Research On The Relationship Between Enterprise Technological Innovation Ability And Enterprise Value

At the G20 summit in Hangzhou,president Xi Jinping has pointed out that building an innovation oriented country is the urgent requirement and the only way for China's development.If we compared the current Chinese economy to a ribbon,innovation can be said to be one of the most dazzling colors.The whole country is concerned about innovation driven development,at the same time,whether the innovation can bring value to the enterprise or not,and how much value the innovation can bring,such problems are beginning to enter people's sight.Therefore,this paper focuses on the enterprise's technological innovation ability,How does the enterprise's innovation ability influence the enterprise value.In addition,there are many scholars study the hysteresis effect of innovation,After all,enterprise innovation is a long process,it takes a long time from R & D to develop new products,the level of innovation may not be fully reflected in the results of this year,therefore,this paper also study the relationship between the technological innovation capability of the previous period and the enterprise value.Furthermore,the existing research are directly research the relationship between the technical innovation ability and enterprise value,the process of transforming the technological innovation ability into value is regarded as a "black box",the research failed to examine that the process is also affected by other factors.Whether the institutional environment and corporate governance mechanism affect the process,and how to affect the process,are still need to explore.In this paper,we select two representative regulatory variables,which are the ownership property and the CEO-duality,to break through the "black box".Therefore,this paper integrates the R & D cost,R & D person and the patent situation,using factor analysis,two common factors of R & D and patent are extracted to better measure the technological innovation ability and to explore the relationship between it and the enterprise value,and to explore the regulating effect of ownership property and CEO-duality,to provide empirical evidence for understanding the whole process from innovation to economic consequences.This paper use A-share listed companies as samples from 2013-2015,and use literature analysis,factor analysis and regression analysis to verify the assumptions presented in this paper.Finally,the conclusion is:(1)The technological innovation capability of enterprises including the R & D factor and patent factor has a significant impact on the value of enterprises.(2)The technological innovation capability of the previous period has a positive impact on enterprise value.(3)The state ownership negatively adjust the relationship between the technological innovation capability and the enterprise value.(4)CEO-duality positively adjust the relationship between the technological innovation capability and the enterprise value,but it's significance level is a little low.Finally,this paper provides suggestions for management in decision-making.Then point out the shortcomings of this study,provide direction and reference for the future research of this field.