| In September 2014,Premier Li Keqiang put forward "mass entrepreneurship,innovation among all people" in Tianjin Davos Forum.On September 18,2018,the State Council issued "Opinions on Promoting High-quality Development of Innovation and Entrepreneurship and Creating an Upgraded Edition of"Double Ventures".On December 19,2018,the Central Economic Work Conference put forward that innovation should be the first driving force to drive sustainable economic development.Under the new normal conditions,China's economy is facing challenges.Under downward pressure,only when the state attaches importance to innovation and entrepreneurship,and enterprises increase R&D investment,can they maintain sustained economic growth and gain a higher market share.Innovation has become a new engine of current economic development.How to improve the level of innovation,change the mode of economic development in China,and accelerate the transformation and upgrading of the economy has become the main task facing China's economy in the process of development.At present,China's financial structure is not perfect,because of the lack of financial development,making finance can better serve enterprises to enhance their innovation ability.The innovation capability of enterprises is mainly reflected in the number of patents.As of the first half of 2018,the number of patents in China has become the second largest patent applicant in the world,which only lags behind the United States.But at present,the technological innovation ability of enterprise industry is insufficient,especially in high-end electronic industry,the added value of products produced is relatively low,and the contribution to the profits of enterprises is relatively small.For this reason,this paper mainly focuses on how to improve the innovative ability of enterprises.By studying the impact of financing constraints and financial development on technological innovation of enterprises,on the one hand,the financing situation of enterprises will have a great impact on technological investment of enterprises,on the other hand,the overall financial development will have an impact on R&D investment of enterprises.Studying the relationship among financing constraints,financialdevelopment and technological innovation is of great practical significance for enterprises to better invest in innovation and enhance their innovation ability and market competitiveness.In this paper,the main research ideas are theoretical research-Empirical Research-conclusions and policy suggestions,and the impact of financing constraints and financial development on enterprise technological innovation,which provides a way of thinking for the construction of enterprise innovation system.Specifically,the first chapter of the article mainly elaborates the research background and significance of the topic,and the related domestic and foreign literature as a whole,then summarizes the research content and research ideas of this paper,and finally explains the innovation and shortcomings of the article;the second chapter describes the relevant theories,mainly for regional creation.The new theory,the related theory of financial development and the smooth theory of innovative research and development are systematically explained.The third chapter is mainly about the current situation of financial development and technological innovation of enterprises.It mainly introduces the level of financial development and innovation,the regional differences of financial development and technological innovation.The fourth chapter is mainly about the establishment and correlation of research model.Empirical analysis,at the same time,the stability of the analysis results is tested.Chapter 5draws conclusions from the previous theoretical to empirical analysis on the impact of financing constraints and financial development on technological innovation of enterprises,and then puts forward relevant policy recommendations.Through the whole theory and data analysis,the following conclusions are drawn:the financing constraints of technological innovation are significant,indicating that there are serious financing constraints,technological innovation of enterprises depends on internal financial support;all financing channels can alleviate financing constraints and promote innovation performance;there are regional differences in the role of financing channels in promoting technological innovation.According to the conclusions of the study,three policy suggestions are put forward: firstly,from a high level,we should establish a multi-level financial market,improve the financial structure and improve the quality of financial development;secondly,we shouldestablish an effective securities market,and have a good securities market,which can improve the efficiency of enterprise innovation input and output,especially the investment of venture capital in new high-tech industries(November 2018).At the Shanghai Import Expo on May 5th,President Xi proposed to set up a scientific innovation board.Thirdly,for the unbalanced development of regional finance in the eastern,central and Western regions,efforts should be intensified to promote the balanced development of regional finance. |
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