Can Industrial Technological Complexity Improve Enterprise Investment Efficiency?
China's industrial upgrading has led to a significant increase in industrial technological complexity,which contains huge opportunities for technology investment.In practice,some enterprises have the situation of declining investment efficiency.In recent years,The Glass Elevator and other institutions have found that more than half of Chinese enterprises are trying to cope with the challenge of greatly increasing technological complexity,and the primary concern of Chinese enterprises is the possible reduction of investment efficiency caused by technological complexity.In the process of industrial transformation and upgrading,the existing capacity and resources of enterprises can not cope with the increase of industrial technological complexity,and the incentive structure of enterprises to adapt to industrial technological complexity has not been constructed.These are the key problems for enterprises to cope with the opportunities and challenges brought by the large increase of industrial technological complexity,and also the realistic problems in China's industrial upgrading,which have not attracted enough attention from the academic community so far.This paper attempts to provide a theoretical analysis framework and an empirical test for the reasons and improvement measures of declining investment efficiency caused by industrial technological complexity.Based on the analysis of industrial technology evolution,industrial technological complexity shows the characteristics of nonlinearity,unpredictability,divisible and systematization,which leads to the insufficiency of enterprise technology absorption and reserve capacity,technology transformation insufficiency and application ability,and the imperfection of internal governance,which distorts enterprise investment decisions and may reduce enterprise investment efficiency.The results show that:In the process of transformation and upgrading,industrial technological complexity has a significant negative impact on enterprise investment efficiency on the whole,and there is over-investment.Among them,industrial technological complexity has a significant negative impact on state-owned enterprises and enterprises at the front and middle end of the industrial chain,while industrial technology complexity has no significant impact on private enterprises and the back-end enterprises of the industrial chain.Mechanism test shows that,enterprise's technology absorption and reserve ability is enhanced,the technology transformation and application ability is enhanced,and the quality of governance mechanism and information disclosure is improved,the enterprise can form an internal adaptability effect to the industrial technology complexity.Therefore,enterprises dealing with the complexity of industrial technology can form a capital market valuation premium,obtain government scientific and technological support,and produce an external reward effect.The following suggestions are put forward:on the one hand,it is necessary to adopt precise and classified policies to alleviate the technology investment risks faced by various enterprises.On the other hand,it is necessary to take multiple steps and coordinate efforts to promote the enterprise internal adaptive incentive and external reward measures.First,this paper studies for the first time the mechanism of industrial technological complexity on investment efficiency of micro enterprises.Second,this paper takes the lead in studying the influence mechanism of the internal adaptive incentive effect and the external reward effect on the enterprise investment efficiency of industrial technology complexity.Third,this paper discusses and enriches the different policy implications of enterprises'new technology investment practice in the process of industrial upgrading.There are differences in the technological complexity of different industrial locations(front-end,mid-end,back-end)and different industrial categories,and their influence mechanisms on specific investment project are different.Relevant research is the main content of the next research.In addition,there is a coordinate and mismatch between the combinations of related industrial technologies,and future research needs to consider how to coordinate industrial technology chain.
industrial technological complexitythe process of transformation and upgradingenterprise investment efficiencyadaptive effectincentive effect
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