The Impact Of Technological Innovation Sustainability On Corporate Performance

Under the background of China's entry into innovation-driven development,technological innovation has become the key to improving social productivity and the overall national strength.As the main body of technological innovation,enterprises must establish their own core competitiveness and continue to grow and develop through continuous innovation activities,According to the statistical data of enterprise technology innovation in China,it is found that the technological innovation activities of enterprises have been active in the past ten years,and have had rich output of patents.However,if enterprises want to gain economic benefits through the sustainability of technological innovation in the increasingly competitive environment,they will be constrained by many aspects,such as the cost of technological innovation,the coordination of resources and capabilities,and the market changes will all have an impact on the economic benefits of technological innovation activities.Therefore,this paper focuses on the sustainability of technological innovation at the enterprise level,explores its impact on corporate's economic performance.In exploring the relationship between the persistence of technological innovation and corporate performance,we find that many of the previous studies have began to focus on the important role that the external environment of the enterprise plays in the two.Through the progress of literature reviewing and deficiencies of relevant research,this paper expands new research problems based on the existing research,and then defines the research direction,research methods and possible innovations.The research on the relationship between the persistence of technological innovation and corporate performance is mainly carried out from the following aspects: First,whether the technological innovation activities of Chinese enterprises are truly sustainable,and Whether there are a difference in the sustainability of technological innovation between companies classified into different types.Second,how does the impact of technological innovation sustainability on business performance? Third,whether the relationship between technological innovation sustainability and corporate performance will be affected when the industry environment is unstable.In order to explore the above problems,this paper selects the technological innovation and financial data disclosed in the enterprise annual report from 2007 to 2016,and takes the Chinese manufacturing enterprises as the research object.Firstly,the overall and classified analysis of the sustainability of technological innovation of enterprises through transfer probability matrix.Secondly,using the fixed effect model to empirically analyze the relationship between technological innovation sustainability and corporate performance.Finally,it explores the regulatory impact of the turbulence of different industries on the relationship between “technology innovation sustainability – corporate performance”.This leads to the following research conclusions:(1)The technological innovation activities of China's listed manufacturing enterprises are persistent.There is no significant difference in the probability of continuous technological innovation between Chinese enterprises and non-state-owned enterprises,but the persistence of technological innovation in enterprises has heterogeneity in scale and industrial attributes.(2)There is an inverted U-shaped relationship between technological innovation sustainability and corporate performance.And it's regulated by the turbulent nature of the industry market environment,but there is no significant regulatory impact on the technical environment turbulence.