Study On The Impact Of Market Segmentation On The Innovation Quality Of Chinese Enterprises

Market segmentation has a profound impact on the quality of corporate innovation,which affects the potential development of Chinese companies.To emphasize the important role of innovation for economic development,the 20 th Party Congress emphasized the importance of the innovation-driven development strategy,and since then,General Secretary Xi Jinping further pointed out at the 2023 National Congress that innovation is the key to promoting high-quality development.However,while the total amount of innovation in China has grown rapidly and ranked among the top in the world,the problems of lack of innovation capability and low quality of innovation of enterprises have become more and more serious.A favorable market environment,as an external factor affecting the balance of the enterprise innovation system,is the key to ensure high-quality innovation of Chinese enterprises.The existence of market segmentation hinders the integration of regional enterprises in terms of resources and technologies,which has a negative impact on the quality of innovation of Chinese enterprises.Therefore,this paper explores the impact of market segmentation on the quality of enterprise innovation and draws corresponding policy implications based on the research findings and the actual development stage of China,which is an important reference for accelerating the construction of a large national unified market and improving the overall level of enterprise innovation in China.The research idea of this paper is as follows: firstly,to sort out and summarize the existing literature in terms of market segmentation,the influencing factors of enterprise innovation and the relationship between them.Secondly,we determine the measurement methods of core variables and analyze the relationship between market segmentation and enterprise innovation quality in China.Again,based on a full understanding of the theories related to market segmentation and enterprise innovation quality,we propose the possible paths of the impact of market segmentation on enterprise innovation quality,and use the patent and financial data of Chinese A-share listed enterprises from 2008 to 2019 to estimate the impact of market segmentation on enterprise innovation quality through a panel data double fixed-effects model,and use a mediating effect model,a moderating effect model and other estimation methods for empirical testing.Finally,we investigate the intrinsic relationship between market segmentation and enterprise innovation quality from two perspectives: heterogeneity of ownership between state-owned and non-state-owned enterprises and heterogeneity of industry between high-tech and non-high-tech enterprises,and conduct robustness tests in terms of changing market segmentation and enterprise innovation quality measurement methods and transformed regression models.The results show that: first,the existence of market segmentation significantly inhibits the improvement of enterprise innovation quality;second,the differences in the type of industry and ownership of enterprises will constrain the effect of market segmentation on enterprise innovation quality and the heterogeneity of the effect of the existence of market segmentation on enterprises with different characteristics;third,market segmentation can significantly inhibit the improvement of enterprise innovation quality by reducing the degree of market competition and enterprise R&D efficiency;fourth,market segmentation can significantly inhibit the improvement of enterprise innovation quality by reducing the degree of market competition and enterprise R&D efficiency.Fourth,the level of marketization positively moderates the relationship between market segmentation and firm innovation quality,while the level of human capital negatively moderates the relationship between the two.In conclusion,this paper proposes the following policy insights:(1)Give play to the leading role of the market on innovation and promote the construction of a unified national market.(2)Clarify the functions of the government and focus on the stability and applicability of innovation policies.(3)Optimize the market competition mechanism and promote the transformation of enterprise innovation achievements.