Research On The Impact Of Financial Misallocation On The Technology Gap Of Manufacturing Enterprises

Since our country was listed as an innovative country,the basic strategic position of scientific and technological innovation has been further improved,and technological innovation has become the core of economic development.Throughout our country,the differences in the level of economic development between different geographical locations continue to expand.The new growth theory proposes that technology is the key to economic growth.In the final analysis,the gap in economic level is the gap in technical level.A large number of academic theories and research facts show that the formation of technological gaps between regions is inseparable from the differences in technological innovation levels between industries and micro-subject enterprises.Based on this,the technology gap between industries or enterprises has always been regarded as a key factor to achieve economic convergence between economies.Manufacturing has always been regarded as the “engine” for economic development.Therefore,the high-quality development of the manufacturing industry is a necessary condition for the economy to achieve high-quality growth.Financial resources are not only regarded as the "blood" of manufacturing development,but also a direct source of external financing for enterprises,financial markets are bound to have an impact on the innovation activities of manufacturing companies.However,for a long time,my country’s financial market has been subject to many unreasonable controls and interventions,resulting in deviations in the allocation of financial resources.The misallocation of financial resources has also received extensive attention from scholars.In this context,it is of great practical significance to study the impact of financial resource mismatch on the technological gap of manufacturing enterprises.Based on the fact that there are obvious differences in the level of technological innovation among different economies in my country and the phenomenon of financial resource misallocation is common,this paper first summarizes the four transmission channels through which financial resource misallocation affects the manufacturing technology gap through theoretical analysis,namely: credit financing Constraints,factor price distortions,leakage of R&D investment,and inefficient investment.Secondly,the inter-provincial data,the data of manufacturing sub-sectors and the data of listed manufacturing companies are selected to measure and analyze the technological gap and the misallocation of financial resources from the three levels of region,industry and enterprise.Then,using the measured enterprise-level data,the fixed effect model,the two-step system GMM model and the two-stage least squares method were used to empirically analyze the impact of financial resource mismatch on the technological gap of manufacturing enterprises,and the enterprise samples were divided according to enterprise size,The sample heterogeneity analysis is carried out in terms of ownership,industry and location,trying to answer the important proposition of whether the improvement of financial mismatch can achieve technological convergence from the perspective of technology gap.And then,the mediating effect of the above-mentioned transmission variables was verified by constructing relevant indicators,and the regional and industry expansion research was carried out using the calculated regional and industry-level data.The study found that financial resource misallocation is indeed an important factor affecting the technological gap,and it has the greatest impact on the technological gap at the regional level.Credit financing constraints,factor price distortions,leakage of R&D investment,and inefficient investment are the factors that impede technological innovation by financial resource mismatch.It can be seen from the decomposition of relative contribution that the credit financing constraint effect,factor price distortion effect,R&D investment leakage effect and inefficient investment loss effect of financial resource mismatch account for 33.92%、4.26%、23.98%和 37.83% of the total effect,respectively.