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| The Influence of Innovation Investment on Industry Growth |
| Yang Songling, Wang Zhihua, Liu Tingli, Niu Dengyun |
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Abstract Under the new normal background of innovation, the existing literatures have paid attention to the economic consequences of enterprise innovation investment at the micro level, while the industry performance in the mediumview has rarely been studied. Taking the A shares listed companies in Shanghai and Shenzhen as the research object, this paper explores the influence mechanism of enterprise innovation investment on industry growth, and the adjustment effect of the industrial R&D environment and the market power of the enterprise.It is found that there is a significant positive correlation between the intensity of innovation investment and the growth of the industry.The industrial technical environment and policy environment playthe positive regulatory effect on this improvement, but the market power of the enterprise will weaken the positive relationship.In addition, the above findings are not affected by the endogenous problems, and the results of the robustness test have not changed after considering other alternative explanations.This paper suggests that it is necessary to build an innovative synergy system involving government, industry and enterprises.The innovation investment of enterprise and the sustainable development of the industry will be promoted through the support of innovation policies, the integration of superior resources and the construction of good environment.
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