Research On The Influencing Factors Of Innovation Performance Of Listed Companies On The Growth Enterprise Market

With the rapid development of economic globalization,the global economic and political environment has brought increasing pressure and challenges to enterprises.Technological innovation can increasingly determine the heterogeneity of enterprises and their core competitiveness.In order to continuously improve production efficiency,China's GEM listed companies need to improve their R&D and innovation capabilities,and transform the development of patented products into economic benefits to better adapt to the development of the times.The purpose of this paper is to study the innovation performance and influencing factors of listed companies on the GEM.Based on China's national conditions,this paper applies the theory of technological innovation on the basis of studying a large amount of literature,and selects the data of the GEM listed companies from 2014 to 2018 from the micro level.The data envelopment analysis method measures the technological innovation performance of the listed companies on the GEM.According to the obtained technological innovation performance,the Bayesian model is used to select 12 influencing factors for empirical analysis.Through empirical analysis,it is concluded that China's GEM market is growing at a faster rate,and corporate innovation input and output activities are growing,but the overall level of innovation efficiency is still not satisfactory.The main reason for the low efficiency of innovation is that the scale efficiency is too low.Comparing the factors that will affect the innovation performance of listed companies on the GEM,we can find that the profitability,growth ability,company size,proportion of R&D personnel and R&D expenses,and tax rate factors have an extremely strong impact on the efficiency of technological innovation;capital structure and Government subsidies have an impact on the efficiency of technological innovation;institutional investors'shareholding ratio,ownership concentration,holding nature and board size have no significant impact on the efficiency of technological innovation.The capital structure,tax rate and board size have a negative impact on the technological innovation performance of enterprises,and the remaining influencing factors are positive impacts.