Financing Constraints And Cooperative Innovation Of Manufacturing Enterprises

Innovation is an inexhaustible driving force for the development and prosperity of a country.The development of China’s economy is inseparable from the progress of innovation ability.As a pillar industry in China,the innovation and development of manufacturing industry has attracted much attention.Due to the characteristics of high-risk and long-term innovation activities,many manufacturing enterprises can not independently undertake the continuous capital and resource investment required by innovation activities.Therefore,cooperative innovation has become the focus of innovation projects.This study aims to explore the relationship between financing constraints and enterprise cooperative innovation,and to analyze the influence of social responsibility on the relationship of financing constraints and enterprise cooperative innovation.Specifically,this study selects China’s A-share listed manufacturing enterprises as a sample,uses the financial data from 2010 to 2020 to construct the SA index representing the level of financing constraints,and uses the fixed effect model to test the relationship between cooperative innovation and financing constraints.The study found that:(1)Financing constraints have a inhibitory impact on the number and quality of cooperative innovation of listed manufacturing companies in China.(2)The results of grouping according to the nature of property rights show that financing constraints have a greater inhibitory effect on the cooperative innovation of state-owned enterprises.(3)Further,after dividing cooperative innovation into practical innovation type and design type,the results show that when enterprises face financing constraints,manufacturing enterprises will be more inclined to reduce the number and quality of practical innovation patents than design patents.(4)It is found that taking corporate social responsibility can effectively reduce the adverse impact of financing constraints on cooperative innovation.(5)Grouped according to the nature of property rights,compared with non-state-owned enterprises,the social responsibility of state-owned enterprises can more effectively alleviate the inhibitory impact of financing constraints on cooperative innovation.(6)Further dividing corporate social responsibility into internal social responsibility and external social responsibility can be seen that undertaking more internal social responsibility can more effectively alleviate the inhibitory effect of financing constraints on cooperative innovation.Finally,policy suggestions are given according to the results: in order to alleviate the adverse impact of financing constraints on cooperative innovation,enterprises should actively practice social responsibility,improve brand value,and obtain more cooperative innovation funds by transmitting positive signals to stakeholders in society,so as to promote the effective output of innovation achievements.