Research On The Relationship Between Financial Ecological Environment,Financing Constraints And Enterprise Innovation Ability

Technological innovation is an important force to promote national economic growth.In the context of economic globalization,companies that want to survive and develop in the midst of fierce competition must continuously reform and innovate,constantly update their products and services,constantly break the status quo,and improve their core competitiveness.In order to gain greater market share and market share.However,enterprises' technological innovation activities require long-term large amounts of capital investment and face certain risks of investment uncertainty.A good financial ecological environment can provide enterprises with more financing channels and improve the efficiency of capital allocation.Therefore,how to promote the development of China's financial ecological environment to promote the technological innovation of enterprises and the continuous economic growth has become an important and urgent task.The current economic situation and market environment in China are complex,and it is not appropriate to simply imitate foreign scholars to use financial development as a measure of the economic environment.Therefore,based on the status quo of China's economic development,this paper selects the financial ecological environment as a macro external influence factor,which is an emerging concept proposed in recent years.Based on the existing relevant theories and research results,and combined with empirical testing methods,the in-depth study of the relationship between the financial ecological environment,financing constraints and corporate innovation capabilities is explored.The relationship between the financial ecological environment and corporate innovation capabilities provides micro-evidence.At the same time,it studies how the development level of the various dimensions of the financial ecological environment affects the process of corporate innovation capabilities by affecting financing constraints,which strengthens relevant Chinese enterprises.Its own innovative ability has opened up new paths.This article uses data from the manufacturing industry of Chinese Shanghai and Shenzhen A-share listed companies from 2014 to 2018 as a sample and uses empirical research methods to examine whether there are financing constraints in the innovation capabilities of Chinese enterprises,and whether the financial ecological environment and its various dimensions can Ease the financing constraints of enterprises,and then improve their innovation capabilities.Further analysis was made on the scale of the enterprise and the nature of property rights.The main conclusions of the empirical research are:(1)The innovation ability of the company will indeed be restricted by financing constraints.The financial ecological environment and its various dimensions have a significant positive effect on the innovation ability of the company.The financial ecological environment and its dimensions By alleviating the financing constraints of enterprises,it affects their innovation capabilities;(2)Compared with large-scale enterprises,the financial ecological environment has a more significant effect on the innovation capabilities of small-scale enterprises;compared with state-owned enterprises,the financial ecological environment has a greater impact on Afirica.The role of state-owned enterprises in innovation is more significant.The main contributions of this study:(1)Existing relevant literature has confirmed that the financial ecological environment has a significant role in promoting economic growth.However,the macro external financial ecological environment acts on the micro-entity mechanism to promote the impact of economic growth.The effects are not well explained.Therefore,from the perspective of the macro-financial ecological environment,this paper uses qualitative and quantitative analysis methods to study the impact of the financial ecological environment on the innovation capabilities of micro-enterprises.The study finds that the financial ecological environment affects enterprises by affecting their financing constraints.The innovation ability of the company and the improvement of the company's innovation ability have promoted the sustained economic growth,explained the relationship between the financial ecological environment and economic growth from a micro perspective,and broadened the micro research field.(2)This article expands the research on the factors affecting corporate innovation capabilities by exploring the relationship between the financial ecological environment,financing constraints,and corporate innovation capabilities.This has an important effect on corporate governance and corporate innovation activities,and also provides new ideas for ways to enhance corporate innovation capabilities,complying with the requirements of relying on innovation to drive economic growth under the new normal.(3)At present,there are few studies on the relationship between the financial ecological environment,financing constraints and corporate innovation capabilities.This paper explores the effects of the financial ecological environment and its various dimensions on corporate innovation capabilities by constructing an index system for the financial ecological environment.The financial ecological environment is further tested with the scale of the enterprise and the nature of property rights,which enriches the effect mechanism of the macro enviroument on micro entities and deepens the field of financial ecological environment research.