大连海事大学硕士学位论文
摘
要
创新是国民经济发展的基石，位于我国现代化建设中的核心位置，创新能力的提升
是企业维持核心竞争力的途径，也是国家增强整体实力、实现持续稳定发展的重要保障。
企业作为技术创新主体，在推动创新发展中发挥着关键作用，因此相关研究也成为了学
术界关注的热点问题。在全球经济一体化背景下，知识经济和创新经济的重要性日益显
现，企业间的竞争形式不再局限于成本和价格层面，以规模经济取得的竞争优势也终将
被企业所拥有的核心技术等异质性资源所替代，开展创新活动不仅关系到企业的资源分
配和价值转化，也关系到企业核心竞争力的形成，其重要性不言而喻。而企业在进行创
新决策时会受到诸多因素影响，从企业外部来看，竞争环境的动态变化会给创新活动带
来机遇或挑战；而从企业内部来看，高管拥有重要的社会、经济资源，作为影响企业经
营管理水平和协调技术创新活动过程中的一环，在创新决策中也发挥着重要作用。因此，
本文基于技术创新综合评价指标，从企业外部环境和内部治理视角出发，展开了技术创
新与财务绩效的关系研究。
本文采用文献研究、规范研究和多元回归分析法，以技术创新、波特竞争优势和委
托代理理论为理论基础，在研究技术创新与财务绩效关系的基础上，引入市场竞争和高
管股权激励，对两者关系展开进一步探索。本文以 2017-2020年创业板上市公司面板数
据为研究对象，采用熵值法从创新投入和产出两个维度构造了技术创新综合评价指标，
并通过统计软件 Stata16.0进行实证分析得出以下结论：（1）技术创新正向促进财务绩
效，且促进影响存在滞后效应；（2）市场竞争显著削弱技术创新对财务绩效的促进作
用；（3）高管股权激励存在负向调节作用，会弱化技术创新与财务绩效的正相关关系。
基于上述理论和实证分析，本文从企业和政府两个层面提出对策建议，引导企业积极开
展技术创新活动，加速形成自身独特的知识和资源储备，以期为面临不同市场竞争程度、
拥有不同高管股权激励水平的企业通过技术创新实现高质量发展提供参考。
关键词：技术创新；市场竞争；高管股权激励；财务绩效
- I -
创业板企业技术创新对财务绩效的影响研究
Research on the Impact of Technology Innovation on Financial
Performance of GEM Enterprises
Abstract
Innovation plays an irreplaceable role in economic development and modernization,
improving the ability of technological innovation is a double guarantee for enterprises and the
country, it is beneficial for enterprises to be in the upstream position in the fierce competition,
and conducive to enhancing national strength and achieving more stable development.
Enterprises have become the main part of contemporary innovation, play an important role in
promoting innovation development and relevant research has also become the key field of
academic sessions. Under the trend of global economy and knowledge integration, the
importance of knowledge economyand innovation economy has become increasingly
apparent. The competition between enterprises and other enterprises is not limited on simple
cost and price competition, but focuses on different resources, such as technology. Carrying
out innovation activities is very important for enterprises, which is related to the allocation of
resources, value transformation and the formation of core competitiveness. Enterprises will be
affected by many factors when making innovation decisions, the dynamic change of external
competitive environment will bring opportunities or challenges to the innovation activities of
enterprises. From the internal perspective of enterprises, senior executives have important
social and economic resources, which play a key role in the process of influencing enterprises'
operation andmanagement level andcoordinating technological innovationactivities.
Therefore, this thesis studies the relationship between technological innovation and financial
performance from the perspective of external environment and internal governance.
This thesis uses multiple regression analysis and other methods, based on technological
innovation theory, porter's competitive advantage theory and principal-agent theory, by taking
market competition and executive equity incentive as regulatory variables to study innovation
performance. This thesis takes the panel data of the listed companies on China's growth
enterprise market from 2017 to 2020 as the research object. Constructs the comprehensive
evaluation index of technological innovation from the two dimensions of input and output by
using the entropy method, through software stata16.0 makes an empirical analysis and draws
the following conclusions. (1) Technological innovation is positively promoting financial
performance, and this promoting effect has a certain degree of lag effect. (2) Market
competition significantly weakens the promotion effect of technological innovation on
financial performance. (3) Executive equity incentive has a negative moderating effect, which
- II -
大连海事大学硕士学位论文
weakens the positive correlation between technological innovation and financial performance.
Through theoretical combing and empirical analysis, this thesis summarizes some suggestions,
hoping that the government can increase support and policy support, enterprises can attach
importance to the innovation sector, actively carry out technological innovation activities,
accelerate the formation of their own unique knowledge and resource reserve and provides
reference for enterprises with different levels of market competition and executive equity
incentive to achieve high-quality development through technological innovation.
Key Words: Technological innovation; Market competition; Executive equity incentive;
Financial performance
- III -