The Research On Enterprise Financing Constraint And Technology Innovation From The Angle Of Industrial Cluster

With the advent of the era of knowledge economy,science and technology promote people’s lifestyles to continue to change.Technological innovation capability has become one of the important indicators of a country’s comprehensive national strength,which relates to the process of socialized production in the sovereign state that can seize the opportunity to complete the scientific and technological "corner beyond",and can greatly increase comprehensive national strength.The 18th National Congress of the Communist Party of China clearly pointed out that it is necessary to speed up the construction of the national innovation system.Technological innovation ability can not be separated from the support of funds,R&D investment plays a vital role in the innovation ability of enterprise technology.Europe and the United States,manufacturing R&D investment intensity of Japan and other developed countries in the early 20th century has reached more than 2.5%,but according to the "2014 National Science and Technology Investment Statistics Bulletin",China’s manufacturing industry R&D investment intensity of the industry is only 2.4%Compared with the developed countries,which indicates that the innovation ability of Chinese enterprises is still insufficient.Technology investment is high,the risk is great,only when companies have sufficient idle funds,companies have the power to use it in technology research and development.However,in China,as to technological innovation,there is obviously a lack of funds in enterprises,and the resulting financing constraints out of that becomes an insurmountable technological innovation.After years of research,domestic and foreign scholars have expounded from different perspectives about the effect of industrial agglomeration on technological innovation.However,most of the previous studies have some limitations by focusing on the analysis of the effect of human capital,FDI spillovers and other internal factors on technological innovation,with Ignoring the industrial agglomeration of the external factors through the role of corporate finance constraints,and further to affect the enterprise technology innovation mechanism and conduction path.Therefore,the focus of this paper lies in two aspects:Firstly,this paper demonstrates the impact of financing constraints on enterprise technology innovation;Secondly,this paper analyzes whether the industrial agglomeration can alleviate the financing constraints faced by enterprises,and promote the investment in technological innovation.The first part of this paper is the introduction part,which introduces the background and significance of this paper and clarifies the research contents,research ideas,research methods,innovation points and potential deficiencies of this paper.The second chapter is the literature review,which combines the theory of industrial agglomeration,defines the concept of financing constraints,summarizes the influencing factors of technological innovation,and discusses the relationship between industrial agglomeration,financing constraint and technological innovation,as to provide the thought and theoretical basis for this research.The third chapter analyzes the mechanism of industrial agglomeration,financing constraint and technological innovation by constructing mathematical model.And based on the research of Schnitzer(2010),this paper constructs a theoretical model to analyze the interrelationship between industrial agglomeration,financing constraints and technological innovation,especially on the relationship between industrial agglomeration and industrial agglomeration on the basis of the real problems faced in technological innovation in our country and the basic situation of industrial agglomeration so as to provide theoretical basis for the study of industrial agglomeration to ease the financing constraints of enterprises,to promote technological innovation,and to put forward research hypotheses accordingly.The fourth chapter is the part of empirical analysis,which deal with the use the data of manufacturing listed companies from 2010 to 2014 as the research sample,the employment of WW index to measure the degree of enterprise financing constraints,the use of location entropy to measure industrial agglomeration and in the end the building of Tobit econometric model to analyze the severe problems faced by manufacturing companies in their technological innovation.However,when the cross-terms of industrial agglomeration and financing constraints are introduced,it is found that industrial agglomeration can promote obviously technological innovation by alleviating the financing constraints of the enterprises.Finally,based on these conclusions,this paper puts forward some suggestions on how to improve the environment of enterprise investment and enhance the level of technological innovation from three aspects as enterprise,government and supervision.