The Choice Of Financing Method And Enterprise Innovation

The party's report clearly put forward the construction of national innovation system of the 19 th,give small and medium-sized enterprise financial support,promote the transformation of innovation achievements,encourage the innovation and development,but the risk of enterprise innovation seriously restricted the enterprise financing,in conclusion,under the plight of financing constraints,Seize innovation opportunity,the key is finding the financing way and the innovation of small and medium-sized enterprises.In order to explore the different tolerances of different financing methods to enterprise innovation,this paper uses the empirical evidence related to the innovation of gem listed companies from 2009 to 2016 to analyze with the systematic generalized moment estimation model.This paper explores the financing preference of gem enterprises in innovation: the impact of internal and external financing on enterprise innovation;the impact of external financing such as commercial credit,bank loan and equity financing on enterprise innovation;and whether internal and external financing can affect enterprise innovation through government subsidies.The research shows that: gem enterprises are more inclined to use endogenous financing for innovation;When comparing the influences of bank loan,commercial credit and equity financing on enterprise innovation,we find that: compared with commercial credit and equity financing,bank loan has a greater inhibitoryeffect on enterprise innovation;The increase of endogenous financing and commercial credit can promote enterprise innovation with government subsidy.Finally,based on the relevant results of theoretical analysis and empirical research on financing,we should promote the innovation of SME from the following four aspects: vigorously advocating enterprise innovation,improving enterprise capital structure,increasing government support and accelerating the reform of state-owned enterprises.