The Impact Of Financing Efficiency And Methods Of GEM Listed Companies On Innovative R&D

The report of the Nineteenth National Congress of the Communist Party of China clearly proposed the construction of a national innovation system to encourage innovation and development.In response to the call for "mass entrepreneurship and innovation",many enterprises actively carried out innovative R&D to improve their core competitiveness and continuously launched marketable products Continue to develop the market.Innovative research and development requires a large amount of capital to support,but innovation activities have high risks and long research and development cycles,which restricts corporate financing.Relying on internal funds alone cannot meet the funding needs of innovative research and development.The external stock market,loan market and government providing more financing methods for enterprises can encourage enterprises to carry out innovative R&D and help the implementation of the national innovation-driven strategy.At the same time,enterprises have gradually attached importance to the ability to use the funds.Therefore,under the current background,this article takes the Growth Enterprise Market as an example to define the financing efficiency as the use efficiency of funds,and it is of practical significance to examine the impact of financing efficiency and various financing methods on enterprise innovation and R&D.By reviewing the relevant literature,it is found that the research on the field of corporate innovation is gradually increasing,which has a certain reference role for the research on the impact of financing on innovation.There is little involved,and the effect of various financing methods on innovation has not yet reached a consistent conclusion,so this article on financing,not only focuses on financing,but also on the use of funds,exploring the impact of financing efficiency and methods on innovative R&D has certain innovation Sex.With the continuous development of enterprises,innovation and R&D activities will beadjusted accordingly.The financing characteristics of enterprises may be different at various stages of development.Therefore,the perspective of enterprise life cycle is introduced to study the correlation between corporate finance and innovative R&D by sample.It provides references for enterprises to establish realistic and feasible financing strategies in a targeted and guided manner.The article uses data from 2011-2018 GEM listed companies as a research sample,combining theoretical analysis and empirical analysis.First,we examine the impact of total sample financing efficiency on corporate innovation and R&D.With regard to financing efficiency,the strength of funds mobilized by different financing methods is used as an input indicator,and the efficiency of capital allocation is introduced into the company.It is measured by data envelopment analysis.Further explore the impact of various financing methods of GEM listed companies on innovative R&D through the total sample.For the financing methods,four financing methods including endogenous financing,equity financing,debt financing and government subsidies are selected.Finally,this article divides the life cycle into growth period,maturity period,and recession period,and studies the financing efficiency and the impact of various financing methods on innovation and R&D at different stages in different samples.The analysis results show that: First,for the total sample,the financing efficiency of GEM listed companies is positively correlated with corporate innovation and R&D.Improving financing efficiency can promote corporate innovation activities.Endogenous financing,equity financing and government subsidies have a positive effect on corporate innovation and R&D Among them,the role of government subsidies is the most obvious,followed by endogenous financing,equity financing is weak,and debt financing will inhibit enterprise innovation to a certain extent;Second,for sub-samples,when enterprises are in different life stages,their financing The impact of efficiency and methods on innovation and R&D is different.When the enterprise is in the growth period,the relationship between financing efficiency and innovation is notsignificant.The enterprise pays more attention to raising funds for innovation and R&D through various financing methods.When the company is at a mature stage,it is consistent with the results shown by the total sample,a relatively sufficient and stable source of funds ensures that innovation and R&D continue.Enterprises can also promote innovation and R&D by improving financing efficiency.When the company is in a recession period,improving the efficiency of capital use can promote enterprise innovation.For R&D activities,all kinds of financing methods only endogenous financing and government subsidies will promote innovative R&D.At the end of the article,in order to help companies build a reasonable financing structure,and then improve their financing efficiency,promote their innovative research and development,and enhance their core competitiveness,according to the analysis results,this article proposes feasible policy suggestions from macro and micro aspects,From a macro perspective,the state should increase innovation support policies,improve the innovation information disclosure system,and create a good financing environment;from a micro perspective,companies should not only strengthen financing capabilities,but also use funds reasonably,while attaching importance to the life cycle and achieving sustainable development.