Research On Financing Constraints Of Technological Innovation Investment In High-tech Enterprises

In today's rapid progress in science and technology, technological innovation has become a powerful force driving the national economic development and social progress. Besides,it's strategic point to build national competitiveness. Enterprises need technological innovation urgently as a indispensable main force and pioneer in the economic development.Technological innovation has become an important driving force for core competence to create sustainable development. However,Chinese companies lack of investment in technological innovation, especially the high-tech enterprises.There are many reasons for this, financing factor is undoubtedly one of the most important reasons.But it rarely get the attention of domestic scholar. Therefore, this article attempts to explore the issues of under-investment in technological innovation from the perspective of financing constraints.Based on the general situation and characteristics of investment in technological innovation,this article analysis of the financing constraints of investment in technological innovation combined with asymmetric information theory. Then choose the high-tech listed companies which disclose the information of technology innovation investment in year 2008-2014 as samples. Firstly, tested the existence of financing constraints in technological innovation of high-tech listed companies. followed by the effects of financing constraints on investment in technological innovation, and finally tested the effects of cash holdings to relieve financing constraints of technology innovation investment.The results showed that:(1) Investment in technological innovation of high-tech listed companies exist financing constraints which more pronounced in small-scale enterprises and private enterprises, thereby restricting the company's investment in technological innovation;(2) The technology innovation investment of high-tech listed companies is negatively related to debt financing,and positively to equity financing. Investment funds mainly from internal funds and equity financing,less from debt financing;(3)The higher degree of financing constraints, the stronger dependence on internal cash flow, which means the greater sensitivity between investment in technological innovation and the internal cash flow;(4) the higher amount of cash holdings, the smaller dependence on internal cash flows,that cash holdings presence mitigative effect for financing constraints in technology innovation investment.