Research On The Impact Of Innovation Investment On Enterprise Performance

As an important carrier of innovation activities in China,high-tech enterprises are playing an increasingly important role in the implementation of national innovation-driven strategy.Innovation as power to promote the development of high-tech enterprises,is the foundation of the sustained development of enterprise,enterprise innovation must be grasped the key points,attaches great importance to the innovation investment,cultivating innovative talents,construct platform for innovation,innovation fruit harvest,make the enterprise in the fierce competition to keep its own unique advantages,obtain long-term development.Most scholars believe that innovation can bring new vitality to the development of enterprises and promote the development of enterprises.Some scholars have found that innovation investment has a lag on enterprise performance.Some scholars find that innovation input is negatively correlated with enterprise performance.Other scholars found that the two were not related through empirical analysis.In this paper,high-tech enterprises are selected as research samples to analyze the relationship between innovation input and enterprise performance.In the research on the impact of innovation investment on enterprise performance,most previous scholars focused on the analysis of R&D investment,but only the selection of r&d investment as an indicator is one-sided,which cannot fully reflect the impact of innovation investment on enterprise performance.In this paper,the investment in R&D,R&D personnel and government subsidies will be selected as innovation input indicators to measure the innovation input of enterprises.At the same time,this paper USES the principal component analysis method to establish the enterprise performance evaluation model,in order to have a more comprehensive judgment of enterprise performance.Based on previous studies,this paper selected data of 495 listed high-tech enterprises from 2013 to 2018 as research samples,and used panel regressionanalysis to study the impact of innovation investment on enterprise performance of high-tech enterprises by taking R&D investment intensity,R&D personnel investment ratio and government subsidy intensity as dependent variables.Through the research,it is found that there is no correlation between the r&d investment of high-tech enterprises and the enterprise performance in the current period,which has the hysteresis.There is a u-shaped relationship between R&D personnel investment intensity and enterprise performance.R&D personnel investment has no significant effect on enterprise performance in the current period.The two are negatively correlated with each other in the first phase of lag.The government innovation subsidy has a positive effect on the improvement of enterprise performance without lagging behind.Based on these findings,this paper will put forward the following Suggestions on how to make innovation investment in high-tech enterprises :(1)Research shows that R&D investment lags behind enterprise performance,so high-tech enterprises should maintain the sustainability of innovation investment.(2)To strengthen the protection of intellectual property rights,the government to increase support.The state needs to support high-tech enterprises through government subsidies and other means to encourage innovation.Meanwhile,it should continuously strengthen the protection of intellectual property rights and improve laws and regulations to escort the healthy development of enterprises.Enterprises should also attach great importance to the protection of intellectual property rights,actively strive for government support policies,and achieve sound and rapid development.(3)Attach importance to talent training and establish multilateral cooperative relations for mutual benefit and win-win results.Enterprises should establish research and development cooperative relations with other enterprises,universities and research institutes,make full use of resources from all walks of life,promote the transformation of innovation achievements and achieve win-win results.