall financial situation of the listed companies is good,but their absolute value has always lagged behind the central region,and which is much lower than the eastern region.Secondly,The innovation performance and financial performance of the companies listed on the GEM in western region have not been balanced,and their innovation performance has always lagged behind financial performance,the gap between them has widened year by year.Thirdly,The level of coordinated development of innovation performance and financial performance of these companies in western region is generally very low.From the mild maladjustment recession stage in 2015 to the moderate maladjustment recession coupling stage in 2017,the situation of coordinated development is very severe and needs to be improved urgently.Finally,from both macro and micro perspectives,we propose that the government should continue to strengthen the support to the west and create a good environment for innovation;At the same time,enterprises should enhance their innovation ability by increasing innovation investment,and increase their financial performance by improving their operational capacity and debt paying ability,in this way,the enterprises in the western region can be more stable and healthy.