| With the ever-changing technological changes in the world today,innovation has become the focus of corporate competition.In order to take the initiative in the fierce competition for technology,various enterprises have increased their investment in innovation.The situation of increasing investment in innovation is particularly remarkable in high-tech enterprise.According to the latest data from the official website of the National Bureau of Statistics,the total investment in innovation in China in 2018 is as high as 1967.793 billion yuan.In recent years,the Chinese government has issued various documents to support the development of high-tech enterprises.In this context,how to improve the value creation ability of high-tech enterprises to achieve long-term development has become a difficult and hot spot in current research.Innovative investment plays an important role in the creation of enterprise value,and this role has been further strengthened in high-tech enterprises.Therefore,it is more practical to study the impact of high-tech enterprise innovation investment on value creation.The paper collects relevant data of listed high-tech enterprises from 2015 to 2018 through Guotai An and Ruisi statistical database,and invests innovative capital and innovative personnel as innovative investment indicators,and builds EVA rate and Tobin Q as value creation indicators.The far-reaching linear model explores the impact of innovation investment on value creation.The research in this thesis draws the following conclusions: The relationship between innovation investment and financial value creation of the first high-tech enterprises is in the same direction.Increasing innovation investment has promoted its financial value creation.The innovation investment and market value creation of the second high-tech enterprises also show the same change relationship,and the improvement of innovation investment levels is conducive to promoting their market value creation.The impact of the third innovation investment is not limited to the year of investment,it still has a role in lagging in value creation.The role of innovation investment in the creation of financial value has a lag period and the lag period is two periods,and the effect is diminishing.In the investment of innovation,the effect of human investment on market value creation has two periods of lag and diminishing effect,but the capital investment is only one period.The above conclusions have certain application value in enhancing the value creation of high-tech enterprises. |
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