Research On The Impact Of Energy Enterprise’s Technology Innovation Capability On Financial Performance

Energy companies have faced many new development opportunities and challenges in recent years.They need to improve their core strength to enhance their competitiveness.The company’s technological innovation capability is one of its important capabilities to cope with internal and external development risks and enhance its core competitiveness.Existing theories and empirical studies generally draw conclusions to prove that an enterprise ’s technological innovation capability will have an impact on financial performance,but the direction and attributes of the impact have not been consistently reached.Energy companies vary greatly in size,and companies of different sizes differ greatly in terms of resource strength.The impact of this on technological innovation capabilities remains to be studied.After classifying the enterprise’s technological innovation capability into input capability and output capability,its impact on financial performance will change accordingly.In recent years,the development of new energy companies has been supported by the government.The characteristics of their energy products have led to differences in the technological innovation capabilities of new energy companies from traditional energy companies.The differences in the impact on financial performance are yet to be further studied.Based on the relevant theories of technological innovation capability,this paper analyzes the impact of energy enterprise technological innovation capability on financial performance using theoretical and empirical research methods.Conducted research on listed companies in China’s energy industry from 2013 to 2018,with reference to the existing methods for measuring the technological innovation capabilities of enterprises,using factor analysis to measure and evaluate the technological innovation capabilities of energy companies,and separately measured the investment in technological innovation Capacity and output capacity,in the comparison of traditional energy and new energy companies,analyze the difference between the technological innovation capabilities of the two major energy companies.On the basis of scoring the technological innovation capability,this paper further examines the threshold effect of enterprise size on the impact of technological innovation capability of energy companies on financial performance,examines the impact of technological innovation capability of energy companies of different sizes on financial performance,and on traditional energy companies.Carry out separate research with new energy companies to examine the threshold effect of the impact of technological innovation capabilities of two major energy companies on financial performance.After establishing a fixed-effect panel data threshold model for empirical research,the following conclusions are obtained:(1)The impact of technological innovation capabilities of energy companies on financial performance has a significant enterprise-scale threshold effect.Of the two major subdivision capabilities of technological innovation capabilities,The impact of technological innovation input capability on financial performance also shows a significant threshold effect,but there is no threshold effect on technological innovation output capability.(2)There is no significant threshold effect on the impact of traditional energy companies’ technological innovation capability on financial performance,which means that the size of the company has no significant effect on the relationship between the two.(3)Among the effects of technological innovation capability and technological innovation investment capability of new energy companies on financial performance,the threshold effect of enterprise scale is significant.Among them,there is a double threshold for technological innovation capability model,and a single threshold for technological innovation input capability model.Taken together,there is a significant difference between traditional energy companies and new energy companies in the impact of technological innovation capabilities on financial performance.