Research On Technology Innovation From The Perspective Of Amalgamation Of Industry And Finance

Technological innovation is an important driving force for industrial transformation and upgrading.Take manufacturing as an example,the enhancement of factor cost advantage in emerging developing countries and the emergence of backflow of manufacturing in developed countries makes China's manufacturing industry profit margins getting lower,and manufacturing industry needs to be transformed and upgraded through technological innovation.Compared with other projects,innovation projects have the characteristics of high information asymmetry and high adjustment cost,leading to enterprise innovation easily trapped in financing difficulties and inadequate allocation of resources."Made in China 2025" pointed out that the construction of manufacturing power needs to improve the financial support policies,encouraging and supporting large-scale manufacturing enterprise groups to actively carry out the pilot of combining industry and Finance.As an important way of combination of industry and finance in China,whether Equity Participation in Banks can enhance the technological innovation ability of manufacturing industry to realize the technological upgrading of the whole industry,is needed to pay attention.Based on the characteristics of high information asymmetry and high adjustment cost of enterprise technological innovation and the role of the combination of industry and finance plays in enhancing the relationship between banks and enterprises and in sharing the high profits of the financial industry,this paper is based on the theory of inforrmation asymmetry,credit rationing and the theory of optimal financing,analyzing the mechanism of combination of industry and finance on technological innovation from smooth effect,the information effect and the decision effect.According to the three ways of action and the research hypotheses they obtained,the paper uses Euler's investment equation,investment-cash flow sensitivity model and panel threshold model,to test the empirical hypothesis.The conclusions are as follows:the paper finds the high profits of the enterprises participating in the bank to obtain will induce their arbitrage motive,rather than the capital reserve motive after a systematic GMM estimation of Euler's investment equation.The high profits of the financial sector will increase the opportunity cost of cash holdings,and weaken the motivation of enterprises to use advanced holdings to smooth R&D investment.As a result,the effect of cash holdings on R&D investment is reduced after participating in banks.Using ILL to measure the degree of information asymmetry,the empirical results show that after participating in the bank,the degree of information asymmetry is reduced,and then ease the financing constraints of R&D investment.This remission is more evident in enterprises with serious information asymmetry.There is a threshold for the impact of the proportion of banks holding equity in R&D investment.After the threshold effect test and the threshold test,the paper uses a single threshold model to empirically test the impact of equity ratio on R&D investment.The share proportion has different influence on the technological innovation of enterprises in different share proportion interval.When the share ratio reaches 4.2%,the impact of the combination of industry and Finance on Enterprise R&D investment is significantly enhanced.The innovation of this paper is to analyze the impact of integration of industry and Finance on enterprise technological innovation from three angles:smoothing effect,information effect and decision effect,and take the corresponding model to test the mechanism,that provides a new perspective for the study of financial support for technological innovation of enterprises.