Research On The Influence Of Financing Constraints On Enterprise Innovation

The role of technology R&D and innovation in economic growth is becoming more and more important.Establishing a comprehensive national strength innovation system is the top priority for ensuring sustained economic growth.In recent years,China's R&D investment activities and scale have been increasing,and at the same time,the company's R&D investment has been driven.In 2018,China's R&D investment totaled 1.965 billion yuan,ranking first in the world.Despite the rapid increase in R&D expenditure,compared with the R&D investment density of developed countries,the R&D investment density of Chinese enterprises is still low.Enterprises need a lot of money for research and development,and an efficient and fair financing environment is an indispensable factor to promote enterprise innovation.Due to the imperfect financial market system in China,many enterprises face difficulties in obtaining credit resources in the debt market,which leads to serious financing constraints.Moreover,in China during the transition period,various types of institutional construction have lagged behind and lacked a good environment for innovation.Therefore,under the constraints of such financing constraints,whether these enterprises will make R&D decisions,R&D investment density,and R&D output will be limited to a certain extent.How to alleviate the financing constraints of enterprises and create a healthy environment for R&D of enterprises is the study of this paper.The problem.This paper first defines the concept of financing constraints and enterprise innovation,and selects the SA index to measure the relative financing constraints faced by enterprises,because the SA index is not endogenous and relatively stable.Then from the perspective of information asymmetry,principal-agent perspective and superior financing,the paper analyzes the relationship between financing constraints and enterprise innovation,and proposes research hypotheses.This paper selects the World Bank's survey data of Chinese companies in 2012 as a sample.After eliminating the missing values,the Probit and Tobit models are used to study the financing constraints.The R&D participation decision,R&D investment density,and R&D output are analyzed by regression analysis.The enterprises with higher degree of financing constraints have more obvious inhibitory effects on innovation activities.When the degree of financing constraints faced by enterprises is weak,the restraining effect of financing constraints on enterprise innovation is not obvious.It is further found that the fierce market competition has a certain positive adjustment effect on the relationship between financing constraints and enterpriseinnovation,because the fierce market competition environment makes enterprises less resource-restricted,and enterprises have more opportunities for innovative financing;Credit corruption has a certain negative adjustment effect between financing constraints and enterprise innovation,because enterprises' credit corruption will increase operating costs and financing costs,reduce innovation profits,and squeeze out R&D funds.Then,according to the sample analysis,it is found that the influence of financing constraints of different ownership enterprises on enterprise innovation is different,and the conclusion that the financing constraints faced by private enterprises have more obvious inhibition on innovation is concluded.Finally,according to the research conclusions,the corresponding proposals are proposed from the three main bodies of enterprises,financial institutions and government.