| As the pillar of the new industrial system,the equipment manufacturing industry's manufacturing capacity and manufacturing level are crucial to the future development of a country.However,the biggest problem faced by China's equipment manufacturing enterprises is that they are “big but not strong”.Most equipment manufacturers still stay in the low-end processing and manufacturing stage.With the development of science and technology,the emergence of artificial intelligence and the transformation of the economic environment,it is imperative for equipment manufacturers to transform.As one of the important factors affecting the transformation of enterprises,investment,whether it is human capital investment,R&D investment or foreign investment,plays a key role in the process of enterprise transformation.The size of investment intensity represents the importance of enterprises in one aspect.The degree and the propensity of the outcome of the transformation.At present,most equipment manufacturing enterprises in China lack the attention and input of professional talents,neglect the investment in product technology research and development,and the positioning of the long-term development of enterprises is not accurate enough.As a result,the management system of some equipment manufacturing enterprises in China is not perfect,the organizational structure is rigid,and the business is single and innovative.Insufficient capacity and low added value of products,so China's equipment manufacturing industry has been at the low end of the international industrial chain and value chain.Therefore,this paper takes the equipment manufacturing industry as the research object and explores the impact of investment intensity on enterprise transformation.Firstly,on the basis of domestic and foreign enterprises' transformation and investment intensity related literature,the investment is divided into internal investment and foreign investment.The internal investment is divided into human capital investment and R&D investment.The ratio of investment to assets is Investment intensity;the transformation of the enterprise is divided into organizational transformation and business transformation driven by management innovation,and product transformation driven by technological innovation.Secondly,based on the analysis of the status quo of enterprise transformation and its influencing factors,select 1978 sample data of equipment manufacturing listed enterprises from 2014 to 2018,measure and evaluate the effect of enterprise transformation,and establish the influence mechanism of investment intensity on enterprise transformation.The model,the impact model of human capital investment intensity on organizational transformation,the impact model of R&D investment intensity on product transformation,the impact model of foreign investment intensity on business transformation,and the analysis of the mechanism of investment intensity on enterprise transformation.The research results show that the investment intensity promotes the transformation of China's equipment manufacturingenterprises.The greater the R&D investment intensity,the better the product transformation effect of the enterprise.The greater the foreign investment intensity,the better the business transformation effect,and the enterprise's organizational transformation is not only based on human capital investment.Realized,it requires the assistance of multiple factors to complete together.Finally,the conclusions of this paper are summarized.The aim is to provide policy suggestions and management inspiration for the equipment manufacturing enterprises that are preparing to undertake or are undergoing transformation,and to summarize the shortcomings of the research and the research direction of the next step. |
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