Research On The Influence Of Fiberhome Communication Technology Innovation Investment On Financial Performance Under Financing Constraints

With the increasingly fierce market competition,enterprises must master advanced technology and constantly improve and innovate technology if they want to keep their competitive advantage in the market.In the reports to the 18 th and 19 th national congresses of the communist party of China(CPC),the party pointed out that China should be committed to implementing the strategy of innovation-driven development and building itself into a strong country in scientific and technological innovation.The new voice of economic growth theory in academia emphasizes the extension of the previously single concept of labor to the investment of enterprises in human capital.From the perspective of the current market environment,China's capital market is not yet mature,and there are still omissions in the supervision of enterprise information disclosure.This makes Chinese enterprises and investors have different levels of information,which will lead to the problem of information asymmetry,which further affects the decision-making of both sides of investment.On the other hand,As the innovation activity itself is characterized by high risk,uncertain outcome and long cycle,investors may give up investment,which reduces the source of funds needed for the innovation activity of enterprises.Meanwhile,when internal funds cannot meet their investment needs,financing constraints will arise.Based on balefire communication company as the study case,this paper first through understanding of relevant state policies and the present situation of economic development,draw out in this paper,the background and significance of the problem under study,based on the domestic and foreign about financing constraints,the technical innovation investment,enterprise financial performance and the relationship between them to carry on the literature review,combined with the analysis of the relevant theories,research balefire communication development situation of current financial conditions and analysis of the degree of financing constraints;The action mechanism of technological innovation input and enterprise financial performance under financing constraints;The grey relational analysis method was used to verify the correlation between the technological innovation input and the financial performance.Using the comprehensive evaluation scoring method to analyze the change trend of the enterprise's comprehensive financial performance;Finally,it draws the relevant conclusions and puts forward the basic ideas of Suggestions.The results show that: first,the level of financing constraint of Balefire communication changes in the reverse direction with the net operating cash flow of enterprises,but changes in the same direction with the external financing demand.Secondly,the financing constraint of Balefire is negatively affected by the impact of technological innovation input on financial performance.Third,since 2014-2018,when Balefire continuously increased its investment in technological innovation,its profitability and growth capacity improved,but its debt paying ability declined and its operating capacity also showed a declining trend,Finally,the comprehensive financial performance shows a downward trend.This paper studies the investment in technology innovation and financial performance from the perspective of financing constraints,which has certain reference value for enterprises and relevant national institutions to further standardize the sources of enterprise financing.