Research On The Impact Of Technology Innovation Alliance On The Financial Performance Of Automobile Enterprises

The only way for China’s economic transformation and the acceleration of building an innovative country is to accelerate the improvement of technological innovation capabilities.The increasingly fierce global competition and the increasingly diversified and personalized consumer demand have increased the requirements for the technological innovation capability of enterprises.The limited resources of a single enterprise are difficult to meet the needs of major technological innovations of enterprises.Enterprises are agile and effective in the largest scope.Ways to integrate technology innovation resources will become the key to the survival and development of enterprises.The construction of industrial technology innovation alliance is an important part of accelerating the construction of a technology innovation system with enterprises as the mainstay.It is an important measure to effectively integrate the innovation resources of the whole society and enhance the independent innovation capability and core competitiveness of the industry.The automobile industry is the pillar industry in China’s manufacturing industry,and its production and sales are among the best in the world.However,due to the lack of technological innovation capability,the problem of China’s automobile industry is not strong.In order to better implement the "Made in China 2025" strategy,adhere to the innovation drive,and play the effective role of the technology innovation alliance to promote the automotive industry’s technological innovation capabilities,thereby improving financial performance,achieving the goal of maximizing corporate value,and enabling the automotive industry to support the nationals.Playing a more important role in the economy has profound practical significance.Therefore,this thesis will explore the impact of technological innovation alliances on the financial performance of automotive companies through a combination of theory and evidence.Through theoretical research,current situation analysis and empirical research methods,this thesis takes the listed automobile enterprise companies from 2011 to 2017 as the entry point,and uses panel data multiple linear regression model to study the impact of technological innovation alliance on the financial performance of automobile enterprises.The research content mainly includes four parts: the first part,research theory.Clarify concepts related to technological innovation alliances and technological innovations,and introduce relevant theories of technological innovation alliances,technological innovations and financial performance.The second part is an overview of the status.To sort out the development history,construction mode and characteristics of the automobile enterprise technology innovation alliance,the shortage of the automobile industry development status and its reasons explain the necessity of developing the automobile enterprise technology innovation alliance in China.The third part is theoretical analysis.The impact of technological innovation alliance on automobile enterprises,the impact of technological innovation on the financial performance of automobile enterprises and the impact of technological innovation alliance on the financial performance of automobile enterprises are analyzed separately,and the relationship between the three is clarified.The fourth part is an empirical test.Differentiate all listed auto companies into whether they join the technology innovation alliance,and explore whether the alliance will have an impact on the financial performance of the company.Then add the intermediary variable to verify how the alliance affects the financial performance of the company.The empirical results show that joining the technology innovation alliance can promote the improvement of the financial performance of the automobile enterprise,and it can significantly enhance the five aspects of the solvency,profitability,asset management capability,cost control capability and development capability of the enterprise.Technological innovation plays a significant intermediary role in the impact of technological innovation alliances on the solvency,profitability,and cost control capabilities of automotive companies’ financial performance,while the technological innovation alliance’s asset management capabilities and development capabilities for automotive companies’ financial performance.There is no intermediary role in the impact.Finally,the thesis proposes countermeasures from three levels: government agencies,technology innovation alliances and automobile companies.