Study On The Influence Of Financing Constraints On The Technological Innovation Efficiency Of Small And Medium-sized Innovative Enterprises

With the deepening of economic globalization,the competition among countries has continued to intensify.The traditional business model has been unable to meet the needs of sustainable development of enterprises.As the fundamental driving force for enhancing the competitive advantage of enterprises,innovation has gradually become a core factor in competing pursuit and comparison.Actively carrying out enterprise innovation is an inevitable choice and an effective way for SMEs to cope with market competition.Small and medium-sized innovative enterprises are characterized by high technology,high innovation and high growth.They can quickly adapt to the diversity and individualized needs of the market environment,and are an important force for promoting national economic growth and improving national innovation capabilities.However,under the current economic background of China,small and medium-sized innovative enterprises are difficult to obtain sufficient credit funds from financial institutions such as banks to maintain long-term innovation investment due to limited asset scale and high risk of innovation projects,thus hindering technological innovation.Therefore,this paper mainly studies whether China’s small and medium-sized innovative enterprises face serious financing constraints,and how the technological innovation efficiency of small and medium-sized innovative enterprises will change under the constraints of financing constraints.This paper defines the concept of small and medium-sized innovative enterprises,financing constraints and enterprise technology innovation efficiency,and delimits high-tech enterprises listed on China’s small and medium-sized board and GEM.Based on the theory of information asymmetry,principal-agent theory,superior-order financing theory and technological innovation theory,this paper analyzes the relationship between financing constraints and the efficiency of enterprise technology innovation,and concludes that the financing constraints faced by enterprises will hinder the improvement of technological innovation efficiency.The paper sorted and discussed how to scientifically measure the degree of corporate financing constraints and technological innovation efficiency,collected data from 463 small and medium-sized innovative enterprises from 2010 to 2015 as samples,empirically tested the financing innovation efficiency of China’s small and medium-sized innovative enterprises.The impact and discussion of the differences in the East and West regions.The research finds that the financing constraints and technological innovation efficiency of small and medium-sized innovative enterprises show a significant inverted U-type relationship,that is,within a certain range,appropriate financing constraints will promote the improvement of enterprise technological innovation efficiency,and beyond this range,financing constraints will play a significant inhibitory role.Besides,the group study found that the impact of corporate financing constraints on technological innovation efficiency in the western region is greater than that in the eastern region.The above conclusions are all tested by robustness.Finally,according to the conclusions of theoretical analysis and empirical analysis,the company and the government respectively propose policy recommendations to alleviate the financing constraints of small and medium-sized innovative enterprises and improve their technological innovation efficiency:(1)Formulating some long-term development strategies and designing a reasonable R&D information disclosure system;(2)Strengthen internal supervision of enterprises and appropriately increase the concentration of ownership;(3)Strengthen the management of corporate cash flow and establish internal cash flow reserves;(4)Strengthen the supervision of government subsidy funds and improve the quality of technological innovation activities;(5)Increase policy and financial support for small and medium-sized enterprises in the west,and balance the difference in innovation efficiency between eastern and western enterprises.