Research On Bank Association,financing Constraint And Enterprise Innovation

In the face of the new round of scientific and technological revolution,industrial reform and increasingly fierce international competition,China's economy must speed up the transformation from scale expansion to high-quality and high-efficiency development.Therefore,the government has been stressing the need to deepen institutional reform and create a favorable development environment conducive to enterprise innovation and entrepreneurship.Enterprise's r&d activity needs sufficient funds safeguard,but because of long time r&d innovation activities and risks,enterprises rely on internal funds is difficult to meet the demand of its r&d spending money,so dependent on external finance,which has been a bank loan in our country enterprise is very popular way of financing,is also a important way to obtain external finance.By establishing bank association with Banks,enterprises can reduce information asymmetry between enterprises and Banks,bring financing convenience to enterprises and alleviate financing constraints faced by enterprises' innovation.This paper starts from studying the relationship between bank association and enterprise innovation,and introduces financing constraint as intermediary variable to analyze the influence of bank association on easing enterprise financing constraint and improving enterprise innovation level.This paper selected tthe data of China's Shanghai-Shenzhen A-share manufacturing listed companies from 2008 to 2018 as the initial sample,studied the relationship between bank association,financing constraint and enterprise innovation through literature research and empirical analysis,and tested the mediating effect of financing constraint.The data in the study were collected from THE CSMAR database and the Wind database,and the bank-related data were collected and supplemented by manual collection on the basis of the collection from the CSMAR database.EXCEL and STATA14.0 software were used for data processing.To verify the hypothesis with the research and design to design and measure of related research variables,build the regression model,then analyzed the empirical regression results,and in order to ensure the stability of the results,the robustness test in r&d spending to replace patent output count as indicators of enterprise innovation,in order to SA alternative KZ index as indicators of financing constraints after regression test again,and consistent conclusions.Finally,the empirical results of this paper are obtained:bank association can improve the innovation level of enterprises,bank association canalleviate the financing constraint of enterprises,and financing constraint plays a part of the intermediary effect in the action mechanism of bank association to improve the innovation level of enterprises.Based on the research conclusion,this paper respectively from three aspects: the government,Banks and companies would ease enterprises face financing constraints,and improve the level of enterprise innovation and puts forward the corresponding policy Suggestions,such as the government should strengthen the ability of financial institutions innovation service entity economy development,the policy Banks should strengthen the support of enterprise innovation to meet the r&d investment and enterprise should establish diversified financing channels.