Research On The Impact Of Financing Constraints On Technological Innovation Efficirency Of Minor Enterprises

With the acceleration of economic globalization and the intergenerational revolution of science and technology,the traditional method of improving business performance has been unable to meet the company's need for continuous development.This drives companies to seek sufficient competitive advantage in order to support their long-term development.As the fundamental source of competitive advantage,innovation can not only improve the short-term value of the company through innovation activities,but also establish a heterogeneous innovative system compared with market in the company to enhance the innovation efficiency of it and thus ensure the long-term sustainable development of the company.Therefore,active enterprise innovation is the inevitable choice and effective way for small and medium-sized enterprises(SMEs)to tackle the market competition.However,the limited asset size of SMEs makes them feel more difficult than other companies to obtain limited credit resources from the debt market in China's current economic environment.That results SMEs,especially those in high-tech industries,innovative companies and those supported by the National Key R&D Plan-which compose the small and medium-sized innovative enterprises-are more dependent on the internal cash flow of enterprises as well as face more severe financing constraints at the same time.Therefore,considering the existence of such financing constraints,whether the innovative dynamism of small and medium-sized innovative enterprises can be guaranteed and stimulated,and how the constrained innovation efficiency can be continuously improved is the core issue of this paper.This paper defines the concept of small and medium-sized innovative companies,financing constraints,and corporate innovation efficiency at first.Then it analyzes the relationship between financing constraints and corporate innovation efficiency from the perspective of information asymmetry theory,principal-agent theory,and technological innovation theory,before proposing four hypotheses.According to the theoretical basis,this paper uses 393 Chinese small and medium-sized innovative companies from 2010 to 2015 as the sample to test the effect of financing constraints on the innovation efficiency of small andmedium-sized innovative enterprises as well as the regulatory effect of senior management holdings,equity concentration and market competition empirically.The results show that the financing constraints play a negative impact on the innovation efficiency of small and medium-sized innovative companies.Alleviating the degree of corporate financing constraints can improve the innovation efficiency of small and medium-sized innovative companies.Under the perspective of principal-agent,the higher percentage of senior management holdings,as well as the higher equity concentration degree,could negatively moderate the relationship between financing constraints and the innovation efficiency of small and medium-sized innovative enterprises.Under the perspective of technological innovation,fierce competition in the industry also has a negative regulatory effect on the relationship between financing constraints and innovation efficiency of small and medium-sized innovative enterprises.Finally,according to the research conclusions,this paper put forward some policy recommendations for improving the efficiency of corporate innovation and alleviating corporate financing constraints.