Research On The Relationship Between Technological Innovation Investment And Value Of High-tech Enterprises

With the coming of the era of knowledge economy,technological innovation has gradually become the focus of attention of all enterprises,especially the hightech enterprises with advanced technology as the development core and all sectors of society.The impact of innovation investment and enterprise value has attracted the attention of scholars.Based on technology innovation theory,resource dependence theory,inputoutput theory,corporate governance theory,board capital theory and marketing theory,this paper analyzes the complexity of the relationship between technology innovation input and the value of high-tech enterprises with empirical analysis methods,and studies the intermediary factors and regulatory factors of the relationship.It is found that with the increase of the investment in technological innovation,the relationship between the investment in technological innovation and the value of high-tech enterprises is "inverted N".This research result further explains the "R & D growth paradox",and also proves that the relationship between technological innovation investment and the value of high-tech enterprises is affected by other factors.Through theoretical analysis,it is proposed that innovation output plays an intermediary role in the relationship between technological innovation input and the value of high-tech enterprises.Taking the high-tech enterprises in the listed companies of our country as the research sample,the empirical research confirms that the innovation output is the intermediary factor of the relationship between the investment in technology innovation and the value of high-tech enterprises;the theoretical analysis and empirical research find that the capital of the board of directors,corporate governance and marketing investment are the regulating factors of the relationship between the investment in technology innovation and the value of high-tech enterprises.The human capital of the board of directors positively regulatesthe relationship between technological innovation input and the value of high-tech enterprises,and the intensity of regulation increases with time.The social capital of the board of directors positively regulates the relationship between technological innovation investment and the value of high-tech enterprises.Based on the research of equity concentration and executive equity incentive,it is confirmed that corporate governance regulates the relationship between technological innovation investment and the value of high-tech enterprises;marketing investment positively regulates the relationship between technological innovation investment and the value of high-tech enterprises from the second lag period.Based on the above research results,this paper puts forward countermeasures to improve the value of high-tech enterprises based on R&D investment.