Financial Ecological Environment And Innovation

Technological innovation is an effective way for the country to achieve economic growth,the enterprise's technological innovation requires a large amount of capital investment and investment risk.A good financial system can provide financing channels for enterprises and improving the efficiency of capital investment.So how to promote the development of China's financial system to promote the transformation of our industry and the development of innovative economy is an important and urgent task in China.At present,most of the research on the relationship between financial development and technological innovation is based on the developed countries,the reference to our country is not strong.Facing the complex economic environment of our country,it is not useful for our country only by imitating the developed countries.Therefore,this paper introduces the financial ecological environment.From the perspective of R&D investment and innovation efficiency,this paper studies the impact of financial ecological environment on technological innovation level of Chinese enterprises.This paper takes China's Shanghai and Shenzhen A-share listed companies 2007-2015 data as the study sample.The impact of the financial ecological environment on the technological innovation is from the perspective of investment and efficiency of technological innovation.And based on three levels: scale,property and enterprise growth,we studied what's the difference between the technological innovation level of different enterprises and the impact of the financial ecological environment.The conclusion is,on the whole,the financial ecological environment is conducive to raising the level of enterprise technology innovation.On one hand,it is because the financial ecological environment can develop the financing effect,improve the efficiency of resource allocation and alleviate the financing constraints faced by enterprises,then increasing the enterprise's innovation investment.On the other hand,the financial ecological environment can play a governance role,it can reduce the risk faced by enterprises in the process of innovation,and improving the innovation output of enterprises.Further research shows that financial ecological environment has greater impact on technological innovation level of small businesses,non-state-owned enterprises and high growth enterprises.The contribution of this article includes three aspects: Firstly,we introduced the financial ecological environment with local characteristics,which is more conducive to understanding the impact of Chinese financial system on enterprise technological innovation.Secondly,from the two angles of input and efficiency,we measure the level of technological innovation of enterprises.Thirdly,this paper finds that a good financial ecosystem is conducive to improving the technological innovation level of enterprises,but it has different effects on different enterprises.Therefore,it is helpful for the government departments to make relevant policies.