Influence Mechanism Of Technology Innovation On Enterprise Risk-taking

The new round of technological revolution is sweeping the world.China's manufacturing industry is now in an important period of three phases of history.It has become an important development goal in the current and even the future period,from great strength to medium to high end.Facing the double squeeze of "reindustrialization" in developed countries and the rapid development of industrialization in developing countries,our manufacturing enterprises are facing unprecedented challenges in the world industrial division of labor system.Risk bearing is not only related to equity management,but also related to the quality of enterprise growth.It is one of the core contents of modern enterprise management and has attracted the attention of academic circles and senior corporate officials.The research on the mechanism of the impact of Chinese manufacturing enterprises 'technological innovation on enterprise risk bearing can not only find out the deep reasons for the lack of technological innovation ability and the low level of enterprise risk bearing.We can also find out the ideas and constructive suggestions to solve the problems of the transformation and upgrading of manufacturing enterprises and cultivate new advantages of international competition.Based on the literature of the correlation between technological innovation and enterprise risk assumption,this paper establishes a theoretical analysis framework of the impact mechanism of technological innovation on enterprise risk assumption.This paper explains the role of technology innovation in enterprise risk taking through three intermediaries: enterprise profitability,stock return and long-term solvency,and uses China's A-share listed manufacturing enterprise panel data from 2011-2015 to build a multivariate linear regression model.(1)There is a positive correlation between the investment of technological innovation in manufacturing enterprises and the assumption of enterprise risk,and each additional unit of investment in technological innovation is found.Enterprise risk assumption increased by 0.393 percentage points during the same period;(2)The enterprise's profitability,stock returns and long-term solvency have played a significant intermediary effect in the enterprise risk assumption of the technological innovation role of manufacturing enterprises.Among them,the profit ability is the most mediative in the three action paths of the technical innovation investment to the enterprise risk;(3)The contribution of non-high-tech manufacturing enterprises 'technological innovation investment to enterprise risk assumption is obviously weaker than that of high-tech manufacturing enterprises;(4)The impact of the technological innovation performance of state-owned controlled manufacturing enterprises on the profitability,stock returns and long-term solvency of enterprises is stronger.Yufei state-owned manufacturing enterprises.In addition,the paper also found that the intensity of R&D investment,growth,scale of enterprises and corporate risk assumption have a significant relationship.According to the framework of theoretical analysis and the results of Chinese and foreign research,combining the present situation of technological innovation and risk assumption of Chinese manufacturing enterprises,this paper puts forward the relevant policies from three aspects: enterprise profitability,stock return and long-term solvency.