Research On The Influence Of Corporate Entrepreneurship On Enterprise's Persistent Innovation

With the acceleration of technological change and the increasingly fierce international competition,innovating continuously in technology has become an important way for enterprises to gain competitive advantages.However,obviously not all enterprises belong to innovative continuously enterprises and the continuous innovation of enterprises must be affected by lots of factors.Especially in the background of China's imperfect capital market and financing constraints generally restricting enterprises' innovation investment,it is particularly important to find the key factors for promoting enterprises' continuous innovation and their influencing mechanism to improve the competitiveness of China's enterprises and develop national innovation-oriented economy.On the other hand,the importance of entrepreneurship to modern economy has become increasingly apparent,and the role of entrepreneurship in promoting innovation and growth of enterprises is more and more recognized.However,in the study of enterprises' innovation persistence,the important role of entrepreneurship has not been paid attention to.Therefore,it is of great theoretical and practical significance to combine entrepreneurship with continuous innovation of enterprises based on financing constraints in one research.By reviewing the literature,this paper finds out the progress and shortcomings of relevant research,expands a new research perspective based on existing research,and takes the influence of corporate entrepreneurship on persistent innovation of enterprises as the research direction of this paper.This study mainly focuses on the following three questions.First,how persistent is the innovation activity of Chinese enterprises? Second,what impact does the different aspects of entrepreneurship have on persistent innovation? Third,what is the difference in the role of entrepreneurship under different financing constraints? This paper first reviews related concepts and their existing research,laying a theoretical foundation for this research,and at the same time determines the three aspects of corporate entrepreneurship(innovativeness,risk-taking,proactiveness)as refined research objects.After the theoretical analysis and logical deduction,the corresponding research hypotheses are put forward.Then,based on the Chinese A-share manufacturing listed companies as samples,using their patent applications and business situation data in 2005-2016,this paper uses the transition probabilities matrix as well as survival function to characterize the enterprises' innovation persistence,and takes a preliminary test of the influence of entrepreneurship and financing constraints on the enterprises' sustainable innovation.After that,the dynamic random effect probit model was used for empirical testing.Finally,the conclusions of this paper are drawn.First,the innovation persistence of Chinese A-share manufacturing listed companies is strong,but there is still room for improvement.Second,the different aspects of entrepreneurship have different effects on the continuous innovation of enterprises,and the degree of financing constraints acts as a moderator.Specifically,both innovativeness and proactiveness play a significant positive role,and the role of risk-taking is not significant.Financing constraints play a significant positive adjustment role only in the impact of innovativeness on continuous innovation.Third,in view of the state dependence of continuous innovation,different aspects of entrepreneurship play different roles,and the degree of financing constraints also plays a regulatory role.The specific performance is that innovativeness could strengthen state dependence while proactiveness has the opposite effect and the impact of risk-taking is not obvious.Under different financing constraints,the three aspects of corporate entrepreneurship have different or even opposite effects on innovation state dependence.