Research On The Influence Of Financing Sources On Technological Innovation Of Enterprise

Independent innovation of enterprises the important weapon in the world economy development and technology competition,all countries in the world since entering the 21 st century is more aware of the enterprise’s ability for independent innovation rapid and stable development decides the country’s comprehensive economic strength and development prospects.Will directly affect the enterprise’s independent innovation input levels of its innovation output capacity,thus to improve enterprise’s capacity for independent innovation is bound to increase the enterprise’s independent innovation input,and the enterprise independent innovation to its inputs increase,can make the corresponding demand for capital increase,the demand of capital of rights and will involve the enterprise financing way choice.Based on this,this article,the enterprises of different financing way the impact on the enterprise independent innovation ability,the existing research results will be some of the main way of financing as well as some other related factors into the analysis,and create a panel model for regression analysis,analysis of the impact of different financing sources on enterprise technology.This article research mainly from three viewpoints:one is the theoretical research,this part on the basis of a series of finance theory,Through literature reading and analysis,this paper discusses qualitatively the influence of financing sources on technological innovation;Two is empirical research,this part takes the construction enterprises in Tianjin as the research object,and brings many influencing factors such as technological innovation and financing mode into the empirical model,the time span from 2013 to 2018,driven by the diversity of technology innovation theory,the combination of technical innovation investment,financing source,enterprise scale,and many other factors to build an empirical model,and based on the model analysis of financing source on the impact of technology innovation;Three is to verify that the financing source and the effect and relationship of innovation investment,this study also through the analysis of the effect of different X company innovation funds,comparing to different sources of innovation funds.The empirical results show that different financing sources have different influences on the technological innovation of enterprises.Therefore,while perfecting and developing bank debt financing,we should also actively promote the improvement of corporate equity financing,so as to provide support for technical innovation activities.Case analysis finds that compared with other sources of innovation funds,endogenous financing is invested in enterprise innovation and can form more patented technologies.Equity financing is invested in enterprise innovation,which can generate more economic benefits in the short term.Debt financing is generally not used for corporate innovation financing.On the basis of this article from the enterprise external and internal two Angle to our country enterprise financing source optimization and the progress of the technology innovation put forward relevant policy Suggestions,make more than two enterprise financing source coordinated development,promote the improvement of technology innovation in our country.