| With the continuous development of globalization has been spread in the world.Innovation has become the main driver of an economic country or region.Enterprise try to plan and carry out implementation of new strategic methods to drive innovation.Innovation investment has become a real important guarantee and premise to improve innovation ability and competitiveness.But at present our country innovation input intensity also has the very enormous disparity with the developed countries,the money supply channel is not smooth.Even the high technology enterprise often face the plight of financing constraints,and the innovation activities are always seriously hindered.Therefore,it is necessary to in-depth analysis and discuss enterprise innovation investment channels of funding sources to form the influence of financing constraint.This paper argues that funding by exogenous finance and internal finance with two main financing channels form constraints to the enterprise innovation.So this article in the theoretical part is according to the Asymetric Information Theroy and optimal sequence financing Pecking Order Theory.By combining with our country high-tech enterprise innovation investment of the specific conditions,to find the source of financing constraints,we should discuss the financing constraints on the effects on high and new technology enterprise innovation mechanism.In the empirical part of this article there are 60 high technology enterprise in our country between 2010 and 2014 as the research object,from the internal and external source formed two kinds of the financing channels of financing constraints on corporate innovation research,analyzing the characteristic of the endogenous financing,internal financing and corporate elements with the impact of enterprise innovation,We try to look for funding to provide enlightenment and experience fort he country enterprise to carry out innovation activities in the future. |
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