Research On The Relationship Between Technological Innovation And Business Performance Of Listed Company In High-end Equipment Manufacturing Industry

With the development of modern technology,global manufacturing industry is facing a deep transformation.New generation communication technology is entering the era of 5G,based on which,manufacturing technology like industrial automation and intellectualization's integrative development is given more possibility and room.The whole value chain of manufacturing industry,from concept to method,will change.Facing such trend,established developed countries put new strategic plan like "Return to manufacturing",and make overall arrangement in this field with their years of technological accumulation.China is a manufacturing power.Equipment manufacturing industry,especially the high-end equipment manufacturing industry is the basement of development of manufacturing,which is strategic development direction of our country.At the same time,the development of high-end equipment manufacturing industry in our country is still faced with some essential questions,especially about the gap with international advanced level in aspect of base parts and components and core technologies.To make corner overtaking,we must achieve a breakthrough in the aspect of technological research and development and independent innovation.Therefore,research on the relationship between technological innovation and business performance in high-end equipment manufacturing industry is meaningful.Ministry of science and technology published a document at April 14,2017,which was about specialized planning of scientific and technological innovation in field of advanced manufacturing technology of the thirteenth Five-Year Plan,in which listed 13 key development tasks,including 10 belonged to field of high-end equipment manufacturing industry.Based on the plan of current policy and the arrangement of former researcher's papers and pertinent literatures,and connected with the concept of high-end equipment manufacturing industry given by government,this paper sorts the high-end equipment manufacturing industry as 5 categories,which are aviation equipment satellite and application rail transport equipment Marine engineering equipment and intelligent manufacturing equipment.Then to choose 40 listed companies in data base,to select key indicators of technological innovation,R&D investment and R&D personnel input,and to construct business performance indicator system.Then we confirm 4 second level indicators and 11 third level indicators by optimizing the indicator system through factor analysis.The next step,this paper collects data of samples between the year of 2015 and 2016,and does empirical research to the relationship between technological innovation and 4 segmentation variables of business performance through liner regression analysis,which is rarely seen in former researches but this paper do.In this process,this paper does research to the overall situation of variables of technological innovation and business performance in high-end equipment manufacturing industry through descriptive statistical analysis.As we can see,this paper makes some innovation in object of study and research method.In object of study it selects high-end equipment manufacturing industry,and in research method it does research into various segmentation indexes of business performance independently.This paper verifies the obvious significance for R&D funding into 4 segmentation variables of business performance through empirical analysis.Then this paper verifies hysteresis effect of the influence of R&D funding into profit performance and operational performance.Research shows that the significance is not obvious of R&D personnel input into 4 segmentation variables of business performance.Based on the research,this paper put several proposals forward,that government should support the industry's R&D on fiscal taxation policy,encourage self-independent innovation,and increase the extent of talent training and introduction.At the same time,enterprise should recognize the significance of technological innovation into business performance reasonably,make good use of supportive policy,introduce high-end talent and attach importance to the growth on the job of R&D personnel,and improve the efficiency of technological innovation by multiple means.