Technological Innovation Efficiency And Its Influencing Factors Of GEM Companies

Under the background of global knowledge economy,technological innovation is the fundamental requirement for industry,region and country to realize its competitive advantage.It is also an important factor to determine enterprise heterogeneity and core competitiveness,which may be related to the survival and death of enterprises in the competitive trend.The companies of Growth Enterprise Market market have the characteristics of high techonology and high-innovation investmen,which makes the companies' innovation efficiency being significant for the survival and development of enterprises.Evaluating the technological innovation efficiency of GEM companies objectively and trying to identify the decisive factors that affect the efficiency of innovation in the process of technological innovation can help enterprises to optimize the al ocation of resources and enhance their core competitiveness.On the basis of the theoretical review,this paper analyzes the development of China's GEM market and its innovation input-output situation.Based on the value chain view,the technological innovation activities of enterprises are decomposed into two stages: the process of scientific research and the process of the transformation.Using two-stage nonparametric data envelopment(DEA)under the situation of Variable Returns to Scale(VRS),this paper analyzes the innovation efficiency of GEM companies during the period of 2013-2015.After getting the innovation efficiency of the enterprises,this paper analyzes the influencing factors of GEM companies in China by using Tobit model.Results show that: first,the growth rate of China's GEM market is relatively fast,while the GEM companies' input and output of innovation activities are increasing by time;second,the innovation efficiency of GEM companies is at medium level and the main reason for the innovation inefficeny is the scale inefficiency;third,the innovation efficiency of GEM companies in the research and development stage is improving general y,while that of the transformation stage is declining;fourth,there are great imbalances in region for the innovation efficiency of the GEM companies,and innovation efficiency of the east region is significantly higher than that in the central and western regions.Fifthly,considering from industry,the innovation efficiency of the manufacturing industry is higher than that of other industries,which is higher than the information technology industry,sixth,in the stage of research and development,the positive effect of innovation efficiency factors are the proportion of high-educated personnel,the proportion of technical staff,the proportion of the largest sharehold,the negative factors are the total number of employees,the rate of return on net assets,while in the transformation stage,the factors that have positive effects on the efficiency of innovation are the total assets,the proportion of technical personnel,the rate of return on net assets,the negative factors are the total number of employees,the proportion of the largest sharehold and the proportion of management expenses on return.