Research On The Impact Of Growth Enterprise Market Information Technology Corporate External Financing On Technology Innovation

In recent years,China has supported promotion innovation activities from various policy perspectives,including simplifying the approval procedures for start-up enterprises,and providing tax incentives and capital subsidies to high-tech enterprises.This has caused huge repercussions in the society.Various enterprises that have certain requirements for technological innovation capabilities have developed rapidly,and technological innovation has become a hot spot of social attention.At the same time,other factors related to technological innovation capabilities have also become hotspots for discussions in enterprises and academia.Among them,the issue of funding to maintain the sustainable and efficient development of enterprises is of particular concern to the society.Technological innovation itself is a long-term process.Therefore,the reasonable arrangement of corporate financing structure will increase cash support and increase the enthusiasm for technological innovation.This article will focus on information technology with certain requirements for technological innovation capabilities,and indepth study of the impact of external financing and related factors on technological innovation.This can provide reference for enterprises to adjust their financing structure,and indirectly promote enterprises to improve their technological innovation capabilities.This article puts forward theoretical hypotheses by collating conceptual theories and literature.Select 78 information technology companies listed on the GEM before 2014 as a sample,collect research data from 2015 to 2018,and build a model.First,use SPSS software to perform a factor analysis on the four variables representing technological innovation funding input and patent output,and obtain comprehensive indicators to measure technological innovation.Use STATA to explore the impact of external financing and technological innovation capabilities,and add corporate growth as a moderator of both.The empirical results show that the debt financing of the GEM information technology industry and short-term loan and technological innovation are negatively related.The higher the proportion of long-term borrowing in the GEM information technology industry,the more it will promote technological innovation.There is a positive correlation between the equity balance and the technological innovation of the enterprise.The higher the proportion of the largest shareholder holdings,the lower the technological innovation capability of the enterprise,but the results are not significant;the growth of the enterprise is positively regulating external financing and technological innovation.Finally,based on the theoretical analysis process and empirical test results,this article mainly proposes four suggestions: companies should disclose relevant information in a comprehensive and timely manner and establish a unified measurement standard;properly adjust and optimize the financing structure;attach importance to growth factors;and the government should reduce inappropriate intervention.GEM information technology companies build a more optimized financing structure,promote technological innovation,and better leverage the advantages of the GEM market.The article also has certain limitations.Therefore,put forward the research outlook at the end of this article.Desirable to provide a reference for newly listed companies and startups to prepare and adjust the financing structure of mature companies.