Research on the Factors Influencing the Technological Innovation of Military Industry Listed Companies

Abstract

With the development strategy of civil-military integration being upgraded to national strategy since the 18th National Congress, listed companies of military industry have once again become the focus of attention from all walks of life. It is of great practical significance to explore the factors affecting their technological innovation and the mechanism of action. This paper takes the Jiangsu military industry concept listed company as the research object, and selects the latest annual data of the company from 2014 to 2018 as a sample. The study finds that the concentration of ownership is not significantly negatively correlated with the innovation performance of listed companies in the military concept category. The equity balance is significantly positively correlated with the innovation performance of listed companies in the military concept category. However, there is no significant positive correlation between the same group effect of military industry companies' own innovation activities and the innovation performance of enterprises; there is no significant positive correlation between government subsidies and the innovation performance of military industry concept listed companies. Therefore, in view of the improvement of innovation performance of military conceptual enterprises, the feasible direction is to actively introduce private enterprises into the army and promote capital diversification, and strengthen the analysis of market demand and keep up with the trend of innovation in military industry. At the same time, the government should also increase its support to promote its long-term operation and development, and promote the early realization of the Chinese dream of enriching the country and strengthening the army.