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| Research on the Impact of Technological Innovation on Corporate Financial Sustainable Development——Take the New Energy Industry as an Example |
| Huang Shuyan, Ye Hanying, Zhang Hongyi, Zeng Yuan, Chen Xinghong |
| Business School,Macao University of Science and Technology,Macao 999078,China |
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Abstract New energy industry has a significant impact on China's circular economy and sustainable development in recent years.The sustainable development of enterprises is inseparable from technological innovation.In order to explore the degree of influence of technological innovation on the sustainable development capacity of the new energy industry,38 non-ST new energy companies listed on the A-share market from 2007 to 2016 were selected as the research objects.By establishing non-balanced panel data and taking the endogenous issues into account,an empirical study is performed by using the dynamic panel two-step system GMM analysis method.The two models of short-term performance and long-term performance of the new energy industry are carried out from the four aspects of technology innovation including R&D investment,R&D personnel,number of patents and education level,and the addition of two interactive items of R&D investment and patent,R&D personnel and patent.Therefore,strengthening the support for technological innovation will promote the sustainable development of corporate finance.
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Received: 22 June 2020
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2021, Vol. 2 
