Research On The Impact Of Technological Innovation On The Performance Of Small And Medium-sized Listed Companies In Manufacturing Industry

With the rapid development of China's manufacturing industry,it has become an industry category with strong international competitiveness.More than half of China's GDP is created by the manufacturing industry,which accounts for 80% of the industrial output value.Under the strategic background of innovation driven development,small and medium-sized listed companies in manufacturing industry need to continue to carry out innovation activities to maintain their competitive advantage.In this case,based on the principal-agent theory,the ownership concentration will affect the managers to make innovation decisions to improve the performance of enterprises has become a hot issue.On this basis,this paper mainly studies the relationship among ownership concentration,technological innovation and enterprise performance.First of all,the empirical research on the relationship between technological innovation and enterprise performance of small and medium-sized listed companies in manufacturing industry is carried out.In this paper,technological innovation is evaluated by three innovative indicators: R & D investment,proportion of scientific researchers and patent output.Secondly,the regulatory effect of equity concentration on them is studied.The research of this paper can make enterprises pay attention to the regulation of ownership concentration on technological innovation and enterprise performance,which is of great significance to promote the healthy development of small and medium-sized listed companies in China's manufacturing enterprises,help to alleviate employment pressure,maintain social stability,and promote the healthy development of national economy.In this paper,manufacturing companies in China's small and medium-sized board listed companies from 2004 to 2018 are taken as the research objects.The empirical test draws the following main conclusions: first,R & D investment,proportion of scientific researchers and patent output have a significant positive impact on corporate performance.By increasing R & D investment and increasing the proportion of scientific researchers,enterprises can obtain new technology,and the proportion of patent output will also increase.These new technology products will bring monopoly income to enterprises and have a positive impact on enterprise performance.Therefore,enterprises should increase R & D investment and the introduction of R &D personnel,create new products and technologies,increase the proportion of patent output,gain competitive advantage in the industry and improve the level of enterprise performance in combination with the development of their own enterprises;secondly,adjust the positive regulatory role of variable equity concentration on technological innovation and enterprise performance.Under the condition that other conditions remain unchanged,equity concentration plays a regulatory role,that is,equity concentration has a positive regulatory role in the relationship between R & D investment and corporate performance,equity concentration has a positive regulatory role in the proportion of scientific researchers and corporate performance,and equity concentration has a positive regulatory role in the relationship between patent output and corporate performance.Therefore,small and medium-sized listed enterprises in manufacturing industry should maintain a relatively high level of equity concentration.