Research On Financing Constraints And Performance Of Chinese Listed Companies

In the contemporary era of rapid development of China’s socialist market economy,financing constraints have become an important issue for Chinese enterprises.Enterprises need to have sufficient funds to maintain their development.Many well-grown enterprises have unsustainable operations due to financing difficulties and may eventually go bankrupt.If enterprises want to gain a leading position in the market and possess core competitive advantages,technological innovation activities are an important way.Since enterprises pay attention to performance,in order to explore whether financing constraints have a restrictive effect on enterprise performance,this article conducts research on related issues.This paper uses 19,550 data from 3496 companies in the Shanghai and Shenzhen A-share markets from 2010 to 2019 as samples,and studies the relationship between financing constraints and corporate performance based on the perspective of the intermediary effect of technological innovation investment.This article first consults the relevant literature from domestic and abroad,and sorts out the relevant basic theories.After applying descriptive analysis and multiple regression analysis methods,this article draws the following conclusions:(1)Financing constraints have a direct negative impact on corporate performance.(2)Financing constraints have an indirect negative impact on corporate performance.Technological innovation investment can promote corporate performance.Technological innovation investment plays a partial intermediary role between financing constraints and corporate performance.Financing constraints can inhibit corporate performance by reducing technological innovation investment.(3)The greater the degree of corporate financial constraints,the greater the restriction on technological innovation investment.The greater the degree of financing constraints,the greater the mediating effect of technological innovation investment between financing constraints and corporate performance.Financing constraints will have a greater negative impact on corporate performance by restricting technological innovation investment.(4)Compared with non-high-tech companies,high-tech companies have greater restrictions on investment in technological innovation by financing constraints.Compared with non-high-tech enterprises,technological innovation investment has a stronger intermediary effect between financing constraints and corporate performance,and financing constraints have a greater negative impact on corporate performance by restricting technological innovation investment.(5)non-state-owned enterprises face greater financing constraints than State-owned enterprises.Financing constraints affect enterprise performance through technological innovation investment,and technological innovation investment play a part of the intermediary effect between financing constraints and corporate performance.(6)Companies in the high R&D group face greater financing constraints than those in the low R&D group.The empirical results that financing constraints affect corporate performance through technological innovation investment have been further verified in the high R&D group,and technological innovation investment plays a part of the intermediary role.