Research On The Impact Of R & D Investment On Enterprise Innovation Performance Under The Background Of Financing Constraints

The theory of new economic growth regards technological innovation as the core force to drive economic growth.The competition between countries has gradually transformed into the competition of product development,which highlights the importance of R&D.Financing constraints are undoubtedly the main problems faced by many GEM companies in the process of innovation and development.For an innovative enterprise,innovation performance is the key to maintain its competitiveness and growth.Therefore,this paper chooses the GEM enterprise as the research object,study whether R&D investment through financing constraints as regulation variables on enterprise innovation performance indirectly,aims to understand effect of financing constraints on the relationship between R&D and innovation performance.First of all,this paper reviews the relevant research results at home and abroad,systematically reviews the research results of financing constraints,R&D investment and innovation performance,and clarified the theoretical basis,research objectives and research methods.Secondly,this article through the analysis of the patent retrieval and the national bureau of statistics web site to collect the GEM enterprise innovation performance data,through the empirical study found that the gem enterprise r&d investment and enterprise innovation performance has significant positive correlation.At the same time,this paper sets up the group of enterprises according to the degree of financing constraint by constructing the financing constraint index.Analysis found that when the gem companies face high financing environment,research and development more significant correlation between output and innovation performance,after the high and low financing constraints state-owned and non-state-owned enterprises grouping within the group inquiry found that the state-owned enterprise r&d input and innovation performance correlation is more significant than non-state-owned enterprises.Finally,the paper concludes that the following countermeasures: first,for the government,should perfect the policies and regulations,normative environment for enterprise innovation.Strengthening intellectual property protection work,further maintenance enterprise legal rights and interests.Financial system level,should promotefinancial products and services of science and technology innovation,through the perfect enterprise innovation risk control compensation mechanism,the innovation drive the development of the financial guarantee mechanism,and financial services platform,help enterprise innovation.Enterprise itself should be to raise their overall quality and level of decision-making,broaden the financing channels,strengthen risk control ability,and cultivate the innovative talent team to improve the efficiency of scientific and technological innovation.