Marketization Process, Technological Diversity and Corporate Innovation Performance
HE Jianfeng1, WU Hui2
1. School of Economics and Finance, South China University of Technology, Guangzhou 510006, China; 2. School of Economics, Central South University of Forestry and Technology, Changsha 410004, China
Abstract Based on data from Chinese listed companies between 2008 and 2021, this paper constructs an econometric model to investigate the impact of the marketization process on corporate innovation performance and the role of technological diversity. The findings reveal that the marketization process significantly improves corporate innovation performance, particularly in enhancing exploitative innovation outcomes, while it does not exert a significant influence on exploratory innovation performance. These conclusions hold after conducting robustness checks. Mechanism analysis indicates that technological diversity is an important channel through which the marketization process significantly affects corporate innovation performance. However, this channel is only significantly present in related technological diversity, while unrelated technological diversity does not show statistical significance. Moreover, there is an inverse U-shaped relationship between related technological diversity and corporate innovation performance. Heterogeneity analysis reveals that compared to private enterprises and companies in the eastern and western regions, the marketization process has a more significant promotional effect on the innovation performance of state-owned enterprises and companies in the central region. Based on the above conclusions and in line with the innovation-driven development strategy, policy recommendations are proposed from aspects such as improving market operation mechanisms, guiding enterprises to undertake breakthrough innovations, and encouraging enterprises to implement technological diversification strategies.
2025, Vol. 42 
