Innovation Failure And State-owned Enterprise Innovation

Xi Jinping had already attaches great importance to scientific and technological innovation,pointing out that innovation is the "first driving force" leading development.Especially in the context of weak global economic growth and increasingly complex external environment,the importance of innovation to a country’s development has become increasingly prominent.Only by mastering the core technology in our own hands can we break through the bottleneck of development and not be "stuck in the neck".In recent years,state-owned enterprises have vigorously implemented the innovation-driven development strategy,made breakthroughs in a large number of key core technologies,and achieved a large number of major innovation achievements.However,compared with world-class enterprises,there is still a big gap,and they are still unable to adapt to the needs of achieving high-quality development.Requirements,we must unswervingly innovate independently,continuously increase investment in research and development,and accelerate breakthroughs in core technologies.As the backbone of my country’s economic development and the state-owned enterprises that reflect the will of the whole people,they should give full play to the main role of enterprises in scientific and technological innovation,become the vanguard of my country’s implementation of the innovation-driven development strategy,and help my country’s long-term stable economic growth.However,the risk of innovation failure is an unavoidable objective fact in the process of enterprise development.State-owned enterprises have natural advantages in terms of capital and factors due to their special operating background.When faced with the objective fact of innovation failure,whether its performance is "the more setbacks the more courageous" or the "retreat despite difficulties" has become a topic worthy of study.Based on the above background,this paper takes the state-owned enterprises listed on Shanghai and Shenzhen A-shares as samples from 2008 to 2018,and discusses the relationship between innovation failure and innovation decision-making of state-owned enterprises.The specific conclusions are as follows: 1.There is a significant positive correlation between innovation failure in T-1 period and the new R&D investment level of state-owned enterprises in the current period.After a series of robustness tests such as Heckman two-stage,propensity score matching and placebo test,this conclusion is Always be stable.2.After introducing the financing structure as a moderating variable,it is found that endogenous financing has a significant "incentive" effect in the failure and re-innovation of state-owned enterprises.In terms of external financing,equity financing and debt financing have a significant "crowding out" effect on the failure and re-innovation of state-owned enterprises,and the "crowding out" effect of debt financing is greater than that of equity financing.The failure and re-innovation of state-owned enterprises show a significant "incentive" effect.3.The heterogeneity study found that the promotion effect of innovation failure on the new R&D investment of state-owned listed enterprises is more significant in the sample of state-owned high-tech enterprises and state-owned enterprises in the eastern region,and the moderating effect of equity financing on state-owned enterprises is different between regions.There are significant differences,but the inhibitory effect of equity financing on state-owned high-tech enterprises is greater than that of state-owned non-high-tech enterprises,debt financing has a greater inhibitory effect on state-owned enterprises and state-owned high-tech enterprises in the eastern region,and government subsidies have a greater inhibitory effect on state-owned high-tech enterprises.High-tech enterprises and state-owned enterprises in the central and western regions have a greater role in promoting.4.Further research also found that the two paths of innovation failure to promote the new investment level of SOE innovation are loss aversion and failure learning.The motivation test finds that innovation failure increases the high-risk investment of state-owned enterprises and significantly increases the future earnings growth rate of state-owned enterprises.This conclusion further excludes the risk-averse motivation of state-owned enterprises,and fully verifies that state-owned enterprises are not faced with innovation failure.retreat” but the conclusion of “the more setbacks the more courageous”.Finally,on the basis of the research results,this paper provides experience and evidence for the positive effects of government and state-owned enterprise managers in dealing with innovation failures,which has important practical significance for promoting the high-quality development of state-owned enterprises in my country.