Equity Financing,Financial Flexibility And Enterprises' Investment In Technological Innovation

At present,China's economy is in a critical period of upgrading,and is pursuing higher quality development.The report of the 19 th CPC national congress stressed that We will accelerate development of the real economy,promote innovation in science and technology and build a modern industrial system of coordinated financial development to make our economy more innovative and competitive.Modern economic growth theory puts forward that technological innovation is the source power to promote economic growth.As microindividuals of national economy,technological innovation activities of enterprises are conducive to the healthy and stable development of Chinese economy.Science and technology are the primary productive forces,and the financial system is the primary driving force.The technological innovation activities of enterprises are closely related to the financing structure of enterprises.Endogenous growth theory points out that strong and stable financial support is a prerequisite for the success of technological innovation,However,technological innovation activities are characterized by high risks,long cycles and large proportion of intangible assets.Strict confidentiality of core technologies by managers also aggravates the degree of information asymmetry,making it difficult for enterprises to obtain financing from China's bank-led debt market.n contrast,the high capital demand for technological innovation of enterprises is consistent with the willingness of professional investors in the stock market to pursue high returns and take high risks.At present,many scholars also believe that equity financing has a significant positive impact on technological innovation investment.Financial resilience refers to a resource reserve for enterprises to quickly mobilize financial factors to mitigate the negative impact of uncertainties in the external environment,seize the fleeting potential investment opportunities,and realize the stable development of enterprises.Affected by factors such as market transformation and the entry of a new round of adjustment in the international economy,the environmental uncertainty faced by Chinese enterprises in recent years is more complex.Financial flexibility comes from internal capital accumulation,and the conversion cost between reserve and release is relatively low.Managers can quickly adjust the financial flexibility level of enterprises according to the changes in the external market environment,get the required funds,ensure the continuity of technological innovation input,and accelerate the transformation of scientific and technological achievements.herefore,it is necessary to include financial elasticity and environmental uncertainty into the research framework of "equity financing--technological innovation input",and explore their mechanism of action and influence path in detail.Based on the existing theoretical research,this paper took the financial data of a-share listed companies in Shanghai and shenzhen stock exchanges from 2013 to 2017 as the research sample,empirically tested the relationship between equity financing and technological innovation investment,and verified the role played by financial resilience and environmental uncertainty.The regression results show that there is a positive correlation between equity financing and technological innovation input,that is,the larger the scale of equity financing is,the stronger the technological innovation intensity of enterprises will be.There is a positive correlation between equity financing and financial elasticity.Financial flexibility plays an intermediary role between equity financing and technological innovation input.Further research shows that in the technology-intensive high-tech enterprises,environmental uncertainty weakens the mediating effect of equity financing on enterprises' technological innovation input through financial elasticity,and the moderating mediating effect is significant.The conclusion of this paper is: Equity financing promotes the technological innovation input of listed companies in China.Enterprise managers prefer to invest the funds raised by equity financing in cash accumulation and marketable securities to maintain a reasonable level of financial flexibility and ensure the safety of technological innovation activities.Technologyintensive high-tech enterprises are more sensitive to changes in the external environment,and the unclear environment will make managers more cautious in the selection of technological innovation investment.