A Study On Financial Constraints?Technology Innovation And Transformation Growth Of The Resource-based Firms

The total amount of GDP in China has increased year by year in the last ten years,and the maximum growth rate is 14.2%.In 2017,the total number of GDP ranked second in the world,but the problems of resource depletion,unsustainable development of economy and deterioration of ecological environment caused by the accelerated process of industrialization are increasingly significant.For a long time,resource-based enterprises rely on nonrenewable resources for mining and processing,which is a serious waste.It is not only a catalyst for environmental deterioration,but also brings about the problems of low economic benefits,development cost growth and serious competitiveness.Based on the current situation,how to achieve sustainable development of resource oriented enterprises has become a hot issue in the current academic field.This paper tries to find out the path of the successful transformation of the resource-based enterprises from the perspective of the factors that affect the transformation of the resource-based enterprises.On the basis of the experience of domestic and foreign scholars on the research,this paper considers the heterogeneity of type enterprise transformation type,R & D investment level,the degree of financing constraints and the nature of property rights,taking listed resource enterprises of A stock from 2007 to 2015 as samples,using Probit model and OLS model to analyze the influence of technological innovation investment on the transformation of resource-based enterprises,the impact of financing constraints on technological innovation,the moderating effect of technological innovation on the relationship between financing constraints and the transformation of resource-based enterprises.Through the research and analysis,the main conclusions are as follows: Firstly,technological innovation has significant effect on the transformation of resourcebased enterprises.When the level of technological innovation input is higher,the promotion effect will be more significant.However,for the resource-based enterprises with low R & D input,the increase of technological innovation will significantly inhibit the transformation of enterprises.Second,in the different types of transformation,technological innovation has a significant role in promoting the intra industry transformation of resource-based enterprises.Third,the financing constraints have a negative effect on the investment of technological innovation,which is more significant when the level of financing constraints is higher in the enterprise.Fourth,high financing constraints significantly inhibit the intra industry transformation of resource-based enterprises.Technological innovation input significantly promotes this inhibition.Low financing constraints significantly promote intra industry transformation,and technological innovation input has no significant effect.Based on the above conclusions,this paper proposes relevant suggestions for better transformation of resource-based enterprises from the perspective of technological innovation and corporate financing: Based on the perspective of technological innovation,enterprises should strengthen the awareness of technological innovation of resourcebased enterprises and rationally formulate strategic plans for technological innovation.They should work hard to create a favorable environment for technological innovation from the perspective of diversified technological innovation paths and human resources.The government should do a good job of basic support in terms of policies,taxation,laws,etc.Based on the perspective of corporate finance,enterprises should strengthen their own economic strength and form a stable financial support system,in addition,an effective restraint mechanism should be established in the market and a multi-level capital market system should be further improved.