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Research On The Impact Of Technological Innovation Capability Of Chi Next High-tech Enterprises On Enterprise Value Based On Financing Constraints

Posted on:2021-03-05Degree:MasterType:Thesis
Country:ChinaCandidate:R GaoFull Text:PDF
GTID:2439330605465029Subject:Accounting
Abstract/Summary:PDF Full Text Request
With the rapid development of economic globalization,countries have more than just competition and games in politics,economy,military and other aspects,technological innovation has become an important weapon that has an absolute advantage in market competition,while the high-tech enterprises are the leaders of enterprise innovation.The development of high-tech enterprises requires a certain amount of funds as the basis and the driving force for development,the existence of financing constraints has made enterprises and countries pay close attention to the impact of severe shortage of funds on the further survival and development of enterprises.Therefore,to study the impact of technological innovation capability and financing constraints of GEM high-tech enterprises on corporate value,and whether financing constraints have a certain regulatory effect on the relationship between the two,and whether financing constraints have a certain regulatory effect on the relationship between the two,with a view to providing a reference for enhancing the value of high-tech enterprises on the growth enterprises market,to promote the healthy and stable development of enterprises.This article is based on 2223 sample data of high-tech enterprises listed on GEM during the five years from 2014 to 2018,it specifically studies the impact of technological innovation capability and financing constraints on corporate value and whether financing constraints play a regulatory role in the relationship between the two,and put forward suggestions based on empirical conclusion.First,the research status at home and abroad is expounded,the research content and methods are described in detail and a research framework is constructed.Second,it outlines the relevant concepts of high-tech enterprises,technological innovation capabilities,financing constraints and corporate value,at the same time,the specific content of the three related theories of signal transmission theory,technological innovation theory and financing constraint theory related to the research of this article are expounded.Thirdly,combined with the definition of the concept and the content of relatedtheories,a theoretical analysis has been made on the impact of the technological innovation capability and financing constraints of GEM high-tech enterprises on corporate value,and whether financing constraints play a regulatory role in the relationship between the two,and put forward the research hypothesis to be verified in this article.To verify the research hypothesis,demonstrative statistical analysis,correlation analysis,regression analysis and empirical analysis of robustness test were performed on the sample data using excel and Stata14.0 statistical software,the empirical results show that R & D capital investment,R & D personnel input,and patent output can all promote enterprise value,financing constraints inhibit the rise of corporate value,financing constraints negatively regulate the contribution of R & D funds and R & D personnel to corporate value,but financing constraints do not play a negative regulating role in the promotion of patent output on corporate value.Finally,summarize the empirical research conclusions of this article,and put forward the following three suggestions: improve R & D funds and personnel input system,it is proposed to improve the investment system of R & D funds from the establishment of R & D projects,budget and allocation of R & D funds;it is proposed to improve the input system of R & D personnel by attaching importance to the input of R & D personnel,rationally adjusting the investment ratio,and strengthening follow-up training;vigorously promote the transformation of innovation achievements,suggestions for improving the transformation efficiency of technological innovation achievements and increasing invention patent innovation achievements;effectively solve the problem of financing constraints,suggestions for optimizing the financing conditions of the enterprise itself and making plans according to the financing situation,in order to effectively promote the growth of the value of the GEM high-tech enterprises and their long-term development in the future.
Keywords/Search Tags:technological innovation ability, corporate value, financing constraints, high-tech enterprises, growth enterprises market
PDF Full Text Request
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