Research On The Evaluation Of Innovation Investment Efficiency Of High-tech Enterprises

High-tech enterprises are the key support objects of the state.It is of strategic significance for China to optimize the industrial structure,change the mode of economic growth and cultivate national competitive advantages to focus on the development of high-tech enterprises.Innovation is the lifeblood of hightech enterprises.Only those enterprises whose research and development input reaches more than 3%-5% of sales revenue are qualified to be recognized as “high-tech enterprises”.To improve the innovation ability of enterprises,not only the input of R&D should be increased,but also the efficient output capacity of R&D results and the economic market conversion power should be enhanced.Therefore,how to improve the efficiency of innovation investment is the frontier problem to be solved.Different regions have bigger difference in environmental foundations,which affect innovation investment efficiency.Therefore,it is necessary to measure the real innovation investment efficiency value after eliminating the environmental impact of high-tech enterprises.And find the weak link of the innovation that needs to promote,so as to put forward the differentiation suggestions to promote the development of high-tech enterprises in our country.Based on the characteristics of high-tech enterprises,this paper defines the concept of innovation investment efficiency of high-tech enterprises.From the macro and micro perspectives to analyze the influence factors of innovation investment efficiency.Dividing the innovation activities of high-tech enterprises into two processes of “R&D-achievement conversion”,and design a framework for evaluating the innovation investment efficiency of high-tech enterprises.Based on the principles of index selection and the influencing factors of innovative investment effic iency,input-output and environmental variables are selected for each process.And establishing an index system for evaluating the efficiency of innovation investment in high-tech enterprises.The three-stage DEA was selected as the evaluation model,and 47 pharmaceutical manufacturing enterprises were selected as the research samples for the empir ical study.After removing the influence of different environmental variables in the two processes on R&D investment efficiency and achievement conversion efficiency,a more realistic and objective innovation investment effic iency value is obtained.Finally,dividing 47 pharmaceutical manufacturing enterprises into four types of innovation forms according to the efficiency value : “high R&D-high achievement conversion”,“low R&D-high achievement conversion”,"high R&D-low achievement conversion” and “low R&D-low achievement conversion”.And suggestions are put forward to promote the innovation development of high-tech enterprises.