Research On The Influence Of Intellectual Capital To The Financing Constraints Of China's Listed Manufacturing Companies

Under the new economy,financing constraints are the major issues faced by domestic manufacturing enterprises.Financing constraints restrict the investment decision-making and fund-raising scale of enterprises,which hinders the development of manufacturing enterprises.Therefore,easing financial constraints is an important research subject in the current development of manufacturing.The existing literature studies mainly focus on how the related factors such as capital structure,political connections,and financial development affect corporate financing constraints,and the impacts of financing constraints on corporate performance and corporate value.However,there are few literatures on the impacts of the intellectual capital on financing constraints.In the age of knowledge-based economy,intellectual capital is gradually replacing physical capital,as a key resource for promoting the steady and healthy development of enterprises.It plays a decisive role in accelerating the transformation and upgrading of domestic manufacturing enterprises.Will the manufacturing intellectual capital help alleviate the difficulties of corporate financing constraints?In view of this problem,this paper takes domestic listed manufacturing enterprises as the research object,empirically verifies the impact of corporate intellectual capital on financing constraints,and provides direct empirical evidence for enterprises to design more rational intellectual capital management mechanisms,which can ease corporate financing constraints.This paper firstly defines the definition and measurement methods of financing constraints and intellectual capital,sorts out the knowledge-based theory,information asymmetry theory,and agency theory,summarizes the status of domestic manufacturing enterprises on financing constraints and the use of intellectual capital,and theoretically analyzes the impact of intellectual capital on corporate financing constraints,and then selects domestic A-share listed manufacturing enterprises in Shenzhen and Shanghai from 2012 to 2016 as research samples to empirically analyze how intellectual capital affects corporate financing constraints.With regard to the impact of corporate financing constraints,China's A-share listed manufacturing enterprises in Shenzhen and Shanghai in 2012-2016 were selected as research samples,and empirical analysis was conducted on how intellectual capital affects corporate financing constraints.The results of the study show that the higher the efficiency of intellectual capital and the use of its constituent elements,the smaller the company's financing constraints,namely,intellectual capital and various factors can all help to alleviate the financing constraints faced by manufacturing enterprises.In addition,the scale of the company also negatively affects the financing constraints,indicating that the expansion of the company's scale can ease the financing constraints of the company in some extent.The above results verify the research hypothesis of this paper.Based on the above results,this paper puts relevant recommendations and hopes to provide some help for manufacturing enterprises to strengthen the management of intellectual capital and thus ease financing constraints.