Research On Innovation Decision-making Of China's Manufacturing Listed Enterprises

In the report of the 19 th National Congress,“innovation” is perhaps one of the most important words and one of the most impressive impressions left.In his report,General Secretary Xi Jinping emphasized that “innovation is the first driving force for development”.China's economy has shifted from a high-speed growth stage to a high-quality development stage,and is in the process of transforming the development mode,optimizing the economic structure,and transforming the growth momentum.As the main force of modern social technological innovation,China's manufacturing industry is an important support for China's industrial restructuring and economic growth.However,the proportion of enterprises engaged in R&D activities in most manufacturing industries in China is relatively small,and the average R&D intensity is much lower than that of developed countries.Therefore,in order to improve the participation degree and R&D efficiency of China's manufacturing enterprises in R&D activities,this paper conducts an empirical study on the innovation decision-making behavior of enterprises from the perspective of industry life cycle.This paper takes the 2007-2017 Chinese listed companies as a research sample and divides the company's innovation activities into two decision-making stages.The return on investment in R&D is long,and not all companies are involved in R&D.Therefore,the first stage of enterprise innovation decision-making is to consider whether to conduct R&D,that is,the issue of “innovation propensity”.If the company decides to conduct research and development,it will enter the second stage of decision-making,and policymakers will consider the extent to which R&D investment can increase innovation output,the “innovative output” issue.Based on the research content of this paper,the Heckman two-stage model is selected to eliminate the sample selectivity bias,the selection probability equation is constructed for the “innovation propensity”,and the regression equation is constructed for the “innovative output”.In the selection of probability equations,we mainly explore the impact of human capital and enterprise exports on whether enterprises participate in innovation activities;the main research in the regression equation is the impact of R&D investment on innovation output.Considering the different roles and degrees of factors affecting enterprise innovation decision-making under different industry life cycles,this paper uses the industry data of manufacturing industry from 1993 to 2017 to divide 28 sub-sectors into growth industry,mature industry and declining industry.analysis.Based on the above regression results,the differences between the eastern and central and western regions,state-owned enterprises and non-state-owned enterprises will be explored according to different regions and ownership groups.The regression results show that for enterprises in mature industries,increasing the stock of human capital can increase the possibility of R&D activities;for companies in the growth and decline industries,international trade behavior will increase the probability of innovation;R&D investment in growth industries The return on investment for innovation output is greater,but mainly concentrated on the research and development of invention and utility model patents.When the industry enters maturity,product innovation barriers rise,and innovation output can be increased through design patents.The effects of the influencing factors in the eastern region are generally magnified.State-owned enterprises have the highest R&D efficiency during the industrial growth period,and non-state-owned enterprises are more willing to participate in R&D during the industrial recession.