An Empirical Study On The Influence Of External Financing Dependence On Enterprise Innovation

Innovation is the fundamental observance of a country's great renaissance,and it is the hope for a company to flourish.In the context of economic development driven by scientific and technological innovation,if China's economy is to make great progress,it must rely on new driving forces to promote its development,and technological innovation as the main driving force has played a key role in China's economic development.In recent years,the Chinese government has gradually attached importance to the improvement of technological innovation,advocating the use of technological innovation to drive the new normal of China's economic development,and the adjustment and upgrading of industrial structure through innovation.China's R&D investment and patent grants are increasing year by year,but its patent output is mainly focused on utility models and designs,but the number of substantial innovation patents(invention patents)is relatively small,and the quality of innovation is relatively low..However,the main body of national innovation is enterprises,and the level of technological innovation capabilities of enterprises determines the level of national innovation.Therefore,how to improve the level of technological innovation of enterprises has certain practical significance for promoting China's economic development.There are many factors affecting the innovation ability of enterprises,including both macro and micro factors.Although the micro-factors are mainly studied from the perspective of corporate governance,only a few scholars have studied the impact of external financing dependence on corporate innovation,and few scholars have studied their impact mechanism.External financing depends on external financing.Compared with the internal financing dependence,it eliminates the constraints of the company's own profitability and net asset size,and can help companies raise a large amount of external funds for investment in innovative projects.Therefore,the paper selects the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2017.From the perspective of external financing dependence,it empirically studies the impact of external financing dependence on the innovation level of listed companies in China.In addition,the paper also introduces three intermediary variables,such as real earnings management,product market competition,and analyst forecasts,and specifically studies the mechanism through which external financing dependenceaffects the level of technological innovation of enterprises.Finally,it also studies the listed companies that rely on external financing,preferring substantial innovation or strategic innovation.The thesis is based on literature research,theoretical analysis,mathematical statistics and empirical research.Based on the research of other scholars,theoretical analysis is carried out based on traditional economic principles and basic financial principles.Research hypotheses are proposed,and relevant indicators of main variables are selected.Linear regression models are established for empirical research.The main conclusions of the thesis: First,the higher the dependence on external financing of the superior company,the higher the level of technological innovation of the enterprise;second,the listed company that is dependent on external financing,it is less likely to use real earnings management to achieve short-term benefits,corporate management The short-term pressure on the product layer from competition in the product market and analysts' predictions is smaller,which is more conducive to technological innovation.Finally,listed companies that rely on external financing use more of their funds for substantial innovation and less for strategy.Sexual innovation.In addition,the paper conducts a robustness test by changing the metrics of corporate innovation,changing the timing of corporate innovation measurement,using other regression models,and removing samples with zero patent grants and matching samples.The results still hold.Therefore,in view of the above research,the thesis puts forward rationalization suggestions from three aspects of the enterprise itself,the management of the enterprise,and the government.For example,enterprises should increase financial resources,improve internal systems,and improve their ability to innovate;managers should learn from the short-sighted theory of management and be subject to strict supervision by enterprises;while the government formulates policies to encourage innovative industries,it also increases funding support.And appropriately guide enterprises with different levels of innovation to improve their innovation capabilities.