Financial Flexibility,Venture Capital And Enterprise Innovation Input

Under the guidance of unswervingly implementing the concept of innovative development and the strategy of building an innovative national,the development model of each enterprise is shifting to a development model driven by technological innovation.Relying on innovation drive,enterprises need to do R&D,technological innovation,and master the core competitiveness,so it is necessary to increase innovation investment.In fact,enterprises have a long period of technological innovation,and there may be a huge amount of investment and no results.Even if R&D is successful,the return of funds is a long process.It is the characteristics of high investment and high risk in technological innovation that most enterprises are difficult to raise sufficient funds for innovation investment,thus restricting the upgrading and transformation of enterprises.At the present stage,most enterprises rely on internal cash flow to support their R&D funds,and obtain funds from outside.Therefore,this paper studies the impact of financial elasticity and venture capital on innovation investment from the perspective of funding sources to support innovation investment.Financial elasticity of enterprises mainly comes from cash elasticity and debt elasticity,which is to measure whether enterprises have relatively sufficient funds or loans to obtain funds from their own conditions,and to make innovative investment.Because venture capital itself has the characteristics of pursuing high risk and high income,it not only brings long-term financial support to enterprises'innovation investment,but also brings its own resources into enterprises through participating in enterprise management and other ways,so that many innovative enterprises get rapid development.This paper puts financial flexibility and venture capital into a research framework.It not only explores the impact of the two on enterprise innovation investment,but also explores the joint impact of the two on enterprise innovation investment.Based on the innovative needs and characteristics of the enterprises on small and medium-board and GEM companies,and there are lots of venture capital enterprises and high-tech enterprises,this paper takes the 2013-2017 small and medium-board and GEM listed companies as samples,using multiple regression methods and empirical test,finds the impact of financial flexibility and venture capital on corporate innovation investment.The study found that:(1)companies with financial flexibility are significantly positively correlated with innovation inputs.(2)Enterprises with a background of venture capital are significantly and positively related to innovation investment.(3)Both financial flexibility and venture capital play a complementary role in innovation investment.According to the research conclusion,some suggestions are put forward from the internal and external levels of enterprises.