Abstract
Empirical findings from the impact of innovation investment volatility on enterprise technological innovation are mixed. Based on the punctuated equilibrium theory, this study explores the impact of innovation investment volatility on enterprise technological innovation in different life cycles and whether innovation subsidy has expected effects on enterprises’ technological innovation. By using the 205 Chinese listed enterprises in strategic emerging industries from 2010 to 2019 as the research sample, the results show that the innovation investment volatility has a positive impact on technological innovation of enterprise in the growing stage, while it has no significant effect on enterprise technological innovation in the mature and declining stages. In addition, the negative moderating effect of innovation subsidy on the relationship between innovation investment volatility and technological innovation is the most significant for enterprises in the growing stage, weakly significant for enterprises in the mature stage, and insignificant for enterprises in the declining stage.
Highlights
In recent years, in order to realize the optimization of economic structure and the transformation of growth momentum, the Chinese government has proposed to build an innovative country [1]. e construction of an innovative country requires the support of enterprise technological innovation [2]
Innovation subsidy, as a significant means for the Chinese government to intervene in innovation activities, has an impact on innovation activities. erefore, the study further introduces innovation subsidy policy as a moderating variable to test its influence on the relationship between innovation investment volatility and technological innovation of enterprises in different life cycles. rough the regression test of panel data, the research conclusions are as follows First, the innovation investment volatility has a positive impact on enterprise technological innovation in the growing stage, while it has an insignificant effect on enterprise technological innovation in the mature and declining stages
Most prior studies have discussed the effect of innovation investment volatility in a homogeneous sample of enterprises. e differences in the effect of innovation investment volatility for enterprises in different life cycle stages may be ignored. e study finds that the innovation investment volatility of enterprises in the growing stage is caused by proactive innovation management and it has a positive impact on technological innovation
Summary
In order to realize the optimization of economic structure and the transformation of growth momentum, the Chinese government has proposed to build an innovative country [1]. e construction of an innovative country requires the support of enterprise technological innovation [2]. Erefore, it is necessary to further explore the impact of innovation investment volatility on enterprise technological innovation in different life cycles. Erefore, the study further introduces innovation subsidy policy as a moderating variable to test its influence on the relationship between innovation investment volatility and technological innovation of enterprises in different life cycles. Rough the regression test of panel data, the research conclusions are as follows First, the innovation investment volatility has a positive impact on enterprise technological innovation in the growing stage, while it has an insignificant effect on enterprise technological innovation in the mature and declining stages. The study is conducive to deepening the theoretical study of innovation investment volatility and providing brand-new ideas for enterprise innovation investment activities by separately testing the impacts of innovation investment volatility on technological innovation of enterprises in different life cycles. The study ends up with a discussion and conclusion
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