The Correlationship Between Inefficient Investment And Innovation Performance From The Perspective Of High-tech Enterprise Life Cycle

With the call of The 19 th National Congress of CPCs,the integration of innovation and industrial has become a breakthrough in solving the problem of innovation in China.There is no doubt that the enterprise innovation ability has become the new energy of the national economic development,and is more and more able to represent the important standards of the core competitiveness of the enterprise.Especially for those high-tech enterprises with dense knowledge and technology,their innovation ability and innovation performance are the key to the survival and development of enterprises.In other words,the innovation performance of high-tech enterprises can represent the performance of their enterprises to a great extent.With the influx of a large amount of investment into the innovation activities,the inefficiency investment phenomenon that the actual investment expenditure and the optimal investment level are not consistent exists in a large number.A large number of scholars have found that corporate investment activities have a direct impact on corporate performance.Therefore,when inefficient investment occurs,business performance will be seriously affected,and then business value will also be greatly reduced.Therefore,this article will try to make the high-tech enterprises as an example,the dynamic angle following the life cycle development,study on the effect of non-efficiency investment on innovation performance.In the theoretical part,based on the literature review of inefficient investment and innovation performance from domestic to abroad,this paper summarizes the three relationships between life cycle,inefficient investment and innovation performance.Secondly,we define the words of investment efficiency and innovation performance of the life cycle,high-tech enterprises.And according to the principal-agent theory and asymmetric information theory to explain the high-technology enterprises existing reasons of non-efficiency investment.On the base of technology innovation theory,we analyze the impact of the efficiency of investment in innovation performance of high tech enterprises,and finally focus on different life cycle investment and risk characteristics according to the high technology enterprises,analyzes the relationship between high-tech enterprises in various periods of non-efficiency investment and enterprise innovation performance.In the empirical part,the high-tech enterprises from 2012 to 2016 in Shanghai and Shenzhen stock markets are selected as the research samples,of which the criterion of high-tech enterprises is the high-tech industry listed by the SFC in 2012.In this paper,the innovation performance as explanatory variables,subdivided into three explanatory variables: R&D investment,R&D personnel and patents,with non-efficiency investment as explanatory variables,the life cycle perspective as an empirical analysis of the non-efficiency investment impact on innovation performance of high-tech enterprises in different stages of life cycle.According to the method of cash flow of the enterprise life cycle division,using the Richardson model on non-efficiency investments are classified as underinvestment and overinvestment,the residuals as the non-efficiency investment degree,finally use regression analysis in the growth stage,maturity stage and decline stage.This paper shows the descriptive statistical results: high technology enterprises generally have the phenomenon of inefficient investment,but the enterprise does not exist the serious shortage of investment;the regression results show that: the more high-technology companies' non efficient investment level,the poorer enterprise innovation performance is;among them,when the high technology enterprises goes into the growth stage and mature stage,enterprise efficiency the investment and innovation performance is inversely proportional;during the recession,high-tech enterprises of non-efficiency investment has little effect on innovation performance.The main innovations of this paper are as follows:(1)from a dynamic perspective,this paper studies the impact of inefficient investment on innovation performance in different life cycle stages,while the existing research only focuses on the static relationship between corporate investment and innovation performance.(2)for the first time,the paper used the three indicators of R&D investment,R&D personnel and patent licensing for the first time to evaluate the innovation performance.The possible drawback:(1)the result showed very few in the initial sample by the method of cash flow,but due to the fact that most listed companies have spent the start-up period,this will be incorporated into the growth stage,may affect the growth stage of the study.(2)based on the study of innovation performance,R&D investment,R&D personnel with patents as explanatory variables,in the collection of patent authorization data,due to its complete manual collection,unable to distinguish small hysteresis data,may have an impact on the part of the analysis.