Research On The Influence Of Financing Methods On The Efficiency Of Enterprise Technological Innovation

Innovation is the driving force of rapid social and economic growth and the booster of high-quality development of enterprises.In recent years,with the gradual rise of new energy vehicles,lithium battery as an important part of new energy vehicles,the development of lithium enterprises has gradually attracted the attention of the public.As a high-tech industry,lithium electric enterprises have a large demand for innovation,a long innovation cycle and a large capital gap,so they urgently need a lot of financial support.At the same time,technological innovation is also playing an increasingly important role in the development of an enterprise.However,due to the high uncertainty,high risk,long R&D cycle and other characteristics of enterprise innovation activities,rational external investors will require a higher risk premium,and enterprises will therefore face financing difficulties,expensive financing and unreasonable financing structure.If the financing difficulties in innovative R&D activities of lithium battery enterprises can be reasonably solved,it will help enterprises increase investment in technological innovation,optimize the allocation of innovative R&D,improve their ability to transform innovative achievements,and promote the efficiency of technological innovation of enterprises.This paper takes Zhejiang Hangke Technology Co.,LTD.,a lithium electric enterprise,as an example to study how financing methods affect the efficiency of technological innovation of enterprises,and analyze which financing methods are more conducive to improving the technological innovation ability of enterprises,so as to realize the sustainable development of high-tech enterprises.The research of this paper has a certain reference significance for improving the technological innovation efficiency of Chinese high-tech enterprises.This paper adopts case analysis method and financial analysis method,based on the theory of information asymmetry and the theory of pecking order financing to carry out theoretical research on the financing cost and capital structure of different financing methods,and take Zhejiang Hangke Technology Co.,LTD.,a leading enterprise of lithium technology,as an example,to carry out financial analysis on the main financing methods,fund situation and financing status of Hangke Technology.According to the relevant processes of innovation activities of enterprises,combined with the different influences of financing methods on technological innovation efficiency at different development stages of enterprises,this paper analyzes the innovation input and innovation output efficiency of Hangke Technology through data enveloping research method,and gives research conclusions and puts forward relevant policy suggestions.The research shows that lithium enterprises are in the period of frequent innovation activities,and technological innovation ability becomes the key factor to enhance the core competitiveness of enterprises.Whether in the start-up stage or the growth stage,internal financing plays a promoting role in improving the efficiency of technological innovation,but its effect is small.The promotion effect of external financing on the efficiency of technological innovation is greater than that of internal financing,and enterprises are more dependent on debt financing in the initial stage,and more dependent on equity financing in the growth stage.Government subsidy is a kind of grant,which can ease the financial pressure of enterprise innovation activities.No matter what kind of financing method,innovation is an eternal theme.Diversified financing methods and reasonable financing structure are the fundamental factors to promote the improvement of technological innovation efficiency of enterprises.