The Effect Of Technical Innovation On Enterprise Performance Of Manufacturing Listed Companies In Northeast

In recent years,with the continuous development of knowledge economy and the progress of science and technology,technical innovation has become the guarantee of survival and development for enterprises,industries and even a nation.Manufacturing industry as the pillar industry of national economy in our country,processing and manufacturing is still occupy the largest proportion in the international industrial division currently.For the implementation of manufacturing strategy and enhancing our country's international competitiveness,we must speed up to promote the technical innovation,making our country's manufacturing industry transform the traditional "processing" to the "innovation".The northeastern is the old important industrial region in our country,where manufacturing industry's technical innovation determines its regional economic development.But from the current development on the manufacturing industry in the northeast three provinces,inputs are given to labors and resources instead of R&D.This is the main problem for northeast's economic development.In this paper,based on the new round revitalization of northeast old industrial base strategy in "13th five-year-plan",the paper uses 2012-2015 annual reports of manufacturing enterprises in Shanghai and Shenzhen Stock Exchange,and selects 47 samples from them.Using capital structure as the intermediary variable,building models to make multiple linear regression.Then it discusses the northeast three provinces manufacturing technology innovation's influence on the corporate performance of listed companies.Mainly includes the following three parts:The first part,the theory and literature review.This part first introduces the theory of technological innovation,capital structure and corporate performance;Secondly,summarizes the relationship among the three theories by general domestic and foreign scholars,lays a theoretical basis for the follow-up research and then proposes the hypothesis.The second part,analyzing the three northeast provinces manufacturing listed company's profile.This part uses 2012-2015 annual reports of manufacturing enterprises in Shanghai and Shenzhen Stock Exchange,and selects 47 samples from them.From three aspects include technical innovation,capital structure and corporate performance to analyze,and researches the longitudinal comparison of the three northeast provinces manufacturing's data for nearly four years' related indicators.The third part,positive analysis.First of all,according to the analysis and the purpose from the first part,selects the analysis methods and put forward the research hypothesis;Secondly,on the basis of the research hypothesis,selects variables and designs the model.This article uses 2012-2015 annual reports of manufacturing enterprises in Shanghai and Shenzhen Stock Exchange,and selects 47 samples from them.On the basis of the scholars' research both at home and abroad,designs research variables,and builds the model according to the research variables;In the end,is data analysis and the validation of hypothesis.Will have to study variables by SPSS,analysis steps include descriptive statistics analysis,correlation analysis,regression analysis,the mediation effect analysis and robustness test,then the positive research results can be achieved finally.This paper mainly analyses the four contents,one is the northeast three provinces manufacturing technical innovation's influence on corporate performance of listed companies;The second is the three northeastern provinces manufacturing technical innovation's influence on capital structure of listed companies;The third is the northeast three provinces manufacturing listed companies' capital structure impact on business performance;Four is the capital structure's action in the three provinces in northeast China manufacturing technical innovation's influence on enterprise performance of listed companies.Getting the following conclusion: Judging from the number of input and output of technical innovation,technical innovation will often bring positive promoting effect to corporate performance,from the influence of different types of technical innovation of enterprise performance,invention patent and the patent of appearance design have bigger influence on the enterprise performance,and the patent for utility model have less effect on the corporate performance;The quantity of the input and output of technology innovation are significantly negative correlation with capital structure,and on the different types of technology innovation,only the patent of invention has a significant negative influence on enterprise capital structure;The capital structure has a significant negative influence on enterprise performance;Capital structure's action in the input of technical innovation and enterprise performance is total mediating effect,the effect of capital structure between the output of technology innovation or invention patents and the enterprise performance is partial mediation.