Research on the Impact of Innovation Investment Sustainability on Enterprise Total Factor Productivity

Continuous innovation is an important prerequisite for enterprises to build dynamic competitive advantages in a highly complex and uncertain external environment. Therefore, this paper discusses how to improve the total factor productivity of enterprises from the perspective of the sustainability of innovation input. This paper uses the panel data of Shenzhen and Shanghai listed companies from 2008 to 2023 to test how the sustainability of innovation input affects the total factor productivity of enterprises. The study found that: ① The sustainability of innovation input has a positive correlation with the total factor productivity of enterprises and has passed a series of robustness tests such as the replacement variable method, the addition of control variables method, the lagged one-period method and the elimination of special values. ② The regression coefficient of the impact of the sustainability of innovation input on the total factor productivity of enterprises in the central region is the highest, and the regression coefficient of the impact of the sustainability of innovation input on the total factor productivity of enterprises in the eastern region is the lowest. Among non-state-owned enterprises, the regression coefficient of the impact of the sustainability of innovation input on the total factor productivity of enterprises is higher than that of state-owned enterprises. And relevant suggestions are put forward.