Research On The Impact Of Innovation Capital On TFP Of Enterprises From The Perspective Of Life Cycle

In the new era,China’s economy is in the transition period from factor-driven to innovation-driven,and by correcting the capital allocation of the past deformities,it can effectively stimulate the innovation vitality and innovation ability of micro-enterprises.At the same time,the change of the value creation model of micro-enterprise also puts forward new requirements for the enterprise management model.Management accounting plays an increasingly important role in identifying,screening,identifying and coordinating value drivers around value creation,helping active companies cope with social transformation.As an important part of intellectual capital,innovation capital has been attracting much attention in driving the growth of enterprises.Further deepening the study of innovative capital and its economic value is of great theoretical and practical significance for enriching and developing the theory of accounting value creation and perfecting the enterprise innovation support system.In recent years,the investment of enterprises in innovation capital has been strengthened,whether innovative capital can play its research and development function well,and developed new products with market vitality and core competitiveness,which has become the driving force for enterprises to gain competitive advantage and maintain sustainable development.Innovative capital has also become a hot topic of academic research.However,the research on innovation capital in the existing literature is limited to the impact of innovative capital on enterprise accounting performance and market value,and rarely involves the productivity of enterprises.At the same time,there is little literature-targeted research on the impact of innovative capital and its elements on enterprise total factor productivity at different life cycle stages.In this paper,all A-share listed companies from 2015 to 2018 are selected as research samples,from the perspective of enterprise life cycle,according to the cash flow portfolio method,the listed companies are divided into long-term,mature and recession period,based on the relevant theoretical analysis of the research hypothesis and model construction,through empirical research methods,This paper studies the impact of innovative capital and its elements on the total factor productivity of enterprises at different life cycle stages of enterprises.The results show that innovation capital and its various factors can effectively promote the improvement of enterprise’s total factor productivity.However,there are significant differences in the impact of innovation capital and its elements on the total factor productivity of enterprises at different stages of enterprise life cycle.Among them,the innovation capital and its factors in the adult life of the enterprise’s total factor productivity to promote the most significant.In the comparison of the two elements of innovation capital,human factors play the most important role in the improvement of enterprise’s total factor productivity.Further analysis found that,compared with state-owned enterprises,innovation capital in non-state-owned enterprises in the positive role of enterprise solely factor productivity is more significant,at the same time,the impact of innovation capital on enterprise total factor productivity is sustainable,and its role in the enterprise in the growth of at least two periods,And when the enterprise is in the mature period can only last one period.