Research On The Relationship Between Entrepreneurial Institutional Capital And Corporate Innovation Investment With The Moderation Of Institutional Environment

Enterprise innovation is an essential support and a strong impetus for national development.Research and development investment is a critical source for improving the innovation capability of enterprises.At present,the development of manufacturing enterprises has become the focus of economic competition among countries,and each country has formulated strategies to improve its global competitiveness in order to revive the development of manufacturing industry.In 2014,China also proposed the strategic plan of “Made in China 2025” and vigorously developed the innovationdriven strategy to achieve China's goal of building a “manufacturing power”.Therefore,improving the innovation ability of China's manufacturing enterprises is the key to improve the core competitiveness of manufacturing enterprises.As the main body of enterprise innovation,entrepreneurs influence the decision-making of corporate innovation investment.However,entrepreneurs' behaviors are not random,which are influenced by their growth experience,education level,employment experience and other factors,and these factors constitute the entrepreneurial traits,which in turn constitute the unique institutional capital of entrepreneurs.According to the entrepreneurial traits,this article divides institutional capital into five dimensions: geopolitical capital,literacy capital,cognitive capital,political capital and social capital.At the same time,enterprises carry out production and operation activities in a certain institutional environment,and the operation of enterprises must be affected by the institutional environment.Therefore,this article studies the relationship between entrepreneurial institutional capital,institutional environment and corporate innovation investment,which is of great significance to improve the innovation ability of manufacturing enterprises.This article takes the manufacturing enterprises listed on the GEM as the research object and mainly studies the following two aspects: the first aspect is the impact of the five levels of entrepreneurial institutional capital on corporate innovation investment;the second aspect is the relationship between entrepreneurial institutional capital and corporate innovation investment under the moderation of institutional environment.Firstly,this paper defines the concept of entrepreneurial institutional capital,institutional environment and corporate innovation investment through literature review,and the research hypotheses of this article are proposed by combining the research results of relevant scholars at home and abroad.Then this paper conducts an empirical analysis based on sample selection,variable definition and model construction,and verifies the relationship among entrepreneurial institutional capital,institutional environment and corporate innovation investment through correlation analysis and OLS regression analysis.The article draws the following conclusions through the results of literature analysis and empirical analysis.Conclusion one,Entrepreneurial geopolitical capital has a significant positive impact on corporate innovation investment,and the better the institutional environment faced by enterprises,the stronger the positive impact of entrepreneurial geopolitical capital on corporate innovation investment.Conclusion two,entrepreneurial literacy capital has a significant positive impact on corporate innovation investment.Conclusion three,entrepreneurial cognitive capital has a positive effect on corporate innovation investment,and the better the institutional environment,the stronger the positive impact of entrepreneurial cognitive capital on corporate innovation investment.Conclusion four,entrepreneurial social capital has a significant negative impact on corporate innovation investment,and the better the institutional environment of the region in which the enterprise is located,the stronger the negative impact of entrepreneurial social capital on corporate innovation investment.Conclusion five,entrepreneurial political capital has a significant negative impact on corporate innovation investment,and the better the institutional environment of the region in which the enterprise is located,the stronger the negative impact of entrepreneurial political capital on corporate innovation investment.The results of this research show that in areas with better institutional environment,entrepreneurs should reduce the accumulation of social capital and political capital,and increase the accumulation of geopolitical capital,literacy capital and cognitive capital to improve the level of innovation investment.This research enriches institutional capital theory and enterprise innovation theory,and provides valuable ideas for improving enterprise innovation investment.