An Empirical Study On The Impact Of Financing Constraints On Technology Innovation Efficiency

In order to study the influence mechanism and effect of financing constraints on the efficiency of technological innovation,this paper takes GEM electronic information manufacturing enterprises as an example,and based on the research of domestic and foreign literatures,collects China's GEM electronic information manufacturing enterprises from 2012 to 2017.Relevant data for empirical analysis.First,use the DEA model to measure the efficiency of the company's technological innovation.For the input indicators,this paper selects the research expenditure intensity,sales expenses,operating costs and R&D staff strength.For the output indicators,this paper selects the operating income,operating profit and patent applications,and uses the DEA model to technology of China's listed manufacturing enterprises.Innovative efficiency is measured.Secondly,the net cash flow,asset-liability ratio and equity net interest rate generated by operating activities are used to measure the internal financing constraints,debt financing constraints and equity financing constraints of the enterprise.Finally,the internal financing constraints,debt financing constraints and equity financing constraints are selected as explanatory variables,the technical innovation efficiency is the explanatory variable,and the corresponding control variables are added to carry out regression analysis.After research,it is found that the overall technological innovation efficiency of China's GEM electronic information manufacturing enterprises is at a low level and financing constraints are common problems in China's GEM electronic information manufacturing enterprises;internal financing constraints are positively related to technological innovation efficiency,but related relationships It is not significant;the debt financing constraint has a significant positive correlation with the technological innovation efficiency of the GEM electronic information manufacturing enterprises,that is,the debt constraint has a positive effect on the efficiency of technological innovation;the equity financing constraint has a significant negative impact on the efficiency of technological innovation.Based on the above research results,the following suggestions are proposed toimprove the technological innovation efficiency of the GEM electronic information manufacturing enterprises: First,improve the financing environment;second,the GEM electronic information manufacturing enterprises should actively strengthen the technological innovation investment and actively improve the enterprise management system;Raise debt financing constraints,actively ease equity financing constraints,and promote the efficiency of technological innovation.