Research On The Impact Of Financial Resource Mismatch On Enterprise Technological Innovation

Financial resources are the core resources of modern market economy,and the rational allocation of financial resources is the key to China's economy to move from empty to real.Financial resource mismatch refers to the deviation of financial resource allocation from the pareto optimal state.In China,it is mainly manifested in the financial system dominated by large state-owned Banks,where a large amount of financial resources flow to state-owned enterprises,and private enterprises are trapped in the dilemma of expensive and difficult financing.Technological innovation plays a key role in the process of China's economic transformation,and it is an important task for the government and enterprises to achieve "innovation and upgrading".However,the widespread financial mismatch in China's economic and social development has a serious impact on the improvement of technological innovation ability of enterprises.This paper,by using Chinese provincial panel data from 2007 to 2016 to enterprise's financial mismatch degree,dependent on external financing and ownership discrimination measure,using multiple linear regression model,from two aspects:the national and area to study the effect of financial resources in the wrong matching enterprise technology innovation,and innovation in from two aspects:the discrimination of ownership and depend on external financing of in-depth study,through the empirical analysis of financial resources whether mismatch by increasing dependence on external financing and credit system of ownership discrimination mechanism have inhibitory effect on enterprise technology innovation.It is found that the mismatch of financial resources will inhibit the improvement of technological innovation level,and this inhibiting effect has obvious regional differences,especially in the western region.The further found that the higher the dependence of enterprises on external financing,and the higher the degree of credit ownership discrimination of commercial Banks,the more significant the inhibiting effect of financial mismatch on enterprise innovation.In this regard,Suggestions are put forward to improve the financial market environment,promote the reform of interest rate liberalization,and alleviate the financing constraints of enterprise innovation activities and the discrimination of enterprise credit ownership.