Management Ability, Innovation Input and Enterprise Performance

This paper studies the endogenous relationship between innovation investment and enterprise performance through the three-stage least square method, taking the companies listed on the Main board of A-shares in Shanghai and Shenzhen stock Exchanges from 2014 to 2018 as research samples, and explores whether the improvement of management ability can effectively promote the transformation of enterprise innovation investment into enterprise performance from the perspective of innovation. The research results show that there is a two-way influence between innovation input and enterprise performance. The innovation input can significantly promote the growth of enterprise performance, but its promotion effect is relatively lagged. The growth of performance may weaken the enterprise's innovation motivation and reduce the future innovation input. Management competence has a significant positive moderating effect on the relationship between innovation input and performance. This paper provides an important reference for balancing innovation and enterprise performance and improving the transformation efficiency of enterprise innovation investment to increase enterprise value.