Research On The Relationship Between Innovation Investment And Enterprise Value Of New-generation Information Technology Enterprises

The new-generation information technology industry is a key industry in the current international new round of industrial competition,occupying a prominent position in the fourth industrial revolution.It has the characteristics of cutting-edge,high technology and high investment.The product is updated at a fast iterative speed.New innovation elements need to be continuously injected and the innovation investment of related companies is relatively high.In this thesis,228 new-generation information technology industry listed companies from 2012 to 2018 are selected as research samples,and the overall samples are divided into five major sub-sectors with reference to the industry classification criteria of the Strategic Emerging Industry Classification(2018).Research on the relationship between innovation investment and enterprise value of the entire industry and various sub-sectors in the industry by means of statistical analysis,correlation analysis,regression analysis,and research on the effects of enterprise innovation capital investment and innovation manpower investment on enterprise value from two aspects of relevance and lag,and discusses the impact of enterprise heterogeneity.The research results show that:(1)The innovation input of the new-generation information technology industry enterprises is better reflected in the current enterprise value,and it is corrected in the lagging period.The reason is that the new-generation information technology industry's product update iterations is fast,and the product life cycle and innovation activity cycle are continuously shortened.(2)The contribution of the innovation input of enterprises in different sub-sectors to the value of the enterprise is different.The positive impact of innovation capital investment and innovation manpower investment on software and new information technology service industries,the Internet and cloud computing big,data service industries on corporate value is significant.The reason may be the continuous development of open source technologies,which has gradually reduced the technical threshold.As a result,the threshold for capital investment has increased.Simultaneously,the characteristics of application innovation and service innovation have made these two industries more dependent on scientific and technological personnel.Theinnovation capital investment of the new generation of information network industry and electronics core industry has no significant relationship with enterprise value.It may be related to the insufficient core competitiveness of enterprises in these industries.The artificial intelligence industry's innovation investment has a significant effect on increasing the value of the enterprise.However,China's artificial intelligence industry is still in its infancy.Innovation investment is mostly used for breakthroughs in underlying technologies,and there are few technologies available for mass commercialization.(3)The relationship between innovation investment and enterprise value of the new-generation information technology enterprises has corporate heterogeneity.The capital market has a higher enthusiasm for the innovation capital investment of small-scale private enterprises,but has a higher enthusiasm for the innovation manpower investment of large-scale state-owned enterprises,which stems from the difference in economic strength between them.