The Study On The Impact Of Technological Innovation On Financial Performance Of High-end Equipment Manufacturing Enterprises

After the global financial crisis in 2008,most countries are faced with difficulties and predicaments such as insufficient effective demand,sluggish global economic growth caused by overcapacity and the rise of trade protectionism.Such economic environment has seriously restricted the development of manufacturing industry,as well as Chinese,high-end equipment manufacturing industry,which is the strategic focus of China's economic construction.After the concepts of "German Industry 4.0" and "Made in China 2025" were put forward,Chinese manufacturing industry has ushered in a new round of development opportunities.Especially,high-end equipment manufacturing industry has also joined the wave of this industrial revolution.Although its industrial scale,innovation capability and operation status have been improved,there are still some problems such as insufficient technological innovation and the lack of growth vitality of enterprises.If Chinese high-end equipment manufacturing enterprises want to break through these difficulties,seize this huge historic opportunity and enhance their operating strength,they are bound to transform initial resources into final products with core competitiveness through technological innovation input and output links,then obtain market approval for full profits.In view of this,it is of great significance to study how financial performance is affected by the technological innovation of high-end equipment manufacturing enterprises.Taking high-end equipment manufacturing enterprises as the research object,this thesis studies the impact of technological innovation on financial performance of 142 high-end equipment manufacturing listed companies from 2010 to 2017.Based on literature review,current situation analysis and theoretical analysis,three indicators of technological innovation input(R&D funds input intensity,R&D personnel input intensity),output(number of patents authorized,number of new product development projects)and conditions(government subsidy level,number of R&D institutions)are selected to measure the technological innovation of enterprises.What's more,comprehensive score of financial performance of sample enterprises is abtained with the method of factor analysis.Finally,by the means of descriptive analysis,correlation analysis and regression analysis,the influence mode and degree between the financial performance and the technological innovation of high-end equipment manufacturing enterprises are verified.The results are:(1)High-end equipment manufacturing enterprises have strong technological innovation capability but large internal gap.(2)Technological innovation input,technological innovation output and technological innovation conditions of high-end equipment manufacturing enterprises have significant impact on financial performance,and there is a lag effect.Based on the above research conclusions,this paper puts forward targeted suggestions from two perspectives of government and enterprises respectively,aiming at helping high-end equipment manufacturing enterprises develop vigorously and enhance their international competitiveness with the reform opportunities.The main contribution of this paper lies in measuring the technological innovation of high-end equipment manufacturing enterprises from a new research perspective(increasing the number of new product development projects,increasing the evaluation angle of technological innovation conditions;long-term research)and a new research method(factor analysis method to measure the comprehensive score of financial performance),which provides more referential measures and suggestions for enhancing their technological innovation capability and financial performance.