The Dynamic Characteristics Of Technological Innovation Affecting The High-quality Development Of Enterprises Under Financing Constraints

Transforming the mode of economic development must focus on the micro-subject enterprises.Only when the enterprise achieves high-quality development can it really promote the transformation of the economic growth mode.Financing constraints and technological innovation are important factors that affect the high-quality development of enterprises.In general,the financing constraints will inhibit the high-quality development of enterprises,and technological innovation is the fundamental way to promote the high-quality development of enterprises.However,the explicitness of the role of technological innovation often has time lag;under the constraints of financing,companies may be more concerned about the quality of innovation and Efficiency,accelerating the transformation and application of innovation results,accelerating the speed of innovation,and shortening the time lag of technological innovation.Therefore,the dynamic characteristics of technological innovation affecting the high-quality development of enterprises under financing constraints will change.Using the data of listed companies of AB shares from 2007 to 2017,empirically testing the impact of technological innovation on the economic value-added rate of return(shortened as the EVA return rate)of the company under the conditions of financing,and finding that financial constraints and technological innovation significantly reduce the rate of return on EVA,technology The innovative first-order lag item significantly increases the EVA return rate,and the consecutive items of financing constraints and technological innovation significantly increase the EVA return rate,but there is no significant positive correlation between the first-order lag item of consecutive items and the EVA return rate.