Enterprise Innovation? Financing Constraints And Capital Allocation Efficiency

Enterprise innovation and capital allocation efficiency are both important means to enhance enterprise value,but their mechanism is different.Enterprise innovation is an important driving force for the future development of enterprises,which helps enterprises to form core competitiveness,promote the financial performance of enterprises and enhance the formation of a good reputation in the industry and even market competition in a leading position.Capital allocation efficiency is able to measure whether the marginal rate of return of the enterprise to achieve optimal.Improving the efficiency of capital allocation of enterprises will help to increase revenue and achieve sustainable development of enterprises.Enterprise innovation has a pre-process and post-output effect,while the efficiency of capital allocation is focused on the behavior of managers' results.Then whether the before and after impact of enterprise innovation affect managers' behavior of capital allocation or not? Is the effect of this positive or negative? What is the mechanism through which enterprise innovation can produce such influence? In view of the above-mentioned problems,so far the relevant literatures on the analysis and in-depth study are few.Therefore,this article from the perspective of business innovation,doing a clear study of the relationship between enterprise innovation and capital allocation efficiency,not only broaden the research perspective from the theoretical aspects of capital allocation behavior,but also will encourage enterprises to actively plan innovation and reasonably implement innovation.It has the practical significance.Under the environment of current market economy,financing constraints are inevitable for all kinds of enterprises.Capital allocation efficiency is an important aspect of the impact of financing constraints on enterprises.Enterprise innovation as an important means of enterprise development,the impact on enterprise capital allocation efficiency is undoubted and can't be ignored.In previous studies,the relationship between financing constraints and the efficiency of enterprise innovation or capital allocation is usually discussed.There is no related literature to test the relationship between these three constraints.Therefore,the study of financing constraints in this article will help to examine the positive role of innovation and further realize the efficient allocation of capital,at the same time to find and provide solutions,ideas and realistic path.From the perspective of research and reality,exploring the relationship will do some help to accounting theory and practical research.In this paper,we use 2012-2015 China's A shares of listed companies as the research sample.According to the relevant principles,we eliminate invalid part of enterprises.Then through an empirical test,finding the effect of enterprise innovation and financing constraints on enterprise capital allocation efficiency.And further investigated when the enterprises have had the effect of financing constraints,whether the effect of enterprise innovation changed or not.On this basis,according to the nature of property right,the sample enterprise group will be divided into state-owned enterprises and non-state-owned enterprises group.Testing when the enterprise has the financing constraints,what the different role of enterprise innovation on capital allocation is.It is of great reference value to the different nature of the enterprise how to effectively use the enterprise innovation.The results show that:(1)in the control industry,the year and the part of the variables,the enterprise innovation on the efficiency of capital allocation has a promotion effect.Enterprise innovation through the promotion of corporate image,reduce the degree of internal agency conflicts and external information asymmetry,so that the enterprise capital allocation is more reasonable,the efficiency of continuous improvement.(2)in the control industry,the year and the part of the variables,the financing constraints on the efficiency of capital allocation have an inhibitory effect.In contrast to innovation,financing constraints will exacerbate the agency conflict in the enterprise,so that managers have adverse selection or moral hazard,thus reducing the efficiency of capital allocation.(3)the existence of financing constraints of enterprises,the innovation on capital allocation efficiency promotion will be inhibited,but the inhibition and enterprise innovation and financing constraints exist alone promoted or inhibited compared to the relatively small.(4)state-owned enterprises,promote enterprise innovation on capital allocation efficiency was not significantly inhibited the effect of financing constraints;and non-state-owned enterprises,financing constraints will result in significant inhibition on the role in promoting enterprise innovation.