Information On Technical Innovation Efficiency Of Listed Companies In China: An Empirical Study Of Relationship Between Financial Performance

In today's increasingly fierce international competition,the enterprise level technology innovation is more and more important,enterprises want to obtain the core competitiveness,can survive in the fierce competition and development,technological innovation is one of the important means.Technology innovation for enterprises a high risk activity,only the successful and efficient technology innovation can promote enterprise better and faster development,focus on technological innovation,essential to attach great importance to the efficiency of technological innovation,technological innovation efficiency is the first productivity to improve the enterprise's financial performance,so this paper from the view of the relationship between efficiency study on technological innovation and financial performance has a certain practical significance,this paper studies the sample selection for information technology companies,information technology industry is a high-tech industry,is China's recent rapid development of the sunrise industry but also with our daily life is closely related to the industry,as the sample is a representative.According to the literature for the evaluation of technological innovation efficiency of regional and inter industry,enterprise technology innovation is divided into two stages,the first stage is the stage of technology development,second stages for the transformation stage.Then use the two stages of the input-output ratio of the efficiency value of representative enterprises in the two stages of technological development ability and achievement transformation ability,so as the explanatory variables;the enterprise's financial performance as the explanatory variables,as found in previous research in technology innovation has lagged behind certainly,in the choice of relevant indicators of financial performance,combined with DuPont theory and the theory of financial management objectives were selected to represent the company's short-term financial performance and long-term financial performance indicators as explanatory variables;in addition,in addition to considering the factors of technological innovation,and other factors will also affect the financial performance of the enterprise,so the enterprise capital structure,property rights,enterprise scale and support of the government as a control variable.On the basis of this,the paper puts forward the hypothesis and constructs a multivariate statistical regression model for empirical research.This paper found that intellectual property is important for information technology companies,enterprises should pay more attention to the transformation and protection of intellectual property rights;technology development process of information technology enterprises do not have a significant impact on the long-term financial performance of non state-owned enterprises;information technology listed companies benefit better than state-owned listed information technology companies;government information technology enterprises subsidies only help improve the short-term financial performance,but not to increase its long-term financial performance;information technology enterprise information disclosure is not uniform in the surface,is not conducive to the users of financial statements analysis.Finally,according to the research conclusion,this paper presents the information technology enterprises should attach importance to technological innovation,especially the transformation of technological innovations;countries and enterprises should attach importance to the protection of intellectual property rights;to encourage and support the participation of private capital in technological innovation;institutional investors actively support investment in information technology enterprises,advocate the value investment change the original idea;government subsidies to the enterprise,help them improve the long-term value;supervision departments should urge the listed company to improve the quality of information disclosure and other suggestions.