The Impact Of Financing Constraints On Exploratory Innovation Performance Of Listed Companies In Strategic Emerging Industries

Innovation plays an important role in the survival and development of enterprises.Strengthening the innovation ability of enterprises is an important measure for enterprises to deal with fierce competitors.Exploratory innovation is a subversive and fundamental innovation activity,which has an important impact on the long-term performance of enterprises.Strategic emerging industries have become the main force of innovation,mastering key core technologies,and the fundamental growth of them is technological innovation.However,because the innovative activities of strategic emerging enterprises have the characteristics of large investment capital,information asymmetry and high investment risk,the financing constraints of strategic emerging enterprises become more and more normal,which affects the company's exploratory innovation activities and their performance.Based the perspective of effective resource integration and application,this paper explores whether the heterogeneous resources of the director network can be used to buffer the impact of financing constraints on exploratory innovation.This is the key to improving the innovation performance of strategic emerging enterprises.By building a network of directors,companies can capture the resources and information needed for exploratory innovation activities from the two functions of information transfer and resource effects in the network of directors,which in turn affects the company's exploratory innovation activities.Therefore,with the increasing importance of enterprise innovation,financing constraints and the network of directors are gradually becoming the background,through the information asymmetry theory,principal-agent theory,resource dependence theory and social network theory,systematic research,research the impact of financing constraints and the network of directors on the exploratory innovation performance of listed companies in strategic emerging industries.This paper takes the 2012-2017 data of 424 listed companies in China's strategic emerging industries as the research sample,uses the social network analysis tool Pajek to calculate the network characteristics of the directors,uses the stata14.0 software for regression analysis,analyzes the impact of financing constraints and the network of directors on the exploratory innovation performance of enterprises.The research results are as follows: financing constraints and enterprise exploratory innovation performance are negatively correlated,and financing constraints inhibit enterprises' exploratory innovation performance;The mediation variable of director network plays a role in alleviating financing constraints and exploratory innovation performance.The richer the director network,the weaker the restraining effect of financing constraints on exploratory innovation performance.To further analyze the differences in property rights and geographical differences,the samples were grouped for research.Among them,compared with state-owned enterprises,the restraining effect of financing constraints on the exploratory innovation performance of private strategic emerging enterprises is more obvious;The regulation role of the director network is not obvious in the state-owned strategic emerging enterprises,but the director network plays a reinforcing role between the financing constraints of private strategic emerging enterprises and the exploratory innovation performance.In the regional difference analysis,compared with the eastern region,the financing constraints of the central and western regions of China have more significant inhibitory effects on exploratory innovation performance;However,the regulation of the director network is more obvious in the eastern region,and the director network can alleviate the restraining effect of financing constraints on exploratory innovation performance,and the mitigation effect of the director network on the relationship between the two is not obvious in the central and western regions.