Analysis on Stochastic Change Characteristics of Technological Innovation Efficiency under Endogenous Change in Technological Information and Investment of Knowledge Capital

The allocation of innovation-related elements is influenced by intangible such as technological information, which affects knowledge capital, human and material element investment, resulting in the stochastic change innovation efficiency. endogenous information investment reduces friction, lowers costs, improves efficiency, gradually deviation between capital In terms small characterized low demand for a single source, it easier to make more-accurate predictions, so efficiency tends be gentle. continuously increases proportion replacing other with steadily. Under condition unchanged elements, there great difference duration simultaneous selection successive investment. When one-time instantaneous continuous complete are respectively acquired, variation obvious. On basis data 287 listed companies eight industries, this paper compares analyzes measurement results GMM OLS verify above findings.