Research On The Impact Of Corporate Governance On Enterprise Innovation From The Perspective Of Financing Constraints

In the new era of economic development,innovation is an important factor in maintaining the sustainable development and competitiveness of enterprises.Due to insufficient investment in technology research and development by Chinese enterprises,enterprises lack the ability to innovate in new and high technologies,which in turn affects China's competitiveness in the international market.There are various influencing factors on the innovation input of enterprises.Many scholars have carried out in-depth research on this and have made many significant results and breakthroughs.Corporate governance is an indispensable and important system for modern enterprises,and corporate innovation activities are also carried out on the basis of corporate governance.Therefore,corporate governance has a profound impact on corporate innovation.What impact can corporate governance have on corporate innovation?At the same time,the issue of financing constraints is usually accompanied by the development and growth of enterprises.In the context of financing constraints,will it affect the relationship between corporate governance and corporate innovation?This article selects panel data of Chinese listed companies from 2008 to2018,and systematically and comprehensively examines the relationship between corporate governance and corporate innovation based on six dimensions divided by Li Wei'an's Corporate Governance Index China Corporate Governance Evaluation Index(Nan kai Governance Index CCGINK).relationship.At the same time,the perspective of financing constraints is introduced,and the interaction mechanism of financing constraints on the relationship between corporate governance and corporate innovation is analyzed through an interactive approach.A case study was added on the basis of empirical analysis.The comparative analysis of Yu Tong Bus and Zhong Tong Bus as new research examples further verified the internal relationship between corporate governance and corporate innovation.Through the research on the relationship between corporate governance and corporate innovation,it not only more specifically and systematically analyzes the internal relationship between corporate governance and R&D investment,but also enriches related research content on the relationship between financing constraints and R&D investment.According to the research conclusions of this paper,some suggestions are provided for the establishment of corporate governance structure of Chinese enterprises,so that enterprises can better improve their awareness of innovation,increase research and development investment,and enhance their development capabilities and market competitiveness.At the same time,it helps companies better alleviate the impact of financing constraints on corporate development.