Research On Innovation Performance And Influencing Factors Of Expansive Listed Companies

At present,China's economic structural contradictions are intertwined,downward pressure has increased,economic development has entered a "new normal",one of its main characteristics is the engine of development turns from traditional factor-driven to innovation-driven.In this economic background,the government vigorously promotes the “supply-side reform”,the key is improving productivity through industrial restructuring,that is,through innovation,guiding the demand for structural adjustment and upgrading.To cope with downward pressure on economy and the impact of technological innovation,more traditional enterprises want to enhance their ability of innovation and achieve better development in the transition process by increasing internal investment or mergers and acquisitions or other forms of expansion in capital market.However,the primary task of these enterprises is to clarify whether the expansion can enhance the ability of innovation which helps them to achieve transformation and upgrading,and what's the impact of expansion scale on innovation performance.Therefore,it's of great significance to do some in-depth research on the innovation performance of the expansion enterprises.After reviewing and analyzing the existing studies,we find that,firstly,the studies on innovation performance are mainly focused on industry,and most of the literatures measure the innovation performance unilaterally from the perspective of input or output.And few articles measure the innovation performance of listed companies from the efficiency point of view;Secondly,most of the researches focus on the external expansion(mergers and acquisitions)of high-tech enterprises,while neglecting the sample of low-tech enterprises and the impact of internal expansion on innovation performance;Finally,there are few studies about the impact of the size of expansion on innovation performance.The super-efficient DEA(Data Envelopment Analysis)can consider both input and output,and measure the performance from the efficiency point of view.Based on the above-mentioned economic background and existing theories,we chooses all the listed companies of Shanghai and Shenzhen in 2009-2015 as samples,and makes a reasonable measurement of the innovation performance of listed companies by super-efficiency DEA model.And we carry out empirical research on the factors influencing the innovation performance of the expansive listed companies.Specific steps are as follows:First,select the number of technical staff and R&D capital stock as input variables,the number of patent applications and the return on equity as output variables,then use R to build super-efficient DEA model and calculate the score of innovation performance of listed companies,then discuss the difference of innovation performance brought by different ways of expansion.Secondly,identify the factors influencing the innovation performance of enterprises comprehensively,and ues the score of innovation performance calculated in last step as dependent variable.Then we divide the samples into two parts(internal expansion samples and external expansion samples)to explore the effect of expansion scale and other influencing factors on the innovation performance using panel limited dependent variable model(panel Tobit model).Finally,we choose different output indicators to recalculate the score of the innovation performance,carry out regression analysis again,and set up dummy variables to carry out empirical analysis on the whole samples to ensure the robustness of the conclusions.After the theoretical and empirical analysis,the conclusions of this paper can be summarized as the following three aspects:First,the overall innovation performance of China's listed companies is at a low level,including computer,communications and other electronic equipment manufacturing,electrical machinery and equipment manufacturing,chemical raw materials and chemical products manufacturing and pharmaceutical manufacturing and other high-tech industries,those innovation performance is higher than others.The results show that there are significant differences in the variance and mean of the innovation performance of the internal and external expansion listed companies according to the independent sample T test.Second,the scale of internal expansion has a significant negative correlation with the innovation performance of listed companies,while the scale of external expansion and the innovation performance of listed companies show "U" type.The turning point occurs when the external expansion scale is 0.2.When it is less than 0.2,it has negative correlation with the innovation performance of listed companies.But once the scale of external expansion is larger than 0.2,the scale of external expansion has positive correlation with innovation performance.Thirdly,in the regression of influencing factors on innovation performance,the age of company is only negatively correlated with the innovation performance in the internal expansion samples,and its role is not significant in the external expansion samples.The innovation performance is sensitive to the age when the company is younger.As the enterprise grows,its influence on the innovation performance is weakening.The cash flow is not significant in the internal expansion samples,and is negatively correlated with the innovation performance in the external expansion samples.The other factors are divided into three gruops according to the effect,among which the size of the firm,the average salary of the executives,the average age of the executives and the depreciation are negatively correlated with the innovation performance.And the ownership concentration(the proportion of the top 10 shareholders),Capital intensity,financial leverage and innovation performance are significantly positive correlation.While other variables such as the size of independent directors and the total assets turnover rate of the impact of innovation performance of listed companies are not significant effect.