An Empirical Study On The Relationship Between Enterprise Heterogeneity,Innovation Input And Enterprise Performance

Innovation is not only an inexhaustible motive force for national development,but also a life soul that the company hopes to achieve long-term development.Innovation can improve production efficiency,reduce costs,enhance core competitiveness,etc.So companies are paying more and more attention to innovation activities.In China’s annual R&D innovation investment,most of it comes from the capital injection at the enterprise level.We can think that innovation R&D investment is the basis for enterprises to carry out innovation activities and an important means to obtain enterprise performance.In addition,the heterogeneity characteristics of the internal and external environment of the enterprise will also affect the performance conversion rate of the enterprise’s innovation investment.Therefore,it is a hot issue for scholars to explore the influence mechanism of innovation investment on corporate performance.What’s more,China is paying more and more attention to the development of innovative companies that are fast-growing,innovative and flexible.The booming development of GEM listed companies has to some extent filled some gaps in the main board market.Since the listing of the GEM in 2009,the performance conversion efficiency of its innovation input has been closely watched by the government and investors due to its high investment in innovation.Therefore,it is necessary to conduct research on this issue based on the GEM listed companies.And it has practical significance and value.From the perspective of enterprise heterogeneity,this paper proves that the innovation input has a positive impact on corporate performance and has a lag effect by conducting research on the GEM listed companies’ data from 2011 to 2017.From the results,the innovation investment of non-state-owned enterprises has a stronger effect on improving corporate performance;the positive impact between the two companies with higher concentration is more obvious;in a series of studies on the proportion of state-owned shares,the results show that the variable does not have a regulatory effect.In the group of high-tech enterprises,the promotion of the two is stronger.It also proves the homogenization of industrial variables.Finally,in the study of the regulation of scale heterogeneity,larger enterprises can use their own advantages to strengthen the positive correlation between them.Based on the previous studies,this paper further enriches the exploration of this field and points out some new ideas for future research.