Technological Innovation Investment,Enterprise Risk-Taking Level And Enterprise Performance

In the report of the 19th National Congress of the People's Republic of China,we proposed that: To build a socialist modern power,we must first build a manufacturing power,so as to promote the high-quality development of our economy in a changing world environment.Manufacturing industry is China's pillar and advantageous industry,and plays an important role in promoting China's economic development.At present,China has become a large manufacturing country,but it is large but not strong,and its competitiveness in the international market is weak,which is not conducive to the realization of the goal of a strong country.Therefore,China has proposed the "Made in China 2025" strategy to provide guarantee for achieving the goal of a strong country."Made in China 2025" is first driven by innovation.Technological innovation is the core link for manufacturing companies to maintain their competitiveness.It can effectively promote the transformation and upgrading of manufacturing companies,and enhance the core competitiveness of manufacturing companies,so as to achieve China's transformation from a large manufacturing country to a strong manufacturing country.At present,China's manufacturing enterprises have low technological innovation input and high randomness of innovation output,which is not conducive to fostering competitive advantages and improving corporate performance.At the same time,due to the uncertainty of the innovation output of the enterprise,this article is difficult to analyze from the perspective of the efficiency of the innovation output.Therefore,this article focuses on the research of technological innovation inputs of manufacturing enterprises,and analyzes the impact of technological innovation investment on corporate performance in the critical period of transformation and upgrading of Chinese manufacturing enterprises,So as to provide a useful reference for China's manufacturing enterprises to improve their technological innovation capabilities and improve their performance.In the process of investment in technological innovation,enterprises are often accompanied by high-risk characteristics,and the impact on enterprise performance is uncertain.This requires enterprises to have higher risk-bearing capabilities.As one of the core contents of modern enterprise management,risk taking is the fundamental driving force for the long-term sustained economic growth.It will play an important role when the enterprise faces uncertain risks such as technological innovation investment,which will have a certain impact on corporate performance.Therefore,this article incorporates the level of corporate risk commitment into the research framework of technological innovation investment and corporate performance,studies the relationship between manufacturing enterprises' technological innovation input,corporate risk commitment level,and corporate performance,strengthens the innovation capabilities of manufacturing enterprises,and improves International competitiveness is of great significance.Based on the above research background,this paper mainly selects 2013-2018 data of Shanghai and Shenzhen A-share listed manufacturing companies as the research object,constructs a multiple regression model,and empirically tests the relationship between manufacturing companies' technological innovation investment and corporate performance.The moderating variable of risk-taking level empirically tests the moderating effect of the level of risk-taking on the relationship between technological innovation input and enterprise performance of manufacturing enterprises.The empirical regression results of this paper show that:(1)The technological innovation investment of manufacturing enterprises has a positive correlation with corporate performance,and the increase of corporate innovation investment is conducive to the improvement of corporate performance.At the same time,this paper also tested the lag effect and found that innovation investment has a significant positive impact on corporate performance in the lag phase one and lag phase two,and the effect of the lag phase two is better.The long-term performance of a business has a more positive impact.(2)There is a positive correlation between the level of corporate risk-taking and corporate performance.This shows that enterprises will face various risks in the course of operation.The stronger a company's tolerance for risk,the better its performance.(3)The level of corporate risk bearing has an enhanced regulating effect on the positive correlation between technological innovation investment and corporate performance.(4)Different risk-taking levels have different effects on the relationship between technological innovation investment and corporate performance.By grouping and regressing the level of corporate risk-taking,this paper finds that the higher the level of corporate risk-taking,compared with the lower level of risk-taking,the better the positive impact of technological innovation on corporate performance.In the context of achieving "Made in China 2025" and building a modernized country,this paper studies the relationship between technological innovation investment and corporate performance of manufacturing enterprises,and from the perspective of corporate risk-taking level,analyzing its role in regulating the relationship between technological innovation input and corporate performance,it is beneficial for enterprises to comprehensively consider corporate risk-taking factors when promoting technological innovation input,and promote sustainable development of the enterprise.Finally,this article puts forward relevant suggestions from the level of enterprises and governments,which helps manufacturing companies to increase their investment in technological innovation based on their own long-term development,enhance the level of technological innovation in enterprises,and thereby promote the realization of the goal of making China a strong country.