Heterogeneous Technology And Finance Invests In Innovation Ability Of Strategic Emerging Enterprises Impact Study

With the coming of the fourth industrial revolution,the competition for technological innovation in various countries is increasingly fierce.The innovation capability of strategic emerging enterprises is the key factor affecting the innovation competitiveness of various countries.In 2016,the State Council issued a plan clearly stating that the important force for China's economic prosperity and development in the future is strategic emerging industries.This kind of enterprise has the characteristics of high risk and high growth.The strength and efficiency of technology and finance's investment are the basis for improving the innovation capability of strategic emerging enterprises and the key to determining the prosperity of strategic emerging industries.Due to different investment channels in technology and finance,strategic emerging enterprises in different life cycle stages have different demands for financial support.Previous studies on technology and finance's input efficiency have drawn different conclusions.Therefore,it is of great practical significance to study the impact of heterogeneous technology and finance investment on the innovation capability of strategic emerging enterprises,and to screen and allocate high-efficiency technology and finance resources to assist the development of China's emerging industries and improve technology and finance's efficiency.The main contents of this paper include the following three aspects:(1)Based on the theory of supply guidance and demand following,this paper constructs the mechanism of heterogeneous technology and finance investment's influence on the innovation capability of strategic emerging enterprises from the theoretical perspective,and puts forward the research hypothesis.(2)innovatively use the improved entropy weight-TOPSIS method to evaluate the innovation capability of such enterprises from three dimensions of innovation input,environment and output,so as to make up for the incompleteness of using output as thecapability index in previous studies.(3)Based on econometric regression model,this paper analyzes the impact of heterogeneous technology and finance investment on the innovation capability of strategic emerging enterprises.The study found that:(1)The innovative capacity of strategic emerging enterprises is generally low and there are significant regional differences.The innovative capacity of strategic emerging enterprises has increased rapidly from 2013 to 2018,and the innovative capacity of enterprises has been greatly improved.(2)From a regional perspective,technology and finance's investment plays an overall role in promoting the innovation capability of enterprises,of which the eastern region has the best effect but technology and finance's investment efficiency is relatively low,the central and western region technology and finance's investment effect is not obvious but its development prospect is considerable,and the northeast region technology and finance's investment is the least and its promotion effect is relatively weak.(3)From the perspective of heterogeneous technology and finance,the government's financial investment in science and technology plays an incentive role in the innovation ability of enterprises in the eastern and central regions,and the investment efficiency in the central region is the highest.Science and technology loans from financial institutions play a role in promoting the innovation ability of enterprises in all regions of the country,with the northeast region having the strongest incentive effect.Venture capital has the least impact on the innovation capability of enterprises,and has a promoting effect on the innovation capability of enterprises in the eastern region,while venture capital plays a negative role in the central and western regions,and the negative effect is more obvious in the western region.