Empirical Analysis Based On Financing Constraints And Technology Innovation Of Companies Listed On The Growth Enterprise Market In China

At present our country enterprise innovation level is not high,in order to improve the level of enterprise innovation,Discusses the influencing factors of the relationship between financing constraints and innovation investment and internal mechanism,test whether the financing constraints to the enterprise innovation has inhibition,and examines the long and short term loan financing influence on technology innovation,and uses the data of listed companies,the gem state analysis software for the empirical research,finally,puts forward the corresponding policy recommendations,the main conclusions are as follows:(1)The financing constraint has a significant inhibitory effect on the company's technological innovation.It is shown that the degree of financing constraint of the enterprise has a significant negative correlation with the level of the company's technological innovation.(2)The company and enterprise long and short term loan financing in the study of the relationship between technical innovation: long-term borrowing technology innovation has a promoting effect on the company,and short-term borrowing against company technology innovation,embodied in long-term loans ratio was positively related with the company's technology innovation,and short-term borrowing debt ratios and the company has a negative correlation between the technology innovation.(3)The relationship between cash holdings and technological innovation in the company is proposed.Adequate internal funding is good for corporate innovation.(4)Based on the heterogeneity of innovation investment perspective,compared with incremental innovation enterprise,the mutation type innovation enterprise innovation investment to internal cash holdings sensitivity higher,reflecting the mutation type innovation investment is faced with more financing constraints,thus seriously restricted the company's technical innovation;The ratio of long and short term borrowing to the impact of sudden innovation is greater than incremental innovation.Puts forward the policy reference for improving the financing environment of enterprise innovation project and optimizing the behavior of enterprise innovation financing.