金融市场波动与企业创新

Based on the samples of Listed Companies in China from 2000 to 2017, this paper discusses the impact of financial market volatility on the level of enterprise innovation and the different effects of different forms of government intervention. The results show that the fluctuation of financial market has significantly increased the number of patent applications of enterprises; this paper also makes a separate regression for different types of patents, and finds that market fluctuation has significantly increased the number of patent applications for invention with relatively high value, but not for design with relatively low value, and market fluctuation has promoted the innovation output and efficiency of enterprises. In addition, when the market fluctuation intensifies, the state-owned enterprises will not promote the impact of market fluctuation on enterprise innovation; compared with the general enterprises, the innovation level of high-tech enterprises recognized by the government is significantly improved. This paper analyzes the effectiveness of market in resource allocation from the perspective of market fluctuation, and discusses the effectiveness of government intervention through comparative analysis of ownership and whether it is recognized as a high-tech enterprise. It is found that government intervention will have an impact on the market mechanism. Only when the government plays a better role,the market can play a decisive role in resource allocation Sexual function.