Financing Constraints,innovation Input And Growth Of Small And Medium-sized High-tech Enterprises In New Third Board

High-tech enterprises are important carriers of national technological innovation and the backbone of economic growth.In view of the small scale and financing difficulties of small and medium-sized high-tech enterprises,China has opened a new third board market to provide financing channels for them to solve the financing problems.According to the latest statistics of the Securities Regulatory Commission,the number of small and medium-sized high-tech enterprises in the new third board accounts for more than 60%.Because these enterprises are in the initial stage and have the characteristics of small scale,information asymmetry,high risk and principal-agent,investors are usually unwilling to invest in them or will require a higher rate of return to compensate for their high risk,so the financing of small and medium-sized high-tech enterprises.Constraints are common.In the past literature,scholars at home and abroad have found that the innovation investment of enterprises listed on the motherboard,GEM and SMEs is affected by financing constraints,and the degree of financing constraints will change with the innovation investment.At the same time,it indirectly affects the development and growth of enterprises.The problem of growth is the short board in current research.As a small and medium-sized high-tech enterprise listed on the new third board,is there any relationship among the degree of financing constraints,the level of innovation investment and the future growth of enterprises? What is the mechanism of action? Therefore,the purpose of this paper is to provide a theoretical basis for finding a way to promote the development of new three-board small and medium-sized high-tech enterprises by studying the relationship between the lagging effects of the three.From theoretical analysis to empirical test to policy recommendations,this paper first combs a large number of domestic and foreign literature on enterprise financing constraints,innovation investment and growth.Secondly,it studies the current development situation of China's new three-board high-tech enterprises,including financing,innovation and growth,and then puts forward the research of this paper based on the previous content and theoretical analysis.The hypothesis is that for the research object,the data of the new three-board SMEs listed from 2013 to 2017 are selected as the observation values,and the panel-VAR model is used to empirically study the lagging dynamic relationship among financing constraints,innovation investment and growth of sample enterprises.Through empirical analysis,we find that:(1)For the small and medium-sized high-tech enterprises in the new third board,the enterprises with financing constraints will still choose to increase their investment in innovation in the short term,and reduce their investment due to financing constraints in the later period.At the same time,the increase of enterprises' innovation investment in the current period only causes a small financing constraints in the lagging range,which is listed with other scholars.The research conclusions of the company are inconsistent.(2)Current financing constraints have a significant negative impact on the growth of enterprises in the future.At the same time,the improvement of the current growth of enterprises will also increase the degree of financing constraints of enterprises in the future.(3)The current innovation investment has a significant positive impact on the growth of enterprises in the future.The larger the innovation investment,the higher the growth.On the contrary,if the enterprise has a higher growth in the current period,it will also stimulate the investment of technological innovation in the later period.The higher the growth,the greater the investment in the later period.According to the analysis of the current situation,because the State encourages technological innovation,in addition to the advantages of tax policy,the innovative projects of high-tech enterprises are also conducive to applying for policy,capital and technical support from the state and local governments.At the same time,the favorable innovative projects are more likely to attract the investment of financial institutions and risk institutions.Therefore,even if there are financing constraints in the short term,In order to achieve high growth and enjoy the favorable policies of the country,enterprises dare to invest in innovation,and enterprises that have achieved high growth will not stop there.They continue to invest in innovation and expand their scale,which also makes the situation of financing constraints exist for a long time.Finally,in view of the conclusions of the study and the problems existing in the new three-board high-tech enterprises,constructive suggestions are put forward from the two aspects of financing and innovation,the role of enterprises and government,and the growth of enterprises is viewed from a dynamic perspective.