Research On Independent Technologic Innovation Mode Selection And Investment Decision-making Of Enterprises

The innovation is the important means to strengthen competition ability and to keep on the development for enterprises, is also the motive force and source of a national economy growth with keeping on development. Therefore, it is very important to work out rightly and successfully implement the innovation strategy. The facts prove, in our country, independent innovation strategy is the certain choice of business enterprises. How to choose the innovation modes and how to make the investment decision seems be very important.This paper regards enterprises as its object of study. On the base of technology innovation theory, combining independent innovation with benchmarking theory, the paper inquires into the strategic positioning of enterprises' independent technologic innovation and the choosing of innovation modes. Adopting modern investment theories, this paper studies how enterprises decide to invest for independent technologic innovation projects.This paper carries out the overview and summaries to the related preferences. The innovation theories are plentiful and its application is widespread. The independent innovation is the difficult mode of various creative modes, which is put forward by Chinese scholars according to Chinese actual circumstance. On the base of analyzing the shortages of the traditional investment and decision-making methods, the author elaborates real option theory and method, which is the latest development of modern investment and decision-making theories. At the same time, the benchmarking theory and method are detailed expounded.After discussing the content and basic characteristic of independent technologic innovation and studying the strategic position of enterprises' independent technologic innovation, the paper puts forward that enterprises should implement the good benchmarking for independent technologic innovation, and discussess the necessity and possibility and the path and the tactics the business enterprises carry out the independent technologic innovation to make use of good benchmarking theory.The paper systernly analyzes the modes of enterprises' independent technologic innovation, including the original innovation, integrative innovation and innovation based on technology-introduction. Because various modes have various advantages and disadvantages, and various enterprises' innovation capitability are different, and the extent of diffculty of various innovation projects are different, the paper puts forward some principle for choosing innovation modes and discusses how to choose proper mode to fitted the different enterprises. The paper also studies how to choose the parties of integrative innovation after the independent innovation mode has been chosen.By making use of real option theory and method, some homologous mathematics models for investment and decision-making are built up. The paper analyzes, if only one item, how business enterprises choose the investment opportunity according to the innovation mode chosen by enterprises, which is the original innovation or integrative innovation or innovation based on technology-introduction. At the same time, because of the restriction of the resources and the variety of the innovation items, the quantitative analyses of investment and decision-making for various items are discussed.According to the codes of choosing study object for empirical study, this paper chooses Chinese constuction machinery industry as the object of study and analyzes its survey and problems and present situation of independent technologic innovation. Then, this paper chooses Xuzhou Construction Machinery Group Co., Ltd. (XCMG) and SANY Hearvy Industry (SHI) and Anshan Haihong Construction Machinery Group Co., Ltd. (AHMG), which XCMG is the representive enterprise of state-operated enterprises and SHI is the representative enterprise of private enterprises and AHMG is the representative enterprise of medium and small enterprises in Chinese constuction machinery industry, and studies their independent technologic innovation modes and achievements, and applies investment and decising-making models built up in front of the paper to practice.This paper provides a kind of new theory and application frame for enterprises to carry out the independent technologic innovation strategy and to choose the innovation mode and to make investment decision-making of the independent technologic innovation items. The results have theoretical significance and practical value for enterprises to decide and manage independent technologic innovation and the investment.