Research On The Influence Of Financing Constraints On The Transformation And Upgrading Capability Of Equipment Manufacturing Listed Companies

As the core of manufacturing industry,equipment manufacturing has far-reaching and important influence on national economic development and national security.The strategy of a powerful country was proposed by "Made in China 2025",it requires that Chinese manufacturing industry gradually shift to "intelligence".In recent years,some industries in China's equipment manufacturing industry have gradually "bigger",but China's equipment manufacturing industry is still in the low value-added link of the global value chain as a whole.At the same time,it suffers from the double squeeze of the technological advantages of developed countries and the cost advantages of emerging economies.Therefore,the transformation and upgrading is very essential for Chinese equipment manufacturing industry.Transforming and upgrading capability as a combination of strategy and capability and it lays the foundation for transformation and upgrading.However,due to the imperfection of China's financial market and the special nature of the equipment manufacturing industry,there are many unfavorable factors in the financing of enterprises.The capital investment in the transformation and upgrading of enterprises is limited,and the process of transformation and upgrading faces various obstacles.First of all,this paper determines the research content by combing the domestic and foreign literature on enterprise transformation and upgrading capabilities and financing constraints.At the same time,this paper elaborates the relevant concepts and theories involved in the article,laying a theoretical foundation for the research of this paper.Then,this paper investigates and analyzes the transformation and upgrading capability and financing status of listed companies in Chinese equipment manufacturing industry.From the perspective of its financing structure,it discusses the proportion and growth trend of different financing methods of enterprises.On this basis,this paper uses the binary logistic regression model to construct a financing constraint index and use it to identify the degree of financing constraints.Thirdly,this paper constructs a multiple regression model to verify the impact of financing constraints on enterprise transformation and upgradingability.The research finds that the degree of financing constraints has a negative correlation with the transformation and upgrading capability of enterprises.By further analyzing the impact of different capital on the transformation and upgrading ability under the financing constraints of high and low,and finds the financing preference of enterprises under different financing constraints.Finally,by combining the results of empirical analysis,this paper proposes relevant countermeasures from three aspects on how to resolve financing constraints and promote the transformation and upgrading capability of enterprises.