| Technological innovation is the key factor for the survival and development of enterprises,it is an important driving force to enhance the core competitiveness of enterprises,it is the only way for China to successfully transform its economic development mode,to become an innovation-driven economy;it is a strategic choice for China to gain initiative in international economic and technological competition.In the 21 st centur,financing is becoming an obstacle in the development of enterprises,and it is becoming the key issue of the growth of all enterprises.As an investment activity,technological innovation cannot survive without financing.Continuous fund support is the basic requirement to continue with technological innovation.Capital investment is the most important investment in technological innovation.Technonlogical innovation needs a lot of capital and has a long duration,thus,it is easily restricted by insufficient fund.Comparing with world-class enterprises,China's enterprises invested much less in technological innovation.According to “2018 China Top 500 Enterprise Development Report”,the average R&D investement of all the Top 500 Enterprises is only 1.56% of the total investment,much less than the 2% international recognized standard enterprise survival rate.So what are the factors restricting capital investment in R&D for China enterprises? At present,China's economy is still in a transitional period,China's capital market is still immature: there are structural defects,various laws,regulations,institutional systems are not mature yet.China enterprises will face below financing problems in a long term: financing channels are unstable,financing costs are high,financing efficiency is low.Does financing constraints restrict the technological innovation activities of enterprises? Based on financing constrain theory,technological innovation theory,this paper explains the relationship between financing constraints and technological innovation from the perspective of financing constraints and emphasize on the mechanism of how financing constraints affecting technological innovation.This paper used and tested data from China stragegic emgerging It can provide certain guidance on how to remove obstacles and prmote technical innovation.This paper addresses the fllowing issues:1.Do China enterprises have financing constraints? If so,what are the financing constraints in China's strategic emerging industries? Is there any difference in different regions? Is there any difference in different industries?2.What are the characteristics of technological innovation in China enterprises? Is there any difference in different regions? Is there any difference in different industries? Is there any difference in different enterprises?3.What is the funding channel for technological innovation? Does it rely on external funding? Does financing constraints affect enterprise technological innovation?4.How does financing constraints affect enterprise technological innovation from a micro perspective? Is this affection selective? Can this affection be eliminated by other policies?5.How does financing constraints affect technological innovation regionaly from a macro perspective? Does this affection change over time? How does financial constrains react to the impact effect of technological innovation?6.Under financial constraints,how to improve enterprise technological innovation ability?This paper follows below path: ‘theoretical overview of financing constraints and technological innovations' – ‘analysis of technological innovation realization condition under financial constraints' – ‘analysis of how financial constraints affect technological innovations from a micro perspective'-‘analysis of how financial constraints affect technological innovations from a macro perspective'-how to improve enterprise technological innovation ability under financial constraint?' Firstly,the author put forward the problem this paper trying to address: the impact of financing constraints on technological innovation.Secondly,this paper systematically listed literatures on financing constraints and technological innovations and laid a theoretical foundation for later part of this paper.Thirdly,this paper made a descriptive analysis of the status quo of financial constraints on technological innovation in China's strategic emerging industries.Fourthly,this paper analyzed the realization conditions of financing constraints affecting technological innovation,from the perspective of financing channels,conduced an empirical test on technological innovation financing channels,analyzed financing channels of technological innovation investment.Fifthly,this paper analyzed the impact of financing constraints on technological innovation,and conducted empirical analysis based on the data from listed companies in strategic emerging industries from a micro perspective.Sixthly,this paper analyzed the impact of financing constraints on regional technological innovation from a macro perspective.Seventhly,this paper analyzed how to improve enterprise technological innovation ability under financing constraints.Lastly,the research conclusions and enlightenment are obtained according to the empirical analysis results of the previous chapters.The conclusions of this research are as follows:1.The current status of financing constraints and technological innovation.Firstly,financial constraints have increased over time for listed strategic emerging industrial companies,indicating that financing problems are becoming more and more serious.China's technological innovation investment(R&D expenditure)and technological innovation output(number of patent application)are increasing year by year,however,the efficiency of technological innovation output / technological innovation investment is low in China's strategic emerging industry.2.Financing constraints affect how technological innovation is achieved.Firstly,obviously,technological innovation of listed companies in China's strategic emerging industries depends on internal cash flow.Secondly,in addition to relying on internal cash flow,technological innovation also relies on external financing.Equity financing is the main external funding channels of technological innovation for China's strategic emerging enterprises.Thus,technological innovation of China's strategic emerging industries relies on external financing and needs to be financed in external capital markets.Therefore,technological innovation is inevitably affected by corporate financing constraints.3.The impact of financing constraints on enterprises' technological innovation from a micro perspective.Firstly,financing constraints have a restraining effect on technological innovation,which not only inhibits technological innovation investment,but also suppresses technological innovation output.The restraining effect of financing constraints on technological innovation output is mainly reflected in strategic innovation.Secondly,The restraining effect of financing constraints on technological innovation has a selective effect,mainly reflected in the differences between state-owned enterprises and non-state-owned enterprises.There are differences among various sub-sectors in strategic emerging industries,and there are differences between manufacturing and non-manufacturing industries.There is a difference between the low external financing industry and other industries.4.The impact of financing constraints on regional technological innovation from a macro perspective.Firstly,the relaxation of financing constraints is conducive to promoting regional technological innovation activities.The tightening of financing constraints is not conducive to technological innovation of regional enterprises.Secondly,the change of investment in technological innovation mainly stems from the influence of its own inertia.In the macro financing constraint policy,the scale of direct financing has the greatest impact on the changes of technological innovation investment,followed by indirect financing.5.Under the constraints of financing,the realization path of improving the technological innovation capability of enterprises.Firstly,the way to maintain innovation and sustainability for companies facing financing constraints is to establish an effective cash reserve in the cash flow or stock market boom period or maintain an appropriate quick ratio to prevent possible funding gaps in future technological innovation investments.Above measures will enable companies to better control ongoing or future planned technological innovation projects and maintain the continuity of technological innovation;Secondly,on the one hand,the government should focus on building a good external economic environment to help enterprises better exert their innovation vitality;on the other hand,the government should also strengthen the motivation and enthusiasm of enterprise technological innovation through a good institutional environment to provide enterprise A good political environment for enhancing the company's technological innovation capabilities.Lastly,according to the results of mechanism analysis and empirical test,this paper puts forward relevant suggestions: government should optimize investment and financing environment,improve innovation support policies.Enterprises should enhance their core competitiveness,enhance their financing ability,and ultimately enhance their innovation ability.The innovations of this paper are as follows:(1)This paper provides a new theoretical explanation for the relationship between financing constraints and technological innovation from the perspective of real options,and empirically tests the data of China's strategic emerging industries;(2)This paper reveals that external political and economic environment plays a regulatory role between financing constraints and technological innovation.Thus it provides a new foothold and focus for the implementation of macroeconomic policies,thus achieving the connection between macroeconomic policies and microeconomic behaviors;(3)From the perspective of the institutional environment,it is found that the level of marketization is an important factor that causes regional differences in technological innovation capabilities;(4)creatively explore the overall situation of China's strategic emerging industries financing constraints,industry differences and dynamic evolution characteristics,and develop differentiated industries for local conditions.Financing policies and regulatory policies provide policy basis;(5)In the research sample,this paper uses both macro data and micro data,and the macro-micro system combines the system to comprehensively analyze the relationship between financing constraints and technological innovation. |
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