| Although the rapid development of the scale of IOT industr y, its innovation activity still faced with the plight of the development seriously: the large amount of technology innovation investment in R&D can not bring the proper technical innovation achievement, the lower efficiency of technology innovation turned out to seriously restricts the sustainable development of IOT enterprises. Due to the strong financial dependence in IOT technology, the internal and external financing constraints faced by IOT enterprise technology innovation will largely affect IOT technological innovation activity. Thus, in IOT enterprises' special financial market, this paper need to discuss the following questions:(1)whether the IOT enterprises' different innovation sections are facing financing constraints problems,(2)how the financing constraints affect different stages of inve stment decision and efficiency of technology innovation.Firstly, this paper analyzes the internal theory mechanism between financing constraints and enterprise technology innovation efficiency based on the combining analysis with the asymmetric informatio n theory, principal agent theory and liquidity risk control theory. Secondly, this paper constructs the enterprise financing constraint index through the two elements Logistic model, and on the basis of enterprise technology innovation chain's research, we use the network DEA-BC2 model to build enterprise's two-section technological innovation efficiency model under the condition of variable scale return. Finally, we use the micro data of 155 China's IOT public corporations to carry on an empirical analysis in the period of 2008-2013, in order to systematically investigate and examine the existence of the corporations' financing constraints and the relationship between IOT public corporations' financing constraints and transformation efficiency of technology R&D and technological achievements.The study result shows as follow:(1) the overall level of China's IOT pubic enterprises' technical innovation efficiency is extremely low.(2) China's IOT pubic companies are indeed facing financing constraints signifi cantly.(3) IOT enterprises' technical knowledge innovation efficiency has a significant positive correlation with the degree of financing constraints, but the correlation between the technological achievements transformation efficiency and the degree of f inancing constraints is negative. The empirical results can well explain the key sections and potential factors which impede the effective development of IOT technological innovation efficiency, and prove the intrinsic mechanism between IOT corporations' financing constraints and the technology innovation efficiency, guide the innovation fund input in different technological innovation section. The empirical results truly have the certain theoretical and practical significance. |
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