Financing Constraints,Innovation Input And Corporate Performance

For a long time,China has relied on extensive economy to promote economic development.In recent years,China's economy has entered a new normal.The speed of economic growth has gradually slowed down from a high speed,and then continuing the previous mode of economic development will stagnate economic development.The way to make economic development leap is through technological innovation.Looking at the world,countries around the world attach great importance to the development of science and technology and have strengthened the level of investment in science and technology.The 19 th National Congress of China also proposed to build an innovative country and adhere to the concept of innovation-driven development.However,it is worth noting that although SMEs in China are innovative However,it is inevitable that they face financing constraints,which will greatly affect the process of corporate innovation.Based on this background,this paper analyzes the importance of innovation investment to corporate performance,adds the influencing factors of financing constraints,and analyzes the impact of current financing constraints on innovation investment and corporate performance.This article analyzes the positive effects of innovation on corporate performance based on Schumpeter's innovation theory,resource-based theory,etc.,and explains why companies face financing constraints through information asymmetry theory,MM financing theory,and financing priority order theory.The asymmetry of moral hazard and principal-agent theory analyzes the mechanism of financing constraints.On this basis,this paper analyzes the financial data of listed companies on the SME and GEM board from 2013 to 2018,and draws the following conclusions:(1)innovation investment can increase the current performance and future performance of the company;(2)The financing constraints faced by enterprises will make them reduce their current innovation investment.(3)The effect of financing constraints on corporate performance is “inverted U-shaped,” not only in the current period,but also in lagging financial performance;but in the sample data,at the same time Itshows obvious financing constraints to reduce corporate performance;(4)Financing constraints play a regulating role in the process of corporate innovation investment to promote corporate performance,and in the current period and lag period,this role shows a clear positive effect,that is,Financing constraints will strengthen the effect of innovation input on corporate performance.The higher the financing constraint,the more obvious the effect of innovation input on corporate performance.Based on the above analysis,this article puts forward the corresponding suggestions:(1)The state should introduce policies to guide commercial banks' investment in small and medium-sized enterprises,establish and improve laws and regulations related to small and medium-sized enterprises and the Growth Enterprise Market,and increase government subsidies to enterprises.(2)Enterprises should increase capital investment,broaden the market,and take the road of innovation and development in accordance with their own development;(3)Internally,enterprises should improve the efficiency of transforming corporate innovation investment into corporate performance and avoid management waste of funds.phenomenon.