Research On The Impact Of Enterprise Technological Innovation On Business Mode

With the rise and development of emerging technologies such as big data,cloud computing and blockchain,they have a huge impact on technological innovation and business models of enterprises.These emerging technologies accelerate the way and speed of product exchange and circulation in the market,reduce the operating costs of enterprises to a certain extent,improve the efficiency of production and management of enterprises,and bring about leap-forward changes and development in the logic and form of business models.Only through the unique business model can the enterprise technological innovation generate value,pass it to the market and customers and obtain benefits,which is the purpose and significance of innovation activities carried out by enterprises all the time.On this basis,exploring the causal relationship between enterprise technological innovation and business model as well as the regulating effect mechanism is conducive to further understanding the influencing factors of enterprise innovation activities,and provides reference for enterprises to carry out better innovation and development and for the government to support and supervise enterprise activities more efficiently.First of all,based on previous research results,this paper theoretically explores the promoting mechanism of enterprise technological innovation on business model,and holds that enterprise technological innovation has a positive impact on business model,and is moderated by the equity incentive of internal executives,financial operation ability and sustainable development ability of enterprises.Secondly,this paper selected A-share listed companies in Shanghai and Shenzhen as samples for research,combined and processed the data collected by Guotai ’an database and WIND database,used R&D investment as the proxy variable of technological innovation,and used principal component analysis to reduce the dimension of business model variables to obtain the proxy variable value of business model.Then the fixed effect model is used to test the influence of technological innovation on business model.Thirdly,this paper constructs the regulatory effect mechanism,and uses the interaction term between technological innovation and the number of shares held by senior executives of listed companies,the interaction term between net profit rate of total assets and the interaction term between sustainable growth rate to test the regulatory mechanism of executive incentive,financial operation ability and sustainable development ability respectively.Finally,according to the different nature of enterprises,this paper divides them into state-owned enterprises and other ownership enterprises,and divides them into manufacturing enterprises and non-manufacturing enterprises according to the different embodiment degrees of business models between different industries.Quantile regression is used to conduct heterogeneity test,so as to explore the different effects of technological innovation on business models.In addition,this paper uses the method of substitution variable to test robustness,so as to make the hypothesis research in this paper more convincing.Based on the theoretical and empirical analysis of enterprise technological innovation and business model,the conclusions of this paper are as follows:(1)Enterprise technological innovation has a significant positive promoting effect on business model.(2)Executive equity incentive and financial operation ability have negative moderating effects on the influence of technological innovation on business model;Sustainable development capability plays a positive moderating role in the influence of technological innovation on business model.(3)The impact of technological innovation on business model of non-manufacturing enterprises is higher than that of manufacturing enterprises;The influence of technological innovation on business model of state-owned enterprises is higher than that of other ownership enterprises.According to the above empirical results and the development characteristics of enterprises,reasonable suggestions are put forward: enterprises should increase the capital investment in technological innovation in the process of development,pay attention to the incentive mechanism and operation capacity in the process of internal operation,and realize the value maximization of technological innovation into business model.Government departments should increase financial input and support to enterprises,relax policy restrictions on the development of non-state-owned enterprises,and create conditions for better survival and development of enterprises.