Study On The Correlation Of Capital Resource And Innovation Performance Of High-tech Enterprises

While science and technology(S&T)are the primary productivity,and finance is the core of the modern economy,S&T and finance are the two wings of economic growth,and capital is the most powerful lever for leveraging innovation and pioneering.The integration of S&T innovation and financial capital is the fundamental requirement for optimizing the economic structure,promoting the reform of the supply side,speeding up the transformation of new and old kinetic energy,and enhancing the ability of national innovation.As the important engines of innovation and pioneering development,high-tech enterprises need to conform to the trend of society,actively integrate capital resources,increase investment in S&T activities,and enhance enterprise innovation performance.This is not only the requirement of the times to implement the national innovation-driven development strategy,but also the key for enterprises to achieve healthy and sustainable development.In fact,there are many sources of capital in high-tech enterprises,and there is no definite conclusion which is the most obvious support for the development of high-tech enterprises at present.Based on this point,this paper divides the capital of high-tech enterprises into paid-in capital,debt capital,fiscal subsidy and venture capital,in order to further study the impact of various sources of capital on innovation performance of high-tech enterprises,and provide a theoretical basis for the practice.Following is the main content:First of all,this paper sums up the relevant literature from the angle of high-tech enterprise's capital,innovation performance,investment in S&T activities and tax relief,and puts the four types of capital and high-tech enterprises into a research framework to explore the relationship among them.Secondly,this paper puts forward a mechanism of capital resource to innovation performance in high-tech enterprises from the micro level.Namely the influence of capital resource on innovation performance,is accomplished by the mediation of investment in S&T activities,and tax relief plays a moderating role in the process of capital resource affecting the investment in S&T activities.At the same time,according to the above analysis,this paper advances some research hypothesis and develops a theoretical model.Thirdly,since there is a time lag among the factors such as enterprise capital,investment in S&T activities,tax relief and innovation performance,this paper uses the method of two-stage hierarchical regression to respectively develop hypothesis test about the 503 high-tech enterprises in 2014-2016 and 832 high-tech enterprises in 2016 of Hebei province.And the empirical test results verify the rationality of mechanism model.Finally,the whole research contents of this study are summarized,and the theoretical contributions and managerial implications are stated.The research shows that whether considering the time lag of innovation performance or not,paid-in capital,debt capital,fiscal subsidy,and venture capital all have the significant positive influence on both the enterprise's economic innovation performance and the technical innovation performance.However,there are subtle differences in the correlation between various sources of capital and innovation performance.Meanwhile,this paper finds that when the time lag of innovation performance is considered,the impact of internal investment in S&T activities and external investment in S&T activities on innovation performance is different.In addition,this paper also points out the limitations of the study,and prospects the next research direction.