Abstract: Key core technology innovation is the core strategy for enterprises to break through development bottlenecks and overcome growth barriers, and it is also the key driving force for in-depth exploration of the internal value of enterprises and significant improvement of external market competitiveness, which plays an important role in the improvement of market value of enterprises. However, few studies have clarified the impact of key core technology innovation on the market value of enterprises. Based on the neo-Schumpeterian growth theory, this study used the empirical evidence of China′s high-tech manufacturing industry from 2011 to 2020 to empirically test the impact of key core technology innovation on the market value of enterprises by using a fixed effect model. The results showed that key core technology innovation has a significant positive impact on the market value of enterprises, and this conclusion is still valid after considering the endogeneity problem and various robustness tests. The analysis of the intermediary mechanism showed that the innovation of key core technology affects the improvement of enterprise market value through the effective way of improving the enterprise′s market profitability and internal capital profitability. The heterogeneity analysis showed that the key core technology innovation of state-owned enterprises and large-scale enterprises has a greater impact on the market value of enterprises, and the key core technology innovation with lower R&D risk and higher activity has a greater impact on the market value of enterprises. This study has confirmed the positive impact of key core technology innovation on the market value of enterprises from an empirical perspective, expanded the impact of key core technology innovation at the micro level in theory, and will have important implications for enterprises to carry out key core technology innovation activities to enhance market value in practice.

Key words: key core technology innovation, enterprise market value, market profitability, neo-Schumpeterian growth theory