The Effect Of Financing Constraints On Enterprise Technology Innovation:Evidence From Chinese Listed Companies

The report of the 18 th National Congress of CPC indicated clearly that had to implement Innovation-driven Development Strategies.As a core factor of the innovation development,technological innovation is not only an important way to speed up the transformation in the pattern of economic development,but also a significantly strategic force for improving the social productivity and comprehensive national strength.Under the current technology innovation system,enterprise tends to become the user of the new technology and developer and investor as well.As the principal part of technology innovation,enterprise innovation investment affects the entire level and process of national innovation.Under such important period of economic transition and upgrading,it's theoretically and realistically significant to promote our level of science and technology innovation and to put the theory that innovation drives development into practice,from a financial perspective to study the restricting factors of enterprise R&D and investment,and to explore how to alleviate such financing problems with constraints in enterprise R&D.Firstly,this paper proposes the basis and measurement method of financing constraint,brings a brief introduction of the theoretical basis called Schumpeter's Hypotheses,and puts forward the chain mechanism of "financing constraints-enterprise R&D-innovation".Secondly,this paper states the current situation of Chinese enterprise financing constraint and technology innovation,and analyses the tendency of enterprise technology innovation from 2008.By choosing the data of Chinese A-share market's companies without ST Company in 2015,this paper applies cross-section data regression model to study the influence mechanism of financing constraint to the listed companies technology innovation empirically,using the size of company as the proxy variable of financing constraint.The last part is about the main research conclusions and policy recommendations.Through the research above,this paper draws the following conclusions: financing constraint has inhibiting effect to the enterprise R&D investment,innovation activities and innovation behavior;the level of the inhibition effect of financing constraints to R&D investment in state-owned enterprise is slightly less than in non-state-owned enterprise.According to the research conclusion,the paper offers correlative countermeasures and suggestions to lower the level of financing constraints in Chinese enterprise,and to enhance enterprise R&D investment and innovation capacity as a whole.The first advice is advancing registration system to guarantee to meet the demands of equity financing for R&D expenditure.The second one is supporting development of small and medium-sized financial institutions to provide credit aid for enterprises R&D project.Last,reduce the threshold of FDI to broaden outside financing channels for R&D expenditure.