The Impact Of External Financing Dependence On The Innovation Capabilities Of State-owned And Non-state-owned Enterprises

Innovation is the soul of a nation's progress and an inexhaustible motive force for the prosperity and development of a country.All countries in the world value their own innovations in order to gain an edge in the fierce economic competition.As the world's second largest economy,under the new economic normal,China's economic growth has changed from high-speed growth to medium-high-speed growth.In the future,it is impossible to continue to rely on the high-investment and high-input development model.New growth paths must be found,economic development needs new impetus.Innovation,as the most essential driving force of economic development,has received the attention of the chinese government.The government has promulgated various relevant policies to promote the innovation of enterprises.It has put forward the slogan of ‘mass entrepreneurship and innovation' to inspire the people's innovative spirit.Under such circumstances,as the pillar of the national economy,state-owned enterprises must take on the major innovative responsibilities.Non-state-owned enterprises,as an important part of the market economy with chinese characteristics,will also assume certain innovative responsibilities.The main body of a country's innovation is an enterprise,and the level of a country's innovation ability is,in the final analysis,the level of an enterprise's ability to innovate.In China,for a long time,state-owned enterprises have not been able to innovate for a long time.Non-state-owned enterprises are more capable of innovating than state-owned enterprises.But after years of reform,chinese state-owned enterprises have made great strides in their innovative abilities.In recent years,progress awards are obtained by state-owned enterprises,indicating that the innovative capabilities of state-owned enterprises have reached a certain level.In academia,for a long period of time,the capability of innovation of state-owned enterprises has been questioned.Most scholars think that the innovation capability of state-owned enterprises is not as good as that of non-state-owned enterprises for various reasons,resulting in the waste of resources.In recent years,the capability of innovation of state-owned enterprises has been continuously improved,and the views of academics on the capability of innovation of state-owned enterprises have also changed.Some scholars have different opinions on the capability of innovation of state-owned enterprises and that of non-state-owned enterprises.These scholars from some perspectives,it is concluded that the innovation capability of state-owned enterprises is stronger than that of non-state-owned enterprises.Therefore,from different perspectives,different conclusions can be drawn from the contrast between the innovation ability of state-owned enterprises and non-state-owned enterprises.Under this premise,it is even more important to analyze the innovation capabilities of state-owned enterprises from different angles and obtain further conclusions.Based on the previous research,this dissertation starts with the dependence of external financing.First,using univariate test to determine the dependence of external financing on the innovation ability of state-owned enterprises and non-state-owned enterprises,and then using the PSM and fixed effect model The analysis of the innovation ability of state-owned enterprises and non-state-owned enterprises leads to further conclusions on two aspects of innovation input and innovation output.After the study found that in excluding the external financing dependent factors,the other conditions are the same,the input of state-owned enterprises in research and development expenditure is less than the proportion of non-state-owned enterprises research and development expenditure,the number of innovative state-owned enterprises fewer patents than non-state the number of patents produced by enterprises for innovation and output,the quality of patents granted by state-owned enterprises for innovation are higher than the quality of patents produced by non-state-owned enterprises for innovation.Then explain the conclusions obtained theoretically.Finally,based on theoretical analysis and empirical results,this paper points out the shortcomings in this article and the further improvement direction.