| Nowadays,the development and progress of science and technology is one of the sources of core competitiveness and one of the driving forces for a country to maintain its core competitiveness in the international market.In recent years,under the guidance of the policy of"Building an innovative country"put forward by our government,the ability of technological innovation has been significantly improved,and the intensity of R&D investment has also been continuously strengthened,although the R&D investment in our country has shown an upward trend in absolute terms.However,there is still a big gap between the technological innovation ability of Chinese enterprises and the high-tech enterprises of developed countries.Although there are many high-tech enterprises in our country that perform well,the overall independent innovation ability is relatively weak and the development of water is relatively weak.The uneven level of development restricts the improvement of the overall level of science and technology and the ability of innovation to some extent.Based on the research results and relevant literature of relevant scholars,combined with the current supply-side structural reform and high-quality development of high-tech enterprises in China,Firstly,69high-tech enterprises which continuously disclose R&D information on small and medium-sized boards from 2013to2017 are selected as research samples,and the relationship between technological innovation and enterprise market value and its lag effect are investigated by selecting relevant data to construct a model.Secondly,three regulatory variables are introduced to analyze the adjustment effect of ownership structure.The final empirical test results show that:(1)The external market value of R&D capital investment and R&D personnel investment in technological innovation ability to the current period.There is no significant positive correlation between R&D investment and internal financial value;(2)There is a significant lag between R&D capital investment and R&D personnel investment,and has a positive impact on the value of the enterprise during the lag period;(3)In the ownership structure,the degree of ownership concentration negatively adjusts the relationship between R&D capital investment and enterprise value,and equity checks and balances positively regulate the relationship between R&D capital investment and enterprise value.The nature of property rights negatively adjusts the relationship between R&D capital investment and enterprise value.Finally,according to the empirical research results of this paper,to find the existing problems,and analyze the reasons,put forward relevant policy recommendations,on the one hand,can make our small and medium-sized high-tech enterprises according to their own development characteristics to constantly improve the ownership structure of the company,On the other hand,small and medium-sized enterprises can strengthen the supervision of capital input and personnel input in R&D activities,improve the efficiency of R&D input and output,and further strengthen the core competitiveness of small and medium-sized high-tech enterprises. |
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