Research On The Innovation Efficiency Of Chinese High-tech Enterprises

A new round of scientific and technological revolution and industrial transformation is emerging.Innovation has gradually surpassed traditional factors of production including natural resources,capital and labor,and become an important driving force of the development of human society.If there is no innovation in the country,industry or enterprise,there will be no technological progress.Without innovation,it is difficult to maintain a lasting competitive advantage;Without innovation,we will lose the inexhaustible driving force for survival and development,as well as the important driving force for sustainable development.In addition to this,especially the innovation efficiency has become the decisive factors for enterprises' win at the starting line,only with efficient innovation and continuous innovation,enterprises could lead the industry and the world,to have a say on setting industry standards,and to obtain core competence which is difficult to surpass,to stand in the top of global industrial chain,and become powerful world-class innovative pioneering enterprises.As a leader of innovative enterprises,on the one hand,high and new technology enterprises take innovation as "food" and "lifeline",on the other hand,the level of innovation efficiency of high and new technology enterprises directly affects China's supply-side structural reform,High-quality development and technological powers,and relates to the overall development of China's scientific and technological innovation.However,relevant research is very scarce.How is the innovation efficiency of high-tech enterprises,what are the main factors that affect innovation efficiency,and what is the mechanism of influence is unclear.This paper starts its comprehensive analysis on China high-tech enterprises' current innovation development status,constrains and bottleneck from two aspects: high-tech enterprises' the innovation efficiency and its dynamic evolution,and innovation efficiency's influencing factors and its mechanism,and then give out suggestions to give theoretical and empiric references on China's high tech enterprises ‘high efficient and sustainable development.Specifically,based on the literature review of technological economics,the efficiency theory,evolutionary economics theory,modern corporate governance theory,and on the basis of literature study.At first place,this paper classified enterprises' innovation process from the angle of innovation value chain,and using super efficiency network EBM model to analyze enterprises' innovation efficiency,pure technical efficiency and scale efficiency from the stages of integration,research and innovation and commercialization,and comprehensively measure enterprises' innovation efficiency from multi-angle based on heterogenous grouping.Secondly,using Global Frontier Malmquist Index to decompose enterprises' innovation efficiency from five aspects:innovation efficiency change rate,technological progress rate,technological efficiency change rate,pure technological efficiency change rate,and scale efficiency change rate,and the variation process and direction of enterprise efficiency in the past nine years were analyzed through heterogeneous grouping.Third,from the perspective of enterprise innovation system,breaking through enterprises' internal characteristic,external regional and industry environment features to measure the main factor of enterprises' innovation efficiency,then to deeply analyze the mechanism of influencing factors with the aim of obtaining a macro and comprehensive research on the influencing factors of enterprises' innovation efficiency.In this paper,the main research conclusions are as follows:(1)from aspects of static innovation efficiency,China's high technology enterprises' overall innovation efficiency is influenced directly by pure technical efficiency,specifically on each stage of innovation,R&D innovation's scale efficiency in the stage of R&D innovation,and pure technical efficiency in the commercial phrase are key influence factors,and therefore enterprises' innovation efficiency should be improved from three aspects: improving the input level,input quality and utilization rate of innovation resources.(2)In terms of dynamic innovation efficiency,the growth rate of innovation efficiency of high technology enterprises is jointly affected by technological progress and technological efficiency fluctuations.Among them,technical efficiency is mainly affected by pure technical efficiency.(3)In terms of factors affecting innovation efficiency and enterprise's cost constraints,employee compensation plays a significant role in improving enterprise innovation efficiency;In the aspect of development strategy,the growth ability of enterprises plays a great role in promoting the innovation efficiency of enterprises.In terms of governance structure,the degree of equity balance plays a significant role in improving the innovation efficiency of enterprises.At the level of regional differences,the development level of regional technology trading market has the greatest impact on enterprise efficiency.At the level of industrial differences,the improvement of industrial market demand is more conducive to the improvement of enterprise innovation efficiency.In terms of other characteristics,age has the greatest effect on the improvement of enterprise innovation efficiency.Age,ability to grow,salary of employees and development level of regional technology trading market have the greatest influence on the improvement of enterprise innovation efficiency.The above factors have more significant impacts on the innovation efficiency in coastal areas.(4)In terms of the action mechanism of innovation efficiency,financing constraints will stimulate enterprises to increase investment in intellectual capital in the opposite direction,which turns disadvantages into advantages,and promotes the growth of innovation efficiency.Improve the shareholding structure and increase the external salary gap of executives will help improve the innovation efficiency ofenterprises,while expanding the salary gap between executives and employees is not conducive to the improvement of innovation efficiency,and the stage of the enterprise life cycle has a significant regulating effect on this process.Strengthen the level of intellectual property protection can amplify the policy effect of government innovation subsidy,when government innovation subsidy is below a single threshold,the promotion effect on innovation efficiency is relatively stronger.There is an obvious spatial spillover effect of innovation efficiency between regions,and the intensity of government investment in science and technology,the level of technology trading market development,and the level of regional financial development have significant spatial spillover effects in the region and other regions.Improve the internal cash flow adequacy can effectively strengthen the role of industry market monopoly and industry market demand in promoting the strength of enterprise R&D investment,and then improve the efficiency of enterprise innovation under the role of human capital.According to the research conclusion of this paper,in order to improve the innovation ability and efficiency,on one hand,the cultivation and introduction of innovative talents should be strengthened and the investment intensity and transformation efficiency of R&D should be improved to improve the innovation efficiency;on the other hand,attention should be paid to the optimization of the innovation environment,and the construction of technology trading market should be strengthened especially.In addition,it is also necessary to improve the innovation efficiency of heterogeneous high-tech enterprises in a targeted manner.