Research On The Relationship Between The Innovation Input And The Financial Performance Based On The Characteristics Of Pyramid Structure

In this day and age,enhance the level of technological innovation is the main way to stand out from the crowd for a country in the increasingly competitive international environment.Since 2006,the government spare no effort to introduce various guidelines and policies to speed up the technical innovation,and realize the construction of an innovative country.In order to promote technology innovation,countries continue to increase innovation investment in recent years,remarkable achievements in output,But At present our country exists innovation investment intensity and structure imbalance problem,And innovation investment is the critical path that countries through smoothly through the shifting gear speed change period.So researching innovation investment will brings to the enterprise's financial performance what level of contribution,and the creation of the contribution of whether has the long term is especially important.In previous studies,the scholars found there are many factors influencing the relationship between innovation input and financial performance.the most basic and most critical internal elements is the ownership structure.At present our country widely existence similar Egyptian pyramid shareholding structure,it brings the governance effect of both.on the one hand,Because of the establishment of the pyramid structure,the second agency problem is outstanding,then the ultimate controlling shareholders hollowed by means of a series of actions,on the other hand that the pyramid structure itself constitute a huge internal capital scale can alleviate the financing constraints can generate support effect.How does the pyramid structure existencing widely and haing the dual role in the enterprise affect the relationship between innovation input and financial performance?Based on this,this paper studies the relationship between innovation input andfinancial performance,and the influence of pyramid structure characteristics on the relationship through normative analysis and empirical analysis.In normative analysis,first of all the paper sorts and sum up the literature that the relationship between the innovation investment and financial performance,and the pyramid structure characteristics of the influence of the relationship between innovation input and financial performance at home and abroad,and then this article defines the concept of the innovation investment,financial performance and the pyramid structure,and introduces the theory of principal-agent theory and technology innovation,on the basis of these,the research hypotheses are put forward.In empirical research,this paper selects a-share listed companies that have the data of pyramid structure and innovation input in 2012-2016,using SPSS20.0 on 2647 effective sample that end up with according to certain principles regression,the results show that the relationship between the cost of innovation input and short-term and long-term performance are positive correlation and the relationship between innovative personnel investment and short-term and long-term performance are also positive correlation,but the positive contribution rate of pay for the innovation of short-term and long-term financial performance is greater than the innovative personnel.Further study found that the pyramid structure of two rights separation weak the promoting effect that between the innovation and short-term and long-term financial performance,the pyramid structure of the two rights separation weak the promoting effect that between innovation personnel and the company's short-term and long-term financial performance.At the same time,it is found that the complexity of pyramid structure reduces the contribution of innovation cost to the short-term financial performance of the company,however the negative regulation effect of the complexity of pyramid structure to the relationship between innovation cost and long-term financial performance of the company is not significant.The complexity of pyramid structure reduces the contribution of innovation personnel to the short-term financial performance of the company,however the negative regulation effect of the complexity of pyramid structure to the relationship between innovation personnel and long-term financial performance of the company is not significant.The contribution of this paper lies in: first,different from most scholars researched on the relation between innovation cost investment and financial performance of the current period only on the hand,this article from two points of view of the cost of innovation and personnel,a comprehensive study on the short-term and long-term financial performance relationship,therefore,the paper to a certain extent rich thecontent the innovation investment and financial performance research of this field.Secondly,based on this,this paper research the two big characteristics of the pyramid structure of the two rights separation degree and the complexity influence on the relationship between the innovation investment and financial performance.It has broadened the scope of previous research to some extent for the follow-up study providing a new perspective.Third,this paper studies provide certain theoretical support for relevant departments making reasonable policy that improving the short-term and long-term financial performance from the innovation cost and personnel input for the enterprise and provide a certain amount of evidence to support for the government making effective measures that further promoting the relationship between the innovation and the financial performance from the degree of separation of two rights and the complexity of the two dimension to optimize the pyramid structure by enterprise established.