The Influence Of Organizational Redundancy On Enterprise Innovation Investment

In recent years,with the rapid development and increasingly fierce competition of Chinese cultural enterprises,the innovation investment of enterprises is also valued.According to the development investment intensity of 177 cultural listed companies from 2013 to 2018 in this research,the average R&D intensity of enterprises in 2013 was only 1.95%,and climbed to 4.93% in 2018,which far exceeds the 2.5% R&D intensity target set in the 13th five-year plan for science and technology innovation.Under the background of encouraging cultural enterprises to drive innovation,it is of obvious practical value to explore the influencing factors of cultural enterprises’ innovation input and reveal its mechanism.There are many internal and external factors that affect the innovation investment of enterprises.On the one hand,the literature research shows that one of the key factors affecting the innovation investment of enterprises is the redundant resources of enterprises.The enterprise’s redundant resources have been high and straight up during the six years from 2013 to 2018,when the thesis analyzed the redundant resources of 177 cultural listed companies.On the other hand,in the innovation policies of Chinese cultural enterprises,relevant incentives,such as government subsidies,also frequently appear.The government directly subsidizes and encourages cultural enterprises to carry out innovation activities.For example,the total amount of government subsidies received by culture-listed companies in 2018 increased by about 44.7 percent compared with 2013.In this context,the thesis aims to explore the mechanism of the influence of redundant resources and government subsidies on the innovation input of cultural enterprises.In the second chapter,the thesis sorts out and summarizes the concept of redundant resources,the literature on the relationship between redundant resources,government subsidies and enterprise innovation input,which hypothesis and defines the research object and research scope for the thesis.In the third chapter,the thesis summarizes "resource-based view theory","externality theory" and "signal transmission theory",and puts forward the research hypothesis following by(1)redundant resources have a positive impact on enterprise innovation input;(2)government subsidies have a positive regulating effect on the relationship between redundancy and innovation input.Further,by referring to the generally accepted classification method in the academic circle,the paper divides the redundant resources into the absorbed redundancy and the unabsorbed redundancy,measures the absorbed redundancy by the ratio of the sum of sales expenses,management expenses and financial expenses to the main business income,and measures the unabsorbed redundancy by the ratio of the quick assets and current liabilities of the enterprise.In the fourth chapter,according to the classification standard of the latest classification table of culture and related industries(2018)released by the national bureau of statistics in 2018,the paper finally selects 177 listed cultural companies and constructs a panel model based on the data from 2013 to 2018.Then descriptive statistical analysis,correlation analysis,and fixed effects panel regression analysis were carried out on the samples,and the model robustness was tested.Through the test,the correlation analysis results of the model variables show that the correlation coefficients among the main variables are all less than 0.5 and significant,and there is no serious multicollinearity among the variables.The panel model regression results show that :(1)the absorbed redundancy is positively correlated with the innovation input of enterprises,which passes the 1% significance test.Absorbed redundancy refers to the surplus resources that have been integrated into the enterprise’s activities,such as surplus manpower and excessive sales and publicity expenses.These resources can be converted into innovative r&d projects more quickly,showing the positive impact of absorbed redundancy on innovation investment.The correlation between unabsorbed redundancy and enterprise innovation input is not significant,the standard deviation of unabsorbed redundancy is large,and the use of unabsorbed redundancy in cultural enterprises is quite different,which fails to obtain a good regression effect in the model of this paper.(2)government subsidies play a positive regulating role in the positive correlation between absorbed redundancy and innovation input,and pass the 5% significance test.Direct government subsidies can correct the negative impact of positive externality of innovation investment in cultural enterprises,and the signaling effect of government subsidies can enhance the recognition and boost of enterprises by external investors and the willingness of enterprises to invest internal resources in innovation activities.After further analysis of the empirical results,the paper gets corresponding Suggestions :(1)the positive impact of absorbed redundancy on the innovation investment of enterprises is relatively significant,and it is suggested that cultural enterprises should reasonably allocate and utilize two kinds of redundant resources,and pay more attention to settle the surplus resources into the absorbed redundancy which is beneficial to innovation.(2)in order to improve the willingness of cultural enterprises to invest in innovation,the government should effectively play the corrective role of "visible hand" and increase direct subsidies to cultural enterprises.At the same time,the paper reflects on the shortcomings in the empirical research process,and looks forward to the future research topics can be expanded.