Research On Financing Constraints And Technological Innovation In Weihai Economic And Technological Development Zone

With the continuous development of economy and society,Technological innovation is the key factor for enterprises to enhance their core competitiveness and achieve continuous growth,and the problem of financing has also become a particularly prominent issue affecting the technological innovation activities of enterprises.How to solve the financing problems of small and medium industrial enterprises in Weihai Economic and Technological Development Zone and promote the innovation and development of enterprises has become the focus of this study.This paper first analyzes the influence of financing constraints on technological innovation from the theoretical level,and the assumption that the technological innovation ability of small and medium industrial enterprises in Weihai economic and Technological Development Zone is negatively related to the financing constraints of the enterprises is put forward.Then,this paper selects 71 small and medium sized industrial enterprises as samples from the industrial enterprises above the scale of2012-2016 years,building a measurement model,and analyzed the impact of financing constraints and related control variables on technological innovation.Do the Grainger causality test of the pseudo regression problem caused by the possible mutual cause and effect relationship between the financing constraints and the technological innovation.Finally,the robust test of the regression results is carried out.The results show that there is a negative correlation between financing constraints and technological innovation,and the improvement of enterprise financing ability has a positive effect on technological innovation;The scale of enterprises has a positive correlation with technological innovation,and the technological innovation ability of medium-sized industrial enterprises is stronger than that of small industrial enterprises;High and new technology industry is more active in technological innovation than non high-tech industrial enterprises;Domestic enterprises are more active in technological innovation than foreign-funded Industrial Enterprises;There is a one-way causality between financing constraints and technological innovation;Industrial enterprises in the area are not high in industrial grade,low in R & D ability and low in technological innovation efficiency.