Research On The Mechanism Of Government Regulation Burden On Enterprise Technological Innovation And Performance

Since the 1990 s,the government's regulatory burden on enterprises has always been an important issue facing governments all over the world.The study on the burden of government regulation is a hot and frontier topic in the study of the relationship between government and enterprises in recent years.As a country of emerging economies,our country is in a critical period of economic restructuring.The government's regulatory capacity and the formulation and implementation of regulatory standards still need to be improved.Changes in the burden of government regulation will affect the strategic behavior of enterprises,which have an impact on business innovation and business performance.Based on the current situation and the latest development of domestic and foreign government regulation,institutional logic and enterprise strategic balance theory,this paper constructs a theoretical model,which explores and tests empirically from three aspects: technological innovation efficiency,enterprise survival and enterprise performance The impact of government regulation on the business burden.This paper combines the theory of multiple institutional logics and strategic balance theory to analyze the mechanism of government regulatory behavior under the influence of multiple institutional logics of competition in local governments in China and the mechanism of corporate strategic response under the influence of multiple institutional logics of enterprise competition.This paper constructs a model of the corresponding relationship between the government regulation burden and the enterprise strategy based on the system logic theory.Through the model,it analyzes the influence mechanism of the government regulation burden on the enterprise's technological innovation efficiency,business performance and business survival.This paper analyzes the provincial panel data of China's high-tech industry from 1999-2009 by using the Stochastic Frontier Analysis production function model(SFA)from the perspective of macro-industry,and deeply studies the relationship among government regulation burden,the intermediary organizations and the technological innovation efficiency of enterprises.The results show that:(1)The influence of government regulations on the technical efficiency of enterprises is inverted U-shaped.The government tends to encourage enterprises to invest in innovative types of high-social benefits and to impose a regulatory burden on the innovative activities of high-market-income types of enterprises.The efficiency of technological innovation in enterprises is affected by both types of innovations.When the government regulation balances the two innovative activities of enterprises,the efficiency of technological innovation of enterprises reaches a higher level.(2)The decrease of government scale significantly and positively affects the efficiency of technological innovation of high-tech enterprises.Reducing the size of the government improves the efficiency of the government,and it relieves the government's multiple agency problems and reduces the compliance costs of enterprises.(3)The level of development of intermediary organizations significantly affects the technological innovation efficiency of high-tech enterprises positively.Intermediary organizations significantly reduce the cost of external search for innovation,while accelerating the process of enterprise innovation.(4)Intermediary organizations play an adjusting role in the influence of government size on the efficiency of technological innovation.The development of intermediary organizations reconciles the relationship between government and enterprises and helps to reduce the compliance costs caused by government regulation to enterprises.This paper analyzes the data of high-tech enterprises in Chinese industrial enterprises database from 1999 to 2009 from the perspective of micro-enterprise level and uses COX risk proportional model to study the influence of government regulation burden on the survival probability of high-tech enterprises.The results show that: the burden of government regulation on the survival probability of high-tech enterprises in our country shows an inverted U-shaped relationship,and there exists the optimal burden of government regulation,which can minimize the survival risks of enterprises while the government regulation is overburdened or too light Will significantly reduce the probability of survival of high-tech enterprises;export behavior of enterprises,the nature of the ownership of enterprises and the size of the enterprise have a regulatory effect on this relationship,the export behavior of enterprises,the nature of enterprises for the state-owned enterprises,enterprises larger,can reduce the influence of the government regulation burden on the survival probability of high-tech enterprises.Based on the institutional logic theory and strategic balance perspective theory,this paper analyzes the Chinese A-share manufacturing listed companies from 2008 to 2016 by using the multiple mediating effect test method and deeply studies the relationship among the government regulation,the strategic balance and the corporate performance.The empirical results show that the influence of government regulation burden on firm performance is significant inverse U-shaped relationship.The market strategy and non-market strategic investment level play a significant multiple intermediary effect between government regulation burden and firm performance.At the same time,this paper chooses the data of 2000-2007 before the financial crisis to conduct a robust test and comparative analysis.The results show that before the financial crisis,the non-market strategy of enterprises plays a major intermediary role in the relationship between government regulation burden and firm performance.After the financial crisis,the intermediary effect of the non-market strategy of the enterprises weakened,the sales strategy in the market strategy played an important mediating effect,and the strategic center of gravity of the enterprise shifted from the market strategy to the market strategy gradually.The intermediary effect played by the R & D strategy of the enterprise is always at a low level.The individual intermediary effect of the R & D strategy before the financial crisis is insignificant.The individual intermediary effect of the R & D strategy after the financial crisis becomes significant.This shows that as the domestic market environment continues improve,enterprises pay more attention to R & D innovation and tend to cope with the negative impact of government regulation burden by realizing long-term performance returns from technology and product innovation.This study expands the domestic and foreign scholars on the relationship between government regulation theory and business behavior,and provides empirical evidence and reference for the current debate on government regulation burden on the enterprise technology innovation,business survival and business performance.In general,the impact of government regulatory burden on the efficiency of technological innovation,the performance of enterprises and the survival of enterprises is not purely linear.There is an optimal level of government regulation.By properly regulating the production and business operations of enterprises in the market,the efficiency of technological innovation and business performance maintain a high level of development.The research also has theoretical and practical significance for understanding the influence path and economic consequences of government regulation and enterprise behavior.The policy implications of this research are as follows: The state should make efforts to improve the regulatory capacity,improving the procedures for formulating and implementing the relevant regulations of enterprises,and moderately regulate the enterprises.The government should create a good market environment,and strive to find the optimal balance of regulatory burden.