The Impact of Business Environment on Innovation Efficiency of Small and Medium-Sized Enterprises
To reveal the direct and indirect impact of the business environment on the innovation efficiency of small and medium-sized enterprises(SMEs)in China,this paper takes 115 SMEs listed on the GEM from 2015 to 2019 as data samples,uses the entropy method to measure the indicators of the business environment of enter-prises,and uses the SBM method to measure the overall innovation efficiency and stage innovation efficiency of SMEs.The Tobit regression model is constructed to analyze the impact of business environment on enterprise innovation efficiency and its sub-stage efficiency,two intermediary variables of digitization degree and innovate willingness are introduced and the step-up regression method and Bootstrap method are applied to investigate the transmission mechanism of business environment on enterprise innovation efficiency and its sub-stage,so as to explain the internal logic of business environment affecting enterprise innovation efficiency.The results show that:1)The business environment has significant positive effect on the innovation efficiency of overall technological innovation and its knowledge transformation and achievement transformation stage of SMEs.2)The indirect effects of business environment on the innovation efficiency of overall and its two sub-stage of SMEs are significantly posi-tive through the mediating variables of digitization degree or innovation willingness.3)The heterogeneity analysis by region,whether they are specialized and innovative and industry shows that,the business environment has a significant positive effect on the innovation efficiency and overall and its sub-stage of SMEs belonging to the eastern region and specialized new enterprises,and the business environment has a significant positive effect on the overall innovation efficiency of some manufacturing SMEs,and a significant negative effect on some manufacturing and service industries SMEs.
Business environmentinnovation efficiencydigitization degreeinnova-tion willingnessmediating effect
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