| In the era of knowledge economy,innovation has become one of the pillars of the survival and development of the country and region.China has put the innovation investment in a very important position,and put forward the strategy of strengthening the country through science and technology.In the process of innovation and development,enterprise independent innovation still occupies the core position and affects the development potential of enterprises.With the continuous implementation of national policies,enterprises are gaining more and more help from the state and the government,which makes the enterprise’s attention to innovation is rising rapidly,innovation enthusiasm is increasing,and the level of innovation investment has also been steadily improved.In the major capital markets of China,high growth enterprises and small and medium enterprises are the impetus and mainstay of the market.The promotion of social innovation depends on the continuous improvement of the innovation investment level of these enterprises,and the improvement of the innovation investment level of these enterprises is the core of building a new type of society.The financing ability of enterprises directly affects the level of innovative investment,while high and new technology enterprises and small and medium-sized enterprises do not have the advantage in financing.Therefore,how to obtain sufficient financing to improve the level of innovation investment has become the first problem to be solved.In this paper,firstly,the author briefly introduces the research background in combination with the actual situation of China’s GEM listed companies,and then gives the research significance of this paper from two aspects of theory and reality,briefly summarizes the research content,ideas and methods of this paper,and points out the innovation points of this paper.Secondly,it has consulted a large number of things.The literature of financing channels,financing constraints and smooth mechanism of innovative investment is concerned,and then the literature is analyzed and integrated and literature review is given.Then,the related concepts of innovation investment and smooth mechanism are defined,the relevant basic theories are introduced and the innovation investment of the GEM listed companies is analyzed.On this basis,on the basis of the research results of other scholars,through theoretical analysis,this paper puts forward the research hypothesis,selects the samples,defines the related variables,and based on the Euler equation model,according to the "financing source of innovation investment-the smooth effect of external financing",a regression model is established.Type;then anempirical test of the hypothesis.The empirical results are as follows:(1)the main financing sources of the innovation investment of the GEM listed companies are internal financing,and the external financing has an important supplementary role.(2)in the external financing channels,the equity financing is the main external financing channel compared to the debt financing;(3)the external financing channels,the equity financing to the enterprise The new investment volatility has a certain smooth effect;(4)compared to the high financing constraint enterprises,the external financing,especially the debt financing,has more obvious smooth effect on the innovation investment fluctuation of the enterprises with low financing constraints;(5)compared to non-state-owned enterprises,the innovation investment of the state-owned enterprises is lower than that of the non-state-owned enterprises;but in the different groups of property rights,External financing has no significant difference in smoothing the innovation investment volatility.Finally,according to the empirical conclusions and the existing problems,we put forward the relevant policy suggestions from two levels of the enterprise and the government,and reflect on the shortage of this paper,and point out the future research direction. |
PDF Full Text Request