Research On The Impact Of New Energy Listed Companies’ Financing Ecology On Their Technological Innovation

Under the new normal economy,in order to meet the requirements of a high-quality and sustainable economic development model,it is urgent to transform the energy structure,adjust the industrial structure,and foster competitiveness through innovation.In particular,the energy industry has weakened resource advantages.To develop in a healthy and orderly manner,the energy industry must establish a "competitive advantage." Technological innovation is a key factor in transforming the energy industry from a "resource advantage" to a "competitive advantage".The "Thirteenth Five-Year Plan" plans to include the new energy industry as a national key cultivation industry,with a view to occupying a favorable position with technological advantages and promoting economic transformation.New energy enterprises are the main bearers of the development of new energy industries.The technological innovation capabilities of new energy enterprises determine the height and breadth of industrial development.However,the development of enterprise technology innovation activities must be supported by strong and stable funds.Financing ecology introduces ecological ideas into the study of corporate financing issues,and studies the internal and external environment in which companies raise funds.The ecology outside financing varies greatly from region to area,and the ecological differences within the financing of each enterprise are significant,leading to differences in the channels,speed,cost,and scale of obtaining technological innovation funds,which in turn affects the ease of financing of enterprises,and is ultimately reflected in the level of technological innovation of enterprises.Based on this,this paper incorporates the financing ecology,financing constraints,and technological innovation of new energy listed companies into a systematic research framework,analyzes the current state of technological innovation and financing ecology of new energy listed companies,and explains the impact of financing ecology of new energy listed companies on technological innovation.Using 112 new energy listed companies in China as samples,we selected relevant data from 2013 to 2017,designed and constructed a comprehensive indicator of corporate financing ecology from the dimensions of economy,finance,industry,justice,own finance,and internal control,and used the intermediary effect The test method,the panel data fixed effect test method,empirically analyzes the relationship between the financing ecology,financing constraints and technological innovation,and explores whether the financing constraints of new energy companies play an intermediary role in the process of financing ecology affecting technological innovation.The results show that the improvement of the internal and external ecology of new energy listed companies ’financing will affect the technological innovation of new energy companies;the internal ecology of new energy listed companies’ financing can ease the financing constraints faced;the external financing of new energy listed companies is positively related to technological innovation,but not Significantly;the easing of financing constraints of new energy listed companies can promote technological innovation;the financing constraints of new energy listed companies play an intermediary role in the process of ecologically affecting technological innovation within financing,that is,the financing ecology affects technological innovation levels by alleviating financing constraints;financing constraints There is no intermediary role in the process of ecologically affecting technological innovation outside financing.Starting from the internal and external factors of the enterprise,the following suggestions are proposed:(1)Building a modern economic system and enhancing the economic ecology;(2)Optimizing the financial ecology and innovating financing channels;(3)Focusing on policy and institutional arrangements to enhance the industry’s supporting ecology;(4)Improve the internal control system;(5)Improve the level of financial operations.