Research On The Influence Of The Financing Channels Of The Private Listed Companies In Beijing Tianjin And Hebei On Technology Innovation Efficiency

With the development of China's economic,the innovation efficiency become the important means to improve competitiveness,enterprises as the micro main body of innovation,it's innovation level directly affect the production efficiency,enterprise innovation needs: labor,land,capital and technology.Beijing-tianjin-hebei development rapid,innovation technology of the beijing-tianjin-hebei region,beijing-tianjin-hebei is badly in need of financial support,private listed companies financing become the important way to solve the innovation funds,this paper studies the financing channels of private listed companies of the beijing-tianjin-hebei region affect innovation efficiency.For the study of the financing channels of beijing-tianjin-hebei innovation efficiency and the effect of private listed companies based on three years from 2014 to 2016 as sample,the formation of 303 observations,the impact on the efficiency of enterprise financing channels of innovation for empirical research.Use patents to measure the efficiency of output,two step analysis method was used to study the financing channels of private listed company influence technical efficiency: beijing-tianjin-hebei calculated by using data envelopment analysis model of private listed company innovation of technical efficiency,pure technical efficiency and scale efficiency of beijing-tianjin-hebei in recent years the technical efficiency and pure technical efficiency is relatively low.By using multiple linear regression,the different financing channels of beijing-tianjin-hebei innovation efficiency of private listed companies and its decomposition index,the influence of categorizing data envelopment result,measure the financing channels of innovation efficiency under different innovation efficiency.It can promote the innovation efficiency of private listed companies by endogenous financing and equity financing,and enterprises have strong dependence on endogenous financing and equity financing.The effect of government subsidy on the innovation efficiency of enterprises is not limited,but it has little effect on improving innovation efficiency.Debt financing has the reverse restraining effect on enterprise innovation efficiency,which indicates that the enterprise innovation investment is constrained by the large debt financing.Article suggested to improve the efficiency of company innovation from the following several aspects: promote innovation output into profit,provide more money for endogenous,maintain company debt at a reasonable level,the comprehensive optimization of the financing channels,improve the utilization rate of debt,giving full play to the advantages of the capital market financing,the government fully guided,set up the mechanism of government subsidy,improve the utilization efficiency of government subsidies.