Based on the theories of technology life cycle and process innovation, this paper deeply explores the relationship between the technology renovation investment and the product cost using the Chinese manufacturing listed companies for the period 2002-2008 as research samples. It is found out upon research that the technology renovation investment can effectively reduce the product cost so as to improve the company performance. Technology renovation investments have a significant leverage effects to reduce product costs. On average, the increase of 1 yuan in technology renovation investment can reduce the sale cost by 9.0813 yuan correspondingly, so the technology renovation investment has an obvious leverage effect on the reduction of the sale cost. In addition, the technology renovation investment has a positive influence on the future trend of the product cost. Moreover, the technology renovation investment can significantly increase the range of variation in the operating cost reduction and alleviate effectively the trend of the sale cost growth. The conclusion of this paper provides not only a new perspective and evidence for the economic consequence of the technology renovation investment, but also some valuable decision-making basis and policy-making suggestions for deepening the enterprise independent innovation and allocating the innovation resources rationally.
Key words
technology renovation investment /
product cost /
technology life cycle /
process innovation
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