Research On Influence Of Firm Performance On Innovation Investment

Innovation is the primary driving force for development.At present,China's economy has shifted from a high-speed growth stage to a high-quality development stage,which puts forward new and higher requirements for promoting mass entrepreneurship and innovation.In recent years,China has continuously increased investment in scientific and technological innovation,which is not only an important basis for implementing the innovation-driven development strategy,but also a key factor for China to enter the ranks of innovative countries in 2020.As an important part of national innovation,firm innovation,how to guide firms to make correct innovation investment decisions is of great significance to the implementation of national innovation strategy.The high investment,high risk of innovation and the lag of achievement all make it difficult for firms to make innovative investment decisions.In the face of different firm performance,firms must comprehensively consider their own internal tangible resources and external intangible social resources,and achieve the goal of complementary resources,knowledge information and revenue sharing,and risk sharing through various social network established by themselves.so as to make correct innovation decisions.Based on the resource-based view and the behavioral theory of the firm,this paper takes seven types of industrial enterprises in Tianjin as the research object,and uses 11852 enterprises panel data to construct a theoretical model between firm performance,social capital and innovation investment.The statistical software Stata15.0 analyzed the data and tested the impact mechanism of corporate performance on innovation investment and the moderating effect of social capital.The results show that there is an inverted u-shaped relationship between firm performance and innovation investment,and social capital has a significant positive moderating effect on the curve relationship between firm performance and innovation investment.In theory,it expands the research perspective of innovation theory and social capital theory.And in practice,it also provides guidance for firms to make correct innovation investment decisions.In addition,while pursuing economic interests,firms should also pay attention to the establishment and stabilization of various social relations with the outside world.