Empirical Research Of Influences From Intellectual Capital To Technological Innovation In Perspective Of Life Cycle

At present,active supply-side reform is being carried out in China.Our country can constantly enhance economic innovation and competitiveness by transforming dynamic structure and promoting innovation development.For enterprises,innovation is a key factor that determines the direction of development and speed of growth.Enterprise technological innovation is one of innovation,which is based on the discovery of scientific truth,its essence is taking advantage of knowledge.Intellectual capital can be summed up as knowledge and ability that create value.In this case,making sufficient use of intellectual capital can be a better choice for enterprises to improve the technology innovation ability,which can help enterprises to gain continuous competitive advantages.According to Dickinson's cash flow method,listed companies would be divided into three stages of life cycle,growth,maturity and decline.Fr om the perspective of enterprise life cycle,this paper selects a-share listed companies from 2009 to 2016 as the research object and use the data to make assumptions and build the model based on the related theoretical analys is.Through correlation analysis,chow-test and other empirical methods,we explore different influences of intellectual capital to enterprise technology innovation exists in different life cycle stages.Finally,the conclusion would be tested by the stability of robustness.The results show that the intellectual capital and the constituent elements have positive effect on enterprise technological innovation.Besides,componen ts of intellectual capital play different roles in technological innovation in different stages of enterprise life cycle.During the growth period,the enterprise would make technological innovation progress at first step because of entrepreneurship and core technical staff.Therefore,human capital plays a key role in technological innovation of enterprise.After entering mature period,the enterprise would lay more emphas is on building rules and regulations and maintain the stability of the organizational structure.Organizational structure can get more and more standard,professional and functional.Structure capital could make the enterprise have more effective innovation activities.During the decline period,the enterprise would gradually become rigid,accompanied by a weakening of employees' innovation consciousness,and the role of human capital and structure capital would be increas ingly limited.At this time,the long-term accumulation of the relationship capital would make great effect on technological innovation.