Research On The Relationship Among Market Level,R & D Investment And Innovation Performance

Innovation is the first driving force to lead development,and high-tech enterprises are important carriers to improve our independent innovation ability.The main way to improve innovation ability is to carry out R & D activities.In recent years,R & D investment in high-tech industry in China has been increasing,but the current innovation performance output is still not ideal.How to further improve the level of independent innovation of high-tech enterprises? Technological innovation is an activity with complex internal and external connections.Through good interaction with the market environment,enterprises can make use of the high-quality resources in the market to form their own innovation inertia.Especially in the process of economic system transformation in China,market-oriented institutional reform plays a very important role in the process of technological innovation.Therefore,this paper takes market-oriented variables as adjusting variables into the model of R & D input and innovation performance output of enterprises,and tries to analyze the path of market-oriented factors affecting technological innovation of enterprises,aiming to open the "black box" between R & D input and innovation output of enterprises.For the R & D activities carried out by high-tech enterprises:(1)their capital intensive characteristics determine that a large amount of capital needs to be invested in the R & D process.Due to the characteristics of high risk and information asymmetry in R & D financing,enterprises often encounter financing constraints,which leads to insufficient investment in R & D capital;(2)their knowledge intensive characteristics determine that the R & D process needs sufficient knowledge and intellectual resources However,due to the self realization needs of high-tech talents and the scarcity of talents,R & D personnel tend to have a high willingness to flow,which leads to the current situation of brain drain and insufficient supply of enterprise knowledge resources;(3)its high spillover effect directly damages the original innovation interests of enterprises,and increases the difficulty of R & D financing,which results in independent research of enterprises Lack of power.When the above "shortage" occurs,the four aspects of Marketization-financial marketization,reasonable talent flow,intellectual property protection and market intermediary organizations can play the regulatory roles of capital contribution supplement,intellectual support and power guarantee respectively,so as to facilitate enterprises to carry out technological innovation activities and promote innovation performance output.On the basis of theoretical analysis,this paper uses the provincial panel data of high-tech industry from 2008 to 2016,and adopts the method of hierarchical regression to construct the regression model of regulatory effect of three market-oriented variables.The empirical results show that:(1)R & D capital investment can promote the output of innovation performance;(2)R & D manpower investment can promote the output of innovation performance;(3)financial marketization plays a positive role in regulating R & D capital investment and innovation performance;(4)the flow of technical talents plays a negative role in regulating R & D manpower investment and innovation performance.This negative role reflects the current market people The fact that the mobility of power and resources is too high leads to frequent job hopping of R & D personnel and hinders the smooth development of R & D activities of enterprises;(5)Intellectual property protection does not produce obvious regulatory effect between R & D investment and innovation performance,but directly promotes innovation performance output.Because the innovation performance proxy variable selected in this paper is patent application amount,and there is a strong direct relationship between intellectual property protection and patent application itself,this paper believes that this strong direct relationship makes the regulatory effect become "Overshadowed".(6)market intermediary organizations have a positive regulatory effect between R & D investment and innovation performance of enterprises,Under the development level of strong market intermediary organizations,the promotion effect of R & D investment on innovation is far greater than that under the development level of weak market intermediary organizations.Finally,combined with the theoretical analysis and empirical results of this paper,this paper puts forward suggestions to improve the independent innovation ability of high-tech enterprises from the aspects of promoting the process of financial marketization,guiding the rational flow of talents,improving the legal system of knowledge protection and encouraging the development of market intermediary organizations.There are 15 pictures,12 tables and 119 references.