Reseearch On The Influence Of Environmental Uncertainty And Financial Flexibility On Technological Innovation Of Gem

Nowadays,China is in the period of economic transformation,emerging technologies are continually evolving,the economic structure needs to be adjusted,and the environmental uncertainty is becoming more and more obvious.The technological innovation capability of enterprises has become crucial.Most listed companies on the GEM are high-tech enterprises,and technological innovation capability is the core driving force for their development.Therefore,how GEM listed companies use their financial flexiblity reserves to respond to environmental changes and carry out valuable technological innovations to ensure steady development has become a concern of academic and physical circles.In this context,this paper intends to take the market environment uncertainty and technical environment uncertainty faced by China's GEM listed companies as the starting point,and use technological innovation input as a mediator to study the environmental uncertainty output to the enterprise technological innovation output.The impact of financial flexibility on the output of technological innovation of enterprises,and the adjustment effect of financial flexibility on the relationship between environmental uncertainty and the output of technological innovation of enterprises.This paper takes a sample of China's GEM listed companies from 2012 to 2016 as a sample,using a combination of qualitative and quantitative research.The research shows that:(1)Environmental uncertainty has the effect of promoting and suppressing technological innovation output first.(2)Financial flexibility is positively related to technological innovation output,that is,the financial flexibility of the early reserve helps to improve the technological innovation of enterprises.Output.(3)The technological innovation output of high financial flexible companies is more sensitive to the stimulation of environmental uncertainty.Based on the above conclusions,this paper proposes targeted recommendations from the macro,meso to micro levels for the national government,capital market construction and enterprises to help improve the technological innovation capability of China's GEM listed companies.First of all,the government should support in many aspects and accelerate the construction of a technological innovation ernvironment.Second,we should further improve the capital market construction and provide rich financing channels.Finally,enterprises should actively carry out financial flexible reserves,lay a solid foundation for technological innovation investment from the source of funds,and on this basis,focus on cultivating their own sensitivity to environmental changes,improve the quality of human resources,strengthen the use of external resources,and comprehensively improve Self-technical innovation ability.