Financial Constraints And High-tech Enterprises' Innovation Investment

In the "new normal" situation of China's economic development,innovation is not only important to the enterprise's growth,but also vita to the sustainable development of a country.The enterprises are the main bodies of self-innovation,researching on Innovation investment financing constraints,then discussing how to ease the innovation investment financing constraints,which will guide the enterprise to make innovation strategy scientifically,improve enterprise's capacity for innovation.Technology innovation deeply forces enterprises to improve production efficiency,reduce production costs,improve product market share,and improve product in consumers' mind status,and promote our country into an innovative country further.Based on the domestic and foreign scholars about financing constraints and innovation investment,the thesis takes the study with the methods of theoretical analysis and empirical research,choicing all companies which listed in the gem and the small and medium-sized plate by the end of 2013 as the overall sample,and choicing listed in the first three years to 2014 during as the study period.In the paper,we mainly study the following four questions.The first is the small and medium-sized enterprises innovation investment is generally faced with financing constraints.The second is that the high-tech enterprises are facing more serious Innovation investment financing constraints than non-high-tech enterprises.The third is that it can effectively ease the innovation investment financing constraints which listed in the gem and the small and medium-sized plate.The forth is that the effect of high-tech enterprises are better than non-high-tech enterprises through comparing before and after the listing.In this paper,the possible innovation points mainly has the following two aspects.The sample covers the gem and the small and medium-sized plate except the financial industry,and Considering the effect of the new accounting standards in 2007 to the data statistical caliber.In this paper,the sample size is large,covering comprehensive industry,and research caliber is similarity.When we discuss the investment financing constraints and the different effect of easing investment financing constraints,the sample is divided into high-tech enterprises and the non-high-tech enterprises.In this paper,there are two shortages as following.The sample is not big,so we do not consider the influence of different industry for empirical testing results.We choice all companies which listed in the gem and the small and medium-sized plate,so it only cover part of companies which have a larger scale and good profitability,but we lost some companies which are not listed.Through theoretical research and empirical analysis,this paper draws the following conclusions.Firstly,Innovation investment is positively correlated with the internal cash flow,and is negatively correlated with asset-liability ratio.So the small and medium-sized enterprises innovation investment is generally faced with financing constraints.Secondly,the high-tech enterprises is significantly higher than the non-high-tech enterprises about the internal cash flow,so the high-tech enterprises are facing more serious Innovation investment financing constraints than non-high-tech enterprises.Thirdly,innovation investment is less about the internal cash flow-after listing,so listing can-effectively ease the innovation investment financing constraints.Fourthly,the effect of high-tech enterprises are better than non-high-tech enterprises through comparing before and after the listing.Finally,in view of the above conclusions,this paper puts forward the relevant policy recommendations to promote the development of a multi-level capital market.