A Research On The Impact Of Financing Constraints Upon The Mediate And Terminal Enterprise Innovation Efficiency

Recently, the research on the impact of financing constraints(FC) upon the enterprise’s innovation efficiency(IE) is becoming a popular subject. In fact, the innovation process could be divided into two stages, namely, the stage of the intermediate outputs such as the patent, technology, knowledge, experience, etc. and the stage of ultimate output----the market performance of the enterprises. The first stage is called as the intermediate process, also known as the research and development process, while the corresponding efficiency is called as the mediate efficiency; the second stage is actually the conversion process, while the corresponding efficiency is named as conversion efficiency; the efficiency of the whole process is named as the total efficiency or terminal efficiency. As the two processes reflect different contents, we believe that it is necessary to study them separately. Therefore in this paper, the practice of distinguishing the terminal efficiency(TIE) and mediate efficiency(MIE) approach is introduced to the field of the researches on the impact of FC upon IE, and three transmitting channels, through which financing constraints affects the enterprise innovation activities, and their corresponding effects are proposed: Intensive Effect(ITE), Restraint Effect(RTE) and Investment Effect(IVE). And then we further points out the characteristics of ITE, RTE, their Net Effect(NE) and IVE. Next, we preliminarily discussed the existence of nonlinear FC-IE relation caused by these three effects, and emphatically selected FC-MIE, FC-TIE relations as the focus of this paper. After that, we selected the public manufacturing enterprises of China as our empirical study sample, and chose the balance panel data from 2011 to 2014, using Data Envelopment Analysis(DEA) technigue to measure enterprise IE, while using binary Logit discriminant method to construct the enterprise FC index, so as to construct the Panel Threshold Model to study the nonlinear relationship of FC-IE; and through reconstructing financing constraint index LFC to do the robust test about the empirical results we get, while two inverse U shape curves of FC-MIE and FC-TIE are confirmed then, but the inverse U shape of FC-TIE relation is more fragile. Finally we use the Intensive Effect(ITE), Restraint Effect(RTE) and Investment Effect(IVE) to explain the inverse U shape relationship of FC-MIE, FC-TIE, and the heterogentity between them.