Research On The Technology Innovation Financing Of The Gem Enterprises Of The Coastal Regiona Based On The Capital Agglomeration

In the era of economic globalization, the ability of scientific and technological innovation has become an important indicator to measure the comprehensive competitiveness of the country, improving the ability of independent innovation has become the primary issue for each enterprise. But, Technological innovation requires a lot of funds to support. Therefore, this study aims to investigate the correlation and their mechanism between the degree of capital accumulation and the GEM enterprises technology innovation financing in coastal areas, and it make recommendations to solve the shortage of funds. This paper takes the GEM-listed high-tech enterprises as the object,and uses the principal component analysis method to evaluate the degree of capital accumulation in coastal areas, and based on analyzing the present situation of the GEM enterprises technology innovation financing, then using multiple linear regression to make a empirical analysis. Throughout the study, this paper mainly uses normative and empirical research methods, and the study provides a reference for the formation of the system of GEM enterprise technology innovation financing in coastal areas, and help enhance the capability of the independent innovation financing.First, sorted out the domestic and foreign related research literatures, drawing on the previous research, and put forward the research topic of this paper. Then, defined the related concepts, and expounded the related theories about corporate finance and capital agglomeration.Secondly, analyzed the current situation of the capital agglomeration and the technological innovation financing of the GEM enterprises in China’s coastal areas, then,used the method of principal component analysis to evaluate the comprehensive degree of the capital agglomeration, and put forward the research hypothesis.Again, made a multiple linear regression analysis about the capital agglomeration and technological innovation financing of the GEM enterprises, the results show that capital agglomeration has a significant effect on the technological innovation financing of the GEM enterprises. According to this, it is further discussed how the capital agglomerationaffects the technological innovation financing of the GEM enterprises, the study found:There were a positive correlation between capital agglomeration and the debt or equity financing, and the latter was statistically more significant; There were a negative correlation between capital agglomeration and internal financing or government subsidies;however, there were a positive correlation between the capital investment of technological innovation and equity financing, government grants or internal financing, with a negative correlation between the capital investment of technological innovation and debt financing,the former was statistically more significant. This indicates that capital agglomeration may affect the financing of technology innovation mainly through the equity financing.Finally, according to the above research, this paper put forward the countermeasures to promote the technological innovation financing of the GEM enterprises.