Competition, Managerial Technical Background And Enterprise Technology Innovation

In today’s world,technology innovation has become an important strategy for both the company and the country.For China,enhancing technology innovation capability is helpful to improve its economic structure and to maintain its economic growth;it is also important for increasing the country’s soft power.For an enterprise,developing technology innovation is actually a learning pattern,which is essential for enterprise’s obtaining core competitive power and taking part in the market competition.Since there is no certain answer to whether competition,managerial technical background or internal capital market has positive or negative impacts on an enterprise’s technology innovation,this paper decides to study this issue.Through empirical research,based on the data of 2420 companies listed in Shenzhen and Shanghai stock markets between 2012 and 2015,after introducing the life-cycle theory to classify sample,we find that:(1)In start-up and growth phase industries,competition positively affects corporates’ innovation;in mature and declining industries,there is inverted U-shaped relation between competition and innovation;(2)Managerial technical background positively affects corporates’ innovation;(3)Internal capital market positively affects corporates’ innovation.