Industry-finance Integration, Financing Constraints And Corporate Technological Innovation

Technological innovation plays an important role in the development of real enterprises.It is the core factor for the long-term development of enterprises.It can not only enhance the ability of scientific and technological innovation and enhance the competitiveness of enterprises,but also contribute to the transformation and upgrading of enterprise structure,and enable enterprises to gain advantages in the fierce market competition.Enterprise technological innovation is a long-term activity,which has the characteristics of long duration,large capital demand,high technology content and complex process.It will also be affected by various internal and external factors.Stable financial support is the guarantee of enterprise technological innovation.According to the theory of pecking order financing,enterprises will give priority to internal funds and external funds in financing activities,but relying solely on internal funds can not maintain the normal operation of enterprise innovation activities,so they need to rely on external funds to support.Because of the high risk and strong confidentiality of technological innovation,it is difficult for enterprises to disclose real information when they are financing abroad,which makes it difficult for enterprises to raise funds outside.When they are financing abroad,they are faced with strong financing constraints and weak financing capacity,which seriously affects their technological innovation activities.The combination of industry and finance can reduce the information asymmetry between entity enterprises and financial institutions,strengthen the relationship between them,improve the financing ability of enterprises,solve the financing difficulties and high financing costs of entity enterprises,and is an effective way of enterprise financing.Therefore,the path of integration of industry and finance,enterprise financing constraints and technological innovation has become a new issue with profound theoretical and practical significance,which is worth discussing in this paper.Based on the existing research results,this paper chooses Shanghai and Shenzhen A-share listed companies as research samples.Based on the relevant data of non-listed financial institutions,using the number and proportion of financial institutions owned by enterprises to measure the variables of combination of industry and finance,SA index to measure the variables of financing constraints,R&D expenses to measure the variables of technological innovation of enterprises,establishing asset-liability ratio,total asset turnover rate,total asset return rate,earnings per share,net asset return rate,enterprise industry type.And the property rights of enterprises and other variables are used as control variables.this paper makes an empirical study on the relationship between the combination of industry and finance,financing constraints and technological innovation of enterprises by using multiple regression model.The results show that:(1)The combination of industry and finance can alleviate the financing constraints faced by enterprises;(2)the combination of industry and finance can promote the technological innovation of enterprises;(3)the financing constraints seriously restrict the technological innovation of enterprises;(4)the combination of industry and finance can alleviate the restraint of enterprise financing constraints on technological innovation;(5)The effect of the combination of industry and finance of state-owned enterprises is better than that of private enterprises,and the ability to mitigate the negative correlation between financing constraints and technological innovation of enterprises is stronger.Finally,it provides a series of pertinent suggestions for enterprises to implement the integration of industry and finance and reduce the degree of financing constraints,which helps to guarantee the source of funds for enterprises'technological innovation activities and promote enterprises' technological innovation.