The Moderating Effect Of Environmental Uncertainty On The Relationship Between Technological Innovation And Enterprise Performance

At present,the international economic is in a complex and changeable situation,and the environmental uncertainty faced by firms is intensifying;the speed of product upgrading is accelerating,and firms need stronger product innovation capabilities.Environmental uncertainty,technological innovation,and enterprise performance have become key factors in business management.Early research focused on the impact of technological innovation on firm performance and the impact of environmental uncertainty on technological innovation.Current scholars began to study the moderating variables that moderate the relationship between technological innovation and firm performance.This paper will study the moderating effect of environmental uncertainty and provide firms with suggestions for technological innovation investment under environmental uncertainty.This paper selects the 2013-2018 data of GEM listed companies to study the relationship between environmental uncertainty,technological innovation and firm performance.The environmental uncertainty index is calculated from the five-year operating income,and R&D investment as a percentage of operating income is used to measure the technological innovation input,the patent application quantity measures the technological innovation output,and the net asset return rate measures the firm performance.In the model,environmental uncertainty and technological innovation multiplication are added to test the adjustment of environmental uncertainty,and five indicators of firm size,asset-liability ratio,ownership structure,industry and year are selected as control variables.The results show that:(1)There is a U-type relationship between environmental uncertainty and technological innovation input,but there is no significant correlation between technological innovation output without considering quality;(2)Technological innovation investment can positively improve corporate performance,but technological innovation output does not significantly affect firm performance;(3)Environmental uncertainty will inhibit the contribution of technological innovation input to firm performance;(4)The degree of environmental uncertainty,firmsize,the nature of firm ownership and the industry in which the company is located are different,and the adjustment of environmental uncertainty is different.