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| Research on the Influencing Factors of Enterprise's Continuous Innovation |
| Duan Haiyan |
| School of Management，Henan University of Science and Technology，Luoyang 471000, China |
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Abstract Use continuous patent time, continuous patent number, continuous invention time and continuous invention number as the measurement of continuous innovation. Based on the theoretical analysis of the impact of firm size, firm profitability, debt financing, equity structure and executive's incentive on enterprise's continuous innovation, it puts forward relevant assumptions, does empirical test taking "Chinese listed companies patent research database" in CSMAR from 1985 to 2015 as sample. The results show that firm size is positively related with continuous innovation. Firm profitability and debt financing have no significant influence on continuous innovation. As for ownership structure, the proportion of the first shareholder is negatively related with continuous patent time and continuous invention time, while it has no significant influence on continuous patent number or continuous invention number. The proportion of institutional investors is positively related with continuous patent time, but the impact is not significant as to other dependent variables. Executive's short-term incentive is positively related with continuous innovation which is measured by annual compensation, while executive's long-term incentive's positive impact on continuous innovation which is measure by shareholding ratio is not brought into play completely. This study has important theoretical and practical significance on how to guide enterprises to continuous innovation, and explore different paths and patterns which are conducive to continuous innovation.
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Received: 25 June 2017
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Corresponding Authors:
Duan Haiyan
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