Research On The Influence Path And Economic Consequence Of Vertical Integration On Innovation Ability Of Coal Enterprises

Under the background of gradually promoting innovation-motivated development policy,China's economy is facing a structural change from factor driven and investment driven development to innovation-motivated development.Enterprises begin to explore how to improve innovation ability and whether the increase of innovation ability can positively affect the value creation of enterprises.Due to the characteristics of coal industry,most coal enterprises present a vertical integration pattern,which starts from raw coal mining and purchasing,and integrates coal chemical industry,coal electricity industry,transportation and sales.After the Millennium,with the rise of fresh energy represented by oil and natural gas,the utilization rate of coal in all regions of the world is gradually decreasing.Therefore,it has become the focus of attention to explore whether and how to adapt to the current pattern of innovation-motivated development of vertical integration strategy commonly existing in the coal industry.Based on the national policy of innovation-motivated development,and the research of relevant literature,this paper combines the industrial organization theory,transaction cost theory,enterprise capability theory,resource based theory,knowledge based theory and innovation theory,and then formulates the hypothesis.Rely on the samples of A-share coal enterprises of 2008-2018,this paper measures the vertical integration extent of coal enterprises by input-output approach,and applys multiple linear regression,bootstrap,group regression and other procedures to conduct empirical test.First,based on the perspective of the driving factors to enhance the enterprise innovation ability,this paper tests the impact of the vertical integration of coal enterprises on the enterprise innovation ability through multiple linear regression.Moreover,this paper tests the chain intermediary role of the financing structure and market power in the impact of the vertical integration on enterprise innovation ability through bootstrap method.Secondly,this paper divides enterprise innovation ability into substantive innovation and strategic innovation to probe whether the vertical integration of enterprises can authentically improve enterprise innovation ability.In addition,this paper explores the influence of the marketization process on the chain transmission mechanism through grouping regression according to the different marketization processes of the regions where enterprises are located.Finally,this paper researches innovation-ability's influence on enterprise value creation and the direct impact of vertical integration on enterprise value to put the research of this paper into enterprises' most concerned economic consequences.This paper finds that:(1)vertical integration affects innovation ability energetically in coal enterprises.(2)The financing structure and market power of enterprises play a chain intermediary role between the vertical integration of coal enterprises and enterprise innovation ability.(3)The vertical integration of coal enterprises can not only effectively improve the substantive innovation output of enterprises,but also bring strategic innovation output.(4)The impact path of vertical integration of coal enterprises on enterprise innovation ability will also be affected by the process of marketization,which is more significant in regions with higher marketization process.(5)On the basis of substantive innovation promoting the value creation of enterprises,due to the existence of strategic innovation,there is a non-linear positive "U" relationship between innovation ability and enterprise value.(6)The vertical integration of coal enterprises is conducive to the promotion of enterprise value directly.Starting from the dissimilar perspectives of exterior performance and internal formation of enterprises,this paper introduces bootstrap method to explore the specific path of vertical integration affecting enterprise innovation ability,enriches the research methods of vertical integration.It also opens the "black box" of vertical integration affecting enterprise innovation ability,and provides help for the formulation of government's innovation incentive policies.Simultaneously,the investigation on the economic consequences of vertical integration and enterprise innovation ability adds faith of the integration of the completely industrial chain of coal enterprises either,which is conducive to the strategic decision-making of enterprises.There are 17 figures,33 tables and 146 references in this paper.