Financial Development,Enterprise Heterogeneity And Innovation Performances

In the 2014,the Central Economic Work Conference first proposed that China's economy enter the "New Normal" stage,economic growth needs to rely on the progress of science and technology,and the innovation performance of enterprises directly reflects the degree of technological progress.As China is transitioning to an innovative country,the external environment in which the enterprise is located is unusually complex,which makes the innovation activities of Chinese enterprises still face many problems,such as financing constraints,high investment and inefficiency.With the deepening and perfection of the government's financial reform,the impact of financial development on the real economy is significant,and the impact on enterprise innovation activities should not be underestimated.The development of financial market effectively relieves the financing constraints of enterprises and improves the efficiency of resource allocation,which plays an important role in the innovation performance of enterprises.Scholars from China and abroad have found that the innovation performance of enterprises is affected by many factors,such as market structure,institutional environment,company size,etc.,but rarely from the perspective of financial development to analyze its actual impact on the innovation performance of enterprises.Therefore,this paper studies whether financial development really promotes the technological innovation of enterprises,which has certain theoretical value and practical significance for stimulating the vitality of enterprises and breaking down the institutional obstacles that affect the technological innovation of enterprises.Based on a total of 6,380 research samples from China's Shanghai and Shenzhen Ashare listed companies in 2008-2015,this paper explores the relationship between regional financial development and enterprise innovation performance,and finds that: first,regional financial development is affecting the innovation performance of enterprises,and compared with other regions,financial development is more helpful to promote the innovation performance of enterprises in the western region;Second,the degree of regional government intervention weakens the role of financial development in promoting the innovation performance of enterprises;third,under the nature and scale of different property rights,the influence of financial development on enterprise innovation performance is different,and compared with other enterprises of nature,financial development is more helpful to improve the innovation performance of large non-state-owned enterprises.Therefore,the Government should firmly deepen the financial system reform,strengthen the construction of the financial market system and reduce the intervention in the market,and formulate different fiscal policies according to the regions to stimulate the development of the innovative vitality of enterprises in the western region.