Research On The Impact Of Financing Constraints And Government Subsidies On The Innovation Activities Of Technological Enterprises

Innovation has important strategic significance.Technology-based enterprises are the main force to improve China's innovation capabilities.They have high flexibility and cover a wide range of industries,mostly small and medium-sized.Technological enterprises have relatively quick adaptability to the market's gradual "customization" demand,and their products have high technical content.Due to the complexity and particularity of innovation activities,enterprises' innovation activities need financial support from R&D and design to the final production.In our country,the number of technology-based companies is growing rapidly,and the R&D strength is becoming world-class.However,from the perspective of financing,the financing of most technology-based companies is not optimistic.Limited by the scale,the amount of company's own funds is generally not sufficient,and various issues such as uncertain future risks,confidentiality of intellectual property results,and asymmetry of information between the supply and demand sides of funds may arise in innovation activities,and there is a shortage of funds for innovation activities of technology-based enterprises Become a high probability event.The financing activities of enterprises are related to the long-term and healthy development of enterprises.When funds become an external bottleneck restricting enterprise innovation activities,government subsidies will occupy a more critical position in the financing activities of technology-based enterprises,and government subsidies for innovation activities can alleviate The financing constraints faced by technology-based companies also send positive signals to the market.Only when the financing problem is solved can the company's innovation activities be successful.First,briefly summarize the existing literature.Domestic and foreign scholars use theories of information asymmetry and agency costs to analyze the causes of corporate financing constraints,and use signal transmission theory to analyze the impact of government subsidies on corporate innovation activities.This article explains the basic concepts involved in the above theories and conducts them based on the theory.Analysis,and then put forward hypotheses.Then,this article also briefly introduced the status quo of innovation activities of my country's technology-based enterprises and summarized the characteristics.Next,combined with the actual selection of 2015-2018 GEM listed companies' panel data for empiricalresearch,and the robustness test found that the basic regression results are stable and reliable,consistent with the hypothesis proposed in this article.Finally,this article draws the following conclusions: First,financing constraints have a negative impact on the innovation activities of enterprises;second,the empirical results of this article support the positive effects of government subsidies on enterprise innovation activities,rather than "crowding out" supported by some scholars Effect;Third,government subsidies can effectively alleviate the negative impact of corporate financing constraints on innovation activities,thereby benefiting corporate innovation activities.Based on theoretical analysis and empirical results,this article puts forward targeted suggestions to different subjects: On the one hand,companies need to improve the efficiency of capital utilization,accelerate the pace of innovative research and development,and improve their own research and development system,on the other hand,they must also formulate reasonable strategic goals.Establish a positive innovation culture from top to bottom.For the government,it is necessary to improve the innovation evaluation and subsidy mechanism,strengthen policy implementation supervision,introduce multiple forces,support enterprise innovation activities,and support and guide the healthy development of technology-based enterprises.