Research On The Scale,R&D Investment And Innovation Capability Of High-tech Enterprises

High-tech industry is a strategic emerging industry in China.It has become an urgent task to improve the independent innovation capability of high-tech enterprises and to master core technologies.For high-tech enterprises,it is the rapid expansion of enterprise scale,increasing R&D investment,and extensive use of equity incentives that will have an impact on the technological innovation capability.But these three are not simply positive linear improvements in technological innovation capabilities.In order to explore the relationship between them,this paper proposes research hypothesis and establishes an empirical test model based on the review of existing literature and principal-agent theory,technological innovation theory,innovation advantage theory.It is select as samples which China's listed high-tech enterprises with equity incentives from 2011 to 2015,and their data during 2011-2015 were normalized.Then we uses regression analysis method,mediating effect test method and adjustment effect test method,focus on R&D investment,and discusses the impact of enterprise scale,R&D investment and equity incentive on technological innovation.The empirical analysis results show that both enterprise scale and R&D investment have a significant positive impact on innovation capability,and R&D investment plays a full intermediary role in the impact of firm size on innovation capability.The implementation of equity incentives can significantly improve the ability of technological innovation capability.The intensity of equity incentives does not have a significant impact on technological innovation capability,but it can adjust the impact of R&D investment on technological innovation capability.The high equity incentive intensity at low R&D investment helps to improve the technological innovation capability,while the low equity incentives for high R&D investment helps to improve technological innovation capability.Finally,this paper gives corresponding suggestions for optimizing the scale of enterprises,R&D investment and equity incentives from the perspective of enhancing the technological innovation capability of enterprises.