An Empirical Study On The Impact Of Vertical Market Powers On Enterprise Technological Innovation Under The Background Of Industry Chain

Technological innovation is a powerful driving force for economic development and social progress,and it is also a source of strength for enterprises to gain core competitive advantages and achieve sustainable development.In recent years,with the deepening of vertical value chain division and cooperation,the relationship between upstream and downstream of industrial chain has become more and more close,and the competitive advantage between enterprises has not completely determined by the horizontal competition between "points" and"points",but more and more influenced by the vertical relationship between the "chain" and the "chain".Under the background of technological innovation.the upstream and downstream trading environment of the industry chain in the process of innovation and development has become a crucial factor affecting the power of technological innovation and the efficiency of R&D investment.The degree of interdependence between enterprises in the vertical market transaction process and the comparison of market powers determine the discourse power and dominance of enterprises in the industrial chain,which in turn affects the competitive advantage of enterprises.With the rapid development of new organizational forms such as open innovation and network innovation,the innovation and R&D of enterprises will not only be affected by the characteristics of horizontal organizational structure,but also be restricted by the characteristics of vertical relationship of industrial chain,such as the vertical market structure of the enterprises relative to the upstream suppliers and downstream customers have the market power,bargaining power and the structural position of the enterprises in the supply chain network and other factors will affect the enterprises' R&D activities.Michael Porter's"Five Forces Model" considers that the threat of new entrants,the number of alternative products,the degree of competition among enterprises in the same industry and the bargaining power of upstream suppliers and customers are all important factors affecting the industrial attractiveness and competitive advantage of enterprises.The bargaining power from upstream and downstream enterprises is essentially a vertical market power,which reflects the pricing power,service quality and distribution authority of the supplier and the demand side through the dominant position or special transaction terms in the vertical transaction process.In addition,the rapid development of emerging industries has made the links between the main trading bodies in the industrial chain closer.The open innovation environment has made participants play an increasingly important role in the process of innovation input,innovation output and R&D investment efficiency.As important direct stakeholders,suppliers and customers have become important strategic resources of enterprises.How to maintain a stable vertical trading relationship with suppliers and customers in order to alleviate competitive pressure and gain competitive advantage has become an important issue of concern to enterprises and academia.The relationship between market power and technological innovation has always been a hot issue in the theoretical study of industrial organization.Market power arises around market transactions.As the main body of market transactions,enterprises will inevitably face market powers from two different dimensions,seller and buyer,which together constitute the vertical market powers of enterprises.With the increasing complexity and uncertainty of technological innovation,suppliers and customers are more and more involved in the process of technological innovation.Seller's market power and buyer's market power have more and more important influence on technological innovation and R&D investment decision-making of enterprises.In this context,this paper takes the listed companies of high-tech industry and strategic emerging industries as samples to empirically analyze the impact of vertical market powers on different stages of enterprise innovation investment in the context of industrial chain,including R&D investment,innovation output and R&D investment efficiency.Compared with the existing research,the introduction of vertical relationship perspective can better reveal the impact mechanism of market powers on enterprise innovation activities,and deepen the theoretical and practical understanding of market powers and technological innovation.This research belongs to the basic research on the vertical relationship of industrial organization theory.On the one hand,the research results can explain the impact of vertical market powers on enterprise innovation investment decision-making under the background of industrial chain,on the other hand,it can provide theoretical basis and empirical basis for the formulation of industrial competition policy.T his paper analyses the impact of vertical market powers on innovation investment decision-making from three perspectives:innovation R&D investment,innovation performance output and R&D investment efficiency.The main research contents and conclusions are as follows:Firstly,this paper empirically examines the influence of seller's market power and buyer's market power on enterprise innovation R&D investment from the perspective of vertical relationship.Then,the samples are grouped according to three market competition environment characteristics:market competition intensity,market dynamics and market uncertainty.Comparing the competitive environment of different markets,the impact of the relationship between the two changes.The results show that both seller's market power and buyer's market power have a negative impact on R&D investment.The more intense the market competition,the lower the market dynamics and the higher the market uncertainty,the more significant the negative restraint effect is.Secondly,this paper empirically examines the influence of seller's market power and buyer's market power on enterprise innovation performance output from the perspective of vertical relationship,and explores the moderating effect of enterprise size on the relationship between vertical market powers and innovation performance output,and further analyses whether this effect is different under different property rights.The results show that both seller's market power and buyer's market power have significant inhibitory effects on innovation performance output.Enterprise size can weaken the negative impact of seller's market power and buyer's market power on innovation performance output.Further research also finds that the seller's power and buyer's power from non-state-owned enterprises have more negative effects on innovation output than state-owned enterprises.In the relationship between seller's market power and enterprise's innovation output,for state-owned enterprises,enterprise size has a significant positive moderating effect on the inhibition effect between them;but in the relationship between buyer's market power and innovation output,no matter which kind of property-type enterprise,enterprises can alleviate the negative impact of buyer's market power on innovation output through the expansion of enterprise scale.Thirdly,this paper empirically examines the influence of seller's market power and buyer's market power on R&D investment efficiency from the perspective of vertical relationship,and explores the moderating effect of government subsidies on the relationship between vertical market powers and R&D investment efficiency,and divides the investment efficiency into two groups:over-investment and under-investment for further analysis to clarify the impact path and mechanism of inefficient investment.The results show that both seller's market power and buyer's market power have significant negative effects on R&D investment efficiency.Through further in-depth study,it is found that the negative impact of seller's market power and buyer's market power on enterprise investment efficiency is mainly caused by exacerbating the current situation of insufficient investment.In addition,government subsidies can positively moderate the negative correlation between seller's market power and R&D investment efficiency,but government subsidies have no significant impact on the relationship between buyer's market power and R&D investment efficiency.