Enterprise Financing Mode And Technological Innovation Behavior Choice

The sudden outbreak of the disease,wreak havoc on the land,but also to the small and medium-sized enterprises of the capital chain has brought a huge challenge.At present,the number of SMEs accounts for more than 99% of the total number of enterprises in China,which plays an important role in the national economy.Innovation is the soul of national progress,and innovation of small and medium-sized enterprises is the inexhaustible driving force for sustainable development of enterprises.Based on this background,this paper studies the influence of financing methods of small and medium-sized enterprises on technological innovation behavior,which is conducive to the government to launch more targeted financing support policies and help small and medium-sized enterprises to choose suitable financing methods to promote their innovation behavior.Based on the theories related to financing and innovation,this paper studied the influence of different financing methods on technological innovation behavior of small and medium-sized enterprises with the data from the 2012 world bank survey of Chinese enterprises.The research conclusion shows that :(1)endogenous financing can promote the process innovation behavior of enterprises.External financing can promote both product innovation and process innovation.(2)in various forms of external financing,bank loans have the most significant impact on the technological innovation behavior of enterprises on small and medium-sized enterprises,and promote the product innovation and process innovation of enterprises to some extent.Commercial credit and loans from non-bank financial institutions can promote technological innovation in enterprises.For the eastern coastal areas,the incentive effect of small and medium-sized enterprises in the growth stage is more obvious.In addition,on the basis of the research results,this paper carried out a further case study to verify the above conclusions through GX energy and GM electric,two typical companies.Therefore,the government should introduce relevant preferential policies to further expand the financing methods of smes and reduce financing costs.Small and medium-sized enterprises can promote their technological innovation behavior by choosing suitable financing methods.The mean is to improve their innovation and enhance their sustainable development ability.