| At present,as China’s economic and social development has entered the new normal,the inefficient economic growth model has become difficult to maintain,and innovation has become the key force of China’s economic development.Enterprises are an important subject of innovation,and their independent innovation ability is a key factor to improve the core competitiveness of our country.However,enterprises need certain financial support as the foundation to carry out technological innovation activities,and the optimization of financing environment and the reduction of financing constraints are very important for the smooth development of enterprise innovation activities.From the existing allocation of financial resources,the misallocation of financial resources already exists widely in our financial system,which makes different enterprises face different financing costs.At present,the manufacturing industry in China needs to develop by innovation.However,the mismatch of financial resources of manufacturing enterprises in the Yangtze River Economic Belt has seriously hindered the improvement of technological innovation ability of enterprises.Therefore,exploring the effects of financial resource mismatch and corporate technological innovation can help alleviate the pressure brought by corporate financial mismatch,improve the technological innovation ability of enterprises,and promote high-quality economic development.This paper mainly studies from four parts.First,it combs the literature related to financial resource mismatch,enterprise technological innovation and financing constraints,and summarizes the research status at home and abroad.Second,from the perspective of financial mismatch leading to rent-seeking,intensifying financing constraints,and making the market structure more monopolistic,this paper explores the mechanism affecting the technological innovation of enterprises,and then draws the corresponding empirical hypothesis.Based on the analysis of the current situation of financial resources allocation and technological innovation of enterprises in the Yangtze River Economic Belt,the micro-data of listed manufacturing enterprises are used to measure and analyze the level of financial resources mismatch and technological innovation in the region.Thirdly,starting from the three hypotheses constructed in the theoretical part,the corresponding econometric model is constructed for empirical test.The results show that:(1)Financial resource misallocation will hinder firm technological innovation,and there are obvious differences in the inhibition effect of financial resource misallocation on firm technological innovation under the heterogeneity of different firm ownership attributes,different regions and different firm ages.(2)Financing constraints exacerbate the negative impact of financial resource mismatching on technological innovation activities of enterprises.In order to carry out R&D and innovation activities,enterprises need to invest a large amount of funds and the recovery cycle is long,with great unpredictability.However,enterprises simply rely on their own funds,it is difficult to complete the investment and financing activities of innovation,R&D and production.Therefore,the external financing constraints faced by enterprises to a large extent hinder the pace of technological innovation.(3)Government subsidies are conducive to promoting R&D input of enterprises to a certain extent,but excessive government intervention may aggravate the level of financial resource mismatch faced by enterprises,thus inhibiting technological innovation of enterprises.Fourthly,based on the theoretical and empirical results,this paper argues that we should improve the financial system and improve the efficiency of financial resource allocation.Eliminate credit discrimination and ease corporate financing constraints;Reduce government intervention to ensure the precise flow of financial resources to enterprises;Improve the intellectual property protection system,so as to ease the level of financial resources mismatch,promote technological innovation of enterprises. |
