Research On The Influence Of Financial Misallocation On Enterprise Technological Innovation

Technological innovation is the driving force of country's economic development,and also the fundamental driving force for enterprise development.In the process of technological innovation,the resources supply especially the financial resources is essential.In terms of current financial market structure and financial resource allocation process of China,the factor market distortions caused by resource misallocation has become an important factor hindering enterprise technological innovation.How to grasp theoretically the relationship between financial resource misallocation and technological innovation,and how to correct the misallocation of financial resource is the key to implement the national innovation-driven development strategy.Based on that problem,this paper constructs a theoretical framework of resource misallocation,and uses the framework analyzing the theoretical impact of financial misallocation on enterprise technological innovation.Based on that,the paper analyzes three mechanisms of financial misallocation affecting enterprise technological innovation.Then,based on the micro-data of enterprises in Changsha-Zhuzhou-Xiangtan area,this paper calculated the financial misallocation,and studied the relationship between financial resource missllocation and technological innovation in this area empirically.The empirical results show that the existence of financial resources misallocation in Chang-Zhu-Tan area significantly inhibits the improvement of technological innovation,the greater the degree of misallocation,the stronger the inhibitory effect on technological innovation,especially the general equipment manufacturing industry,suppression effect particularly obvious in general equipment manufacturing industry.The empirical results also show that there is a difference between the financial misallocation and the technological innovation for firms with different ownership properties.The inhibitory effect between financial resources misallocation and technological innovation in state-owned enterprises is not obvious,and the relationship between the two is significant.Finally,based on the reasons for the misallocation of financial resources and the relationship between financial resource misallocation and technological innovation,this paper put forward some policysuggestions to eliminate the mismatch of financial resources and improve the technological innovation of enterprises.