The Study Of The Relationship Between Innovation-oriented, Market-oriented And Financial Constraints

With the growing impact of financial constraints on the development of enterprises, financialconstraints have came into notice of leaders’ of business, academia and government. Financialconstraints is due to the higher cost of enterprise external financing， which lead to thedevelopment of enterprise only depends on the internal capital. In recent years, Chinese scholarsmainly concentrated in the macro factors of financing constraints such as the property rights, theenterprise scale. This article mainly takes the listed companies on GEM as research objects,specially choose innovation-oriented, market-oriented, these two factors had huge impact oninnovation and development of enterprises. The relationship between innovation oriented, marketoriented and financing constraints should be the core of this paper.Based on the analysis of basic connotation about innovation-oriented, market-oriented andfinancing constraints, we pay more attention to the causes of financing constraints, influencefactors and the metrics definition. Choosing the exploratory design, this consists of mixed researchmethods. Through a typical exploratory case, making a relationship hypothesis betweeninnovation-oriented, market-oriented and financing constraints, and building an empirical modelbetween innovation orientation, market orientation and financing constraints. When come toempirical studies, the hypothesis of the relationship between these three factors is tested by the useof linear regression based on the data of the GEM companies from2011to2013.Through this study, we found the real existence of the influence relationship betweeninnovation-oriented, market-oriented and financing constraints in China’s GEM listed companies.The mixed research methods were used in this study. First we drew the research hypothesis by astudy of exploratory case, then tested it through the empirical research, and finally concluded that:innovation-oriented will increase the financing constraints; the market-oriented will weakenthe financing constraints. And put forward relevant suggestions depended on this, which has acertain reference value and practical significance.