Equity Restriction、cost Sticky And Innovation Investment

With the rapid development of economic globalization,the world’s understanding of new and high technology is deepening,and the scientific and technological revolution has come.Innovation is a vital force for the development and progress of enterprises,and the strength of innovation is an important factor that represents the country’s comprehensive strength and productivity.In order to enhance the comprehensive national strength,and to cope with the fierce competition at home and abroad,the enterprise developing with innovation is increasingly becoming an effective way to promote economic strength and technological progress in today’s society.Therefore,it is of great significance to research the innovation input of enterprises.There are many factors restricting the development of enterprise innovation ability,mainly in subjective and objective aspects.Subjective aspects mainly reflect the influence of corporate governance on r&d innovation activities,such as company size,executive characteristics,corporate governance mechanism and management incentives,etc.The objective aspect is mainly reflected in the financial management arrangement of enterprises in r&d investment,such as the financing mode,financial situation and capital use of enterprises.Enterprise research and development innovation not only need to spend a lot of money,but also higher risk,and in the process of enterprise innovation investment will also face the shortage of r&d investment and financing constraint problem.In this paper,the research on gem listed companies found that the cost sticky can promote the innovation input of enterprises to a certain extent.Effective control of cost viscosity is an effective method to increase innovation input.At the same time,effective cost management of gem listed companies can not only maintain their competitive position in the market,but also bring certain economic benefits.It is beneficial to the development of enterprises to make full use of idle resources produced by the phenomenon of cost viscous phenomena and effectively strengthen the internal governance of the company.In this paper,the gem listed companies pay close attention to the cost of high viscosity as the starting point,to study the effect of viscosity on enterprise innovation investment cost,and then to equity checks and balances to the innovation investment to supplement the driving factors for regulating variable,so that managers can effectively use cost stickiness,improve the efficiency of cost management.In terms of selection of samples,this paper studies the data of listed companies on gem in 2011-2016 as the research object,and verifies the positive effect of cost stickiness on enterprise innovation input.The results show that the cost viscosity is a common phenomenon in China’s gem listed companies.Secondly,on the whole,it is found that the cost viscosity significantly promotes the investment of enterprise innovation,while the anti-cost stickiness reduces the investment of enterprise innovation.Third,Equity Restriction to cost sticky and enterprise innovation investment stimulates the positive role of management in the research and development innovation decisions can make full use of it to the effective management of the enterprise.The contribution of this study has the following three points: first,the viscous do definition of the different nature of the costs,and cost of different viscosity relationship with the enterprise innovation in the inspection,the deepened the understanding of this phenomenon cost sticky;Secondly,it is conducive to the management of the company to make full use of the sticky phenomenon of cost,allocate the idle resources reasonably,and have positive significance to the long-term development of the company.Thirdly,it enriches the research literature in the field of cost viscosity,and provides the theoretical basis for enterprises to increase the enterprise innovation Investment through the management cost.