Research On The Impact Of Financial Support On Technological Innovation Of Listed Enterprises In Advanced Manufacturing Industry

Under the new development pattern of dual circulation,China’s economy and industry urgently need further high-quality development,and the manufacturing industry,as the foundation of the country and the foundation of a strong country,its status is crucial.However,at present,the development of China’s advanced manufacturing industry is not sufficient,there are still problems such as large but not strong,comprehensive but not excellent,and its sustainable and high-quality development depends on the sustained and stable financial support of the government and the market.As an important supporting force for scientific and technological innovation and a catalyst for the transformation of technology into productivity,finance has laid an indispensable material foundation for the development of advanced manufacturing industries.The scientific and technological innovation and high-quality development of China’s advanced manufacturing industry are inevitably inseparable from the effective support of finance.The stronger the foundation of financial support,the more effective it will be in promoting the level of innovation of enterprises.Therefore,studying the impact of financial support on technological innovation of advanced manufacturing enterprises is of great significance to realizing the strategic positioning of China’s manufacturing industry with high quality.The thesis takes the impact of financial support on technological innovation of listed enterprises in advanced manufacturing industry as the basic research theme,and carries out empirical analysis on the data of financial support and technological innovation of listed enterprises in advanced manufacturing industry in China from2012 to 2021.Firstly,by explaining the relevant concepts and theories of the thesis and combining the current situation of domestic and international research,the empirical model of the impact of financial support on technological innovation of listed enterprises in advanced manufacturing industries is selected by clarifying the research subject and object.Secondly,analyze the current situation,characteristics and demand for financial support of innovation development of advanced manufacturing enterprises clarify the selection of financial support indicators in the empirical model;and use panel fixed effect model and panel Tobit model,based on the panel data of advanced manufacturing enterprises in China in the past ten years,explore the impact of financial support of different subjects on technological innovation inputs and outputs of advanced manufacturing enterprises,and the impact of enterprise heterogeneity on The impact of financial support on the role of financial support is analysed.The following conclusions are drawn: financial support is positively correlated with the innovation input and output of listed advanced manufacturing enterprises,and has a significant promoting effect on both increasing innovation input and improving innovation output;the characteristics of state-owned property rights have a significant promoting effect on the innovation input of financial support for advanced manufacturing enterprises,but not on the innovation output of financial support for advanced manufacturing enterprises;the growth of enterprise size has a significant effect on the innovation output of financial support for advanced manufacturing enterprises.The impact of enterprise size growth on financial support for innovation output of advanced manufacturing enterprises is significant,while the impact on financial support for innovation input of advanced manufacturing enterprises is not significant.Thus,countermeasures and suggestions are put forward in order to provide reference for promoting the high-quality development of China’s manufacturing industry and promoting the transformation and upgrading of China’s manufacturing industry.