Research On Financing Constraints And Technological Innovation

Innovation is the inexhaustible driving force for the sustainable development of the whole country.As China's economy continues to advance steadily,innovation,an important factor in promoting social progress,is increasingly receiving attention from all walks of life.Innovation is the fundamental source of competitive advantage of enterprises.Actively carrying out enterprise innovation is the inevitable choice and effective way for enterprises to cope with market competition.At present,the level of innovation of listed companies in China is generally not high,and an important constraint that hinders enterprises from technological innovation is financing constraints,which deserves our attention.This paper explores the relationship between financing constraints and enterprise technology innovation and the internal mechanism of action,and tests whether financing constraints have an inhibitory effect on the innovation activities of enterprises.This paper combines the rapid development of the venture capital market,which is actively promoting the innovation of enterprises,and examines whether VC can alleviate the negative effect of financing constraints on technological innovation.This paper takes the listed companies from 2007 to 2016 as research samples,and empirically tests the impact of financing constraints on enterprise technology innovation and the impact of VC on the relationship between the two.The study finds that the significant negative impact of financing constraints on technological innovation,VC can effectively mitigate the negative impact of financing constraints on technological innovation.This paper further divides the sample into sub-samples with high concentration of industry and low concentration of industry,state-owned holding companies and non-state-owned holding companies,respectively,to examine the differences in the impact of the degree of financing constraints on the technological innovation of enterprises.The research results show that when the enterprise is in a high degree of industry concentration,the financial restraint has a negative effect on the innovation activities of the enterprise;when the enterprise is in the lower concentration of the industry,the negative effect of the financing constraint on the innovation activity of the enterprise Smaller.The negative effect of financing constraints on the innovation activities of state-owned enterprises is greater than the negative effect of financing constraints on the innovation activities of non-state-owned enterprises.This paper puts forward the countermeasures for improving the innovation activities of enterprises and the policy opinions of optimizing the innovative financing behavior of enterprises from the perspectives of venture capital,enterprises and government institutions.From the perspective of venture capital,the venture capital industry should further establish and improve the risk investment evaluation system,and rationally reward and punish the responsible person of venture capital based on the proceeds from venture capital;broaden the sources of venture capital funds and solve the sources of venture capital.The problem of single channel,increase the attractiveness of private capital,and implement a policy system that encourages private capital to enter the venture capital market.From the perspective of enterprises,enterprises should build a more diversified financing system.Entrepreneur enterprises should actively absorb the capital of venture capital institutions,and actively absorb the knowledge and experience of venture capital institutions and use them.The resources and experience accumulated by the venture capital institutions will bring benefits to the startup enterprises,and at the same time make up for the shortcomings of the company's own management and business experience.The startup enterprises can use the social network resources accumulated by the venture capital institutions to strengthen and Cooperation and learning in different industries will enable the company to improve and develop itself.From the perspective of government agencies,the government should also provide a healthy investment climate,a sound legal and regulatory system,a healthy development market environment for venture capital,and provide a multi-level,smooth and effective exit channel for venture capital institutions.Increase policy support for enterprises with small scale,financing difficulties and low innovation,increase credit guarantee for innovative investment of enterprises,actively encourage private capital to support innovation investment of enterprises,and constantly improve the financing environment of enterprises,gradually improve the innovation investment of enterprises.