Financial Supply-side Structural Reform,financing Constraints And Enterprise Innovation

Corporate innovation requires a large amount of sustainable capital investment,and the acquisition of external financing has become a key factor affecting corporate innovation.In this paper,under the new normal economic background of innovationdriven development strategy and supply-side structural reform,this paper uses principal component analysis to construct a comprehensive evaluation of China's financial supply-side structural reform from three dimensions: financial supply efficiency,financial supply structure,and financial supply scale.Indicators,and using the data from 2008-2018 of listed companies in China as a research sample,explored the relationship between financial supply-side structural reform,financing constraints and corporate innovation from both theoretical and empirical levels.The results of the study show that financing constraints inhibit corporate innovation,while financial supplyside structural reforms have a significant positive effect on corporate innovation,and this positive effect is achieved by alleviating the financial constraints that companies face.After distinguishing between the nature of property rights,asset size and the establishment period of enterprises,it is found that the structural reform of the financial supply side has a greater effect on the innovation of short-established enterprises,SMEs and non-state-owned enterprises.This article verifies the realization path of "financial supply-side structural reformfinancing constraints-corporate innovation",and at the same time,it provides a new perspective for understanding the influencing factors of corporate innovation under the new economic normal,with a view to promoting financial development for the country in academic research Supply-side structural reforms,enhance the ability of enterprises to innovate independently,and promote the steady growth of the economy.