Research On Social Trust,Financing Constraints And Enterprise Innovation

Since the 18 th national congress of the communist party of China put forward the strategy of innovation-driven development and placed it at the core of national development,the Chinese government has attached great importance to and strongly supported innovation.The report to the 19 th national congress of the communist party of China further proposed to speed up the building of an innovative country,stressing that "we should aim at the world's cutting-edge science and technology,strengthen basic research,and make major breakthroughs in pioneering basic research and innovative achievements." Innovation is not only the driving force of a country's economic growth and the decisive factor of its long-term competitive advantage,but also an important strategic means for enterprises to improve their core competitiveness.Enterprise innovation can promote economic growth and social progress,and plays a key role in social and economic development.Data of A-share listed companies in China,with the method of combining normative and empirical study of social trust on the influence of innovation and its mechanism of action of listed companies in our country,at the same time,the sample is divided into two groups of state-owned enterprises and non-state enterprises,social trust in the different nature of the enterprise on the influence of enterprise innovation,and to a certain conclusion by empirical testing.The research of this paper is conducted from the following five parts:The first part is the introduction,this part is simple on the research of the thesis introduces the meaning and background,and summarizes the current domestic and foreign research for enterprise innovation and social trust data and documents,based on the basic structure and the idea of the thesis research to comb,finally,the paper summarizes research point of innovation,and characteristics.The second part is the relevant concept definition and theoretical basis,this part first simply introduces the social trust,corporate financing constraints,and the concept of enterprise innovation,followed by the principal-agent theory,asymmetric information theory and transaction cost theory has carried on the simple introduction,and carries on the induction analysis,the influence of this social trust for enterprise innovation and the role of financing constraints in which provides a certain theoretical basis.The third part is theoretical analysis and research hypothesis.This part firstbriefly introduces the current situation of enterprise innovation in China,and then puts forward the research hypothesis of this paper after analyzing and summarizing the relevant theoretical basis and previous research results.The fourth part is the empirical study.This paper uses stata14.0 to process the collected data.In combination with the above research hypothesis,the author briefly analyzes whether the final empirical test results are consistent with the above hypothesis.If they are inconsistent,the author explains the reasons and finally conducts the robustness test.The fifth part is the research conclusion and policy suggestion.Based on the analysis of the above empirical results,the conclusion of this paper is drawn.At the same time,according to the current actual situation of Chinese enterprises,some corresponding countermeasures and Suggestions are put forward.In addition,the limitations of this research are analyzed and summarized,and the prospect of further research is put forward.Taking the A-share listed companies from 2009 to 2018 as samples,this paper adopts panel measurement model to investigate the relationship between social trust and enterprise innovation,and integrates social trust,financing constraints and enterprise innovation into a unified framework.The second is to study the mechanism of social trust on enterprise innovation,so as to reveal the internal law of social trust on enterprise innovation.The results show that: in the total sample,there is a significant positive correlation between social trust and enterprise R&D investment,and the positive effect of social trust on enterprise R&D investment is partly realized by financing constraint.In the property nature subgroup sample,compared with state-owned enterprises,social trust plays a greater role in promoting R&D investment in non-state-owned enterprises,and the mediating effect of financing constraints is more significant in non-state-owned enterprises than in state-owned enterprises.This study is of great significance to understand the role of informal institutions such as social trust in promoting enterprise innovation and even economic growth.