The Influence Of Higher Education On Enterprise Innovation In China

In current world,innovation has already been the dominant strength and great fountain of socio-economic development.In recent years,many innovative incentive policies have been promulgated in China,and enterprises’ enthusiasm for innovation has been fully stimulated,and gradually become the principal of R&D investment and S&T achievements transformation.However,we still is in its infancy comparing with the western,especially the original innovation ability is not strong and the original achievements are lacking.The reason is that the lack of high-quality creative talents restricts the innovation and development of our country fundamentally.Along with the rapid economic and social development of a surge in demand for creative talents,professional degree graduate education plays more and more significant role day by day.Professional degree graduate education aims to foster high-level applied personnel,which undertake the difficult mission of inspiring innovation and creativity,and largely contributed to the building of high-level talent pool.Therefore,it is important to investigate whether higher education will affect enterprise innovation.Does China’s higher education have any impact on enterprise innovation? What influence channels are hidden behind it? Are there differences in impacts under different scenarios? What economic consequences will it bring? To answer this series of questions,this paper uses the policy of "expanding the enrollment scale of professional degree graduate students and innovating the cultivation mode of graduate students" issued by the Ministry of Education in 2013(hereinafter referred to as "the policy of expanding the enrollment of undergraduate and postgraduate students")as a natural experiment of the impact of high-level talent supply,selects all listed companies from2009 to 2019 as research samples,and constructs a double differential econometric model to examine the impact of higher education on enterprise innovation,The following findings have been reached:(1)Professional degree masters expansion graduates has increased the number of patent applications of listed companies,significantly promoting enterprise innovation,and this effect is more obvious in enterprises with high human capital intensity.(2)Exploring the impact of higher education on enterprise innovation,it is found that enterprise R&D atmosphere and staff R&D ability play an intermediary role,and explains the mechanism of higher education affecting enterprise innovation.(3)Exploring the differences in the effects of higher education on business innovation in various situations found that higher education has a more significant impact on enterprise innovation output when the enterprise is large;When the quality of employees is high,the impact of higher education on enterprise innovation output is more significant.(4)Exploring the economic consequences,it is found that higher education improves total factor productivity by promoting enterprise innovation,and ultimately promotes high-quality economic growth,and this positive impact is more significant in enterprises with high human capital intensity.This paper has a new perspective,which is more convincing than the existing research on higher education and enterprise innovation.It expands the theoretical research on the factors affecting enterprise innovation,and provides urgent suggestions on how to further explore ways to ensure the supply of innovative talents,stimulate the innovative vigor of enterprises and high-quality economic development.