Research On The Moderating Effect Of Entrepreneur Risk Appetite For Enterprise Innovation And Performance Relationship

Under the background of China's economic development entering a new normal,it is of great significance to study how enterprise innovation investment is transformed into economic value and reflected in the performance level.Although some scholars have carried out corresponding research on the relationship between enterprise innovation and performance,little research has been done on the transformation process and the adjustment factors and mechanism between the two.In addition,the key to innovation in a country lies in the enterprise.The key to enterprise innovation lies in entrepreneurs.Judging from the results of previous studies,most of the innovation research is based on the perspective of “multiple theory” and explores the role of various forms of innovation entities such as enterprises,research institutions,and universities in promoting economic development.However,in the research of enterprise innovation,entrepreneurs are the original promoters of enterprise innovation activities and the entry point for researching enterprise innovation.In the relevant research and model,“entrepreneur risk appetite” is a crucial influencing factor,but the setting of entrepreneur risk appetite is affected by various factors.The summary finds that the relevant research lacks the corresponding empirical analysis against the Chinese economic background.Therefore,this paper attempts to find out the transmission mechanism of enterprise innovation and performance by exploring the path of enterprise innovation investment to performance.On this basis,we will explore how entrepreneurial risk appetite plays a role in the entire transformation path.This paper selects the data of A-share nonfinancial listed companies in China's Shanghai and Shenzhen stock markets from 2015 to 2017 as a research sample.The empirical test finds that the enterprise innovation activities actually form the patent output through the enterprise R&D investment,and through commercialization,The market-oriented means such as serviceization is ultimately reflected in the performance of enterprises,and the patent output plays an intermediary role in this process.In the above-mentioned innovation transformation process,entrepreneurs' risk appetite plays a positive role in regulating the direct or indirect impact of innovation input on the performance path.The research results further reveal how corporate innovation translates into corporate performance and,more importantly,clarifies the mechanism by which entrepreneurial risk appetite plays a regulatory role in the path of corporate innovation and performance formation.To a certain extent,it provides inspiration for creating a good business environment,protecting entrepreneurship,improving corporate governance and other corporate production practices,and helping enterprises to develop social progress.