The Study Of Impacts Of Export On China’s Industry Enterprises’ Independent Innovation From The Perspective Of Financial Constraints

If a country with its economic growth want to catch up with advanced countries of the world and maintain its sustained and rapid economic development under the background of economic globalization, it should rely on improving the ability of independent innovation and its own technological progress. As we know, the enterprises’ export behavior can impact their independent innovation and the financial constraints can both impact enterprises’ export and innovation. Thus it can be seen that there is a close relationship of them. So the main purpose of this paper is to research this relationship and clear the impacts of export on China’s industry enterprises’ independent innovation from the perspective of financial constraints, and we use the empirical research with a large number of industry enterprises’ micro data to test and verify the impacts. The research meaning of this paper is to provide new theory evidences for enterprise innovation theory and provide some enlightenment to make China more prosperous.According to the existing literature review, there are some disputes about the impact of the export of enterprises on the independent innovation, and especially it will be more complex when we put the financial constraints into the impacts. First, we review and summarize the existing literature and analysis China’s industry enterprises’ independent innovation, export and financial status, then, we analysis mechanism of action of export on enterprises’ innovation under different conditions,the difference is financial constraints. Furthermore, we carried on the empirical analysis of the impacts of overall export on independent innovation of China’s industry enterprises, enterprises in different regions, enterprises of different ownership and enterprises of different scale from the perspective of financial constraints. Finally according to the result of theoretical analysis and empirical analysis, the author put forward some suggestions to promote Chinese industry enterprises’ independent innovation.The innovations of this paper are to comprehensive analysis of the relationship between innovation, export behavior and financial constraints and take full account of China’s real financial environment, and enrich the connotation of enterprise innovation. The research results indicate that:(1)Without consideration of financial constraints, the author find the impacts of export on enterprises’ independent innovation are positive, enterprises can enhance independent innovation ability with positive externalities and technology spillovers of exports. With consideration of financial constraints, the positive impacts would become weaker when the pressure of financial constraints increase, because enterprises would suffer huge external economic shocks. When external financing costs improve, the economic conditions of export enterprises with relaying on external financing would deteriorate, also it is not conducive to enterprise innovation activities, other words, the financial constraint would bring negative effects to the impact;(2)the impacts of export on overall China’s industry enterprises’ independent innovation are stimulative, the pressure of financial constraints will reduce if industry enterprises can get financial support, furthermore, the industry enterprises can launch more innovation activity and improve the strength of innovation;(3)there is no close connection between the industry enterprises’ innovation decision and export in central China, the export enterprises will maybe not lunch more innovation activity when the pressure of financial constraints reduce even the impacts will be negative;(4)the impacts of export on independent innovation of industry enterprises of different ownership are different, the private export enterprises have the strongest will to innovate when the pressure of financial constraint reduce;(5)large scale export enterprises may not have the problem of external financing constraints, and these enterprises have enough capital, therefore, the external financing constraints are not significantly linked with innovation activities of the export enterprises.