| Since the Economic Reform and open up,the Chinese economy has achieved rapid and remarkable growth over the years and has achieved remarkable achievements.However,in recent years,with the slowdown in economic growth,downward pressure has also continued to increase,and the structural contradictions and unsustainability of the national economy that has long relied on investment has become increasingly prominent.Under this circumstance,how to transform the economic development mode and achieve high-quality economic development has become an important topic of great concern to academics and political circles.The country's innovative development is inseparable from the effective supply of financial resources.This is not only because financial institutions can provide continuous financial support for innovation,but more importantly,as an important part of the national innovation system,the rational arrangement of financial systems and the effective allocation of financial resources will has a significant influence on innovation and development.In recent years,China's financial industry has developed rapidly in the orderly advancement of reform.The proportion of China's financial industry in GDP has surpassed that of developed countries such as the European Union and the United States.However,affected by the relatively lagging reform of the capital market,China's financial system is still dominated by banks,and there is serious discrimination in ownership.This not only distorted the direction and price of capital supply to a certain extent,but also impacted the smooth operation of China's financial market to a certain extent,and brought additional costs to the country's innovation and development.Under this circumstance,from the perspective of financial resource misallocation,this paper theoretically analyzes the internal mechanism of financial resource misallocation affecting enterprise technological innovation,and on this basis uses panel data of industrial enterprises above designated size in mainland to construct a dynamic panel model.The empirical study examines the influence of financial resources mismatching on enterprise technological innovation.The study found that structural imbalances in financial resources have a significant negative impact on corporate technological innovation.This shows that the financial resource supply structure dominated by banking financial institutions is not conducive to the effective development of corporate innovation activities.The study also found that structural imbalances in financial resources have restricted the development of high-tech enterprises,thus inhibiting the improvement of enterprises' technological innovation capabilities as a whole.Ownership discriminatory financial mismatch has a significantly negative impact on corporate technological innovation.It shows that the banking system dominated by state-owned banks has misplaced the allocation of financial resources among enterprises of different nature.Ownership discriminatory financial mismatch restricts the development of non-state-owned enterprises with strong innovation motivation,which is not conducive to the overall improvement of enterprises' technological innovation capabilities.After replacing relevant variables,dealing with endogenous problems,and re-estimating using quantile regression,the relevant results are still robust.The conclusions of this paper provide policy enlightenment for further deepening the structural reform of the financial supply side,giving full play to the effects of financial service innovation,and promoting the high-quality development of the Chinese economy.Therefore,in the process of structural reform of China's financial supply side,it is necessary to pay full attention to the adverse effects of the current structural mismatch of financial systems and the technological innovation of enterprises.By deepening reforms,the bank's dominant position and ownership discrimination will be gradually weakened and further release the vitality of the financial system. |
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