Research On The Influence Of Financial Flexibility And Technological Innovation On The Value Creation Of High-tech Enterprises

With the acceleration of economic globalization,society has now entered the era of knowledge economy,and technological innovation capabilities have become a manifestation of a country's comprehensive strength.Since China's capital market is not perfect yet,enterprises are extremely vulnerable to financing constraints in their business activities.Especially for high-tech enterprises,their technological innovation activities that are commonly used to improve competitiveness have large investment amounts,long investment cycles,and Uncertainty,it is more susceptible to financing constraints,resulting in insufficient R & D investment and affecting the sustainability of technological innovation activities.Therefore,it is necessary for enterprises to propose effective solutions to this problem,and reserve financial flexibility is a better solution.Under the background of uncertain environment and imperfect capital market,in today's fierce market competition,in order to respond to crises and seize investment opportunities,improve the efficiency of technological innovation activities and create more value,it is necessary for enterprises to reserve financial flexibility.For high-growth and innovative GEM listed companies,their growth and innovation capabilities will be more uncertain,and it is more meaningful to study the financial flexibility of GEM listed companies.This article is guided by resource-based theory,technological innovation theory and value creation theory,and studies the impact of financial flexibility and technological innovation on high-tech enterprise value creation through a combination of normative research and empirical research.This article selects listed companies on China's GEM from 2011 to 2018 as samples,and uses STATA15.0 to conduct descriptive statistics,correlation tests,regression analysis and robustness tests on the sample data.The study found that: financial flexibility has a positive effect on technological innovation;financial flexibility has a positive effect on enterprise value creation;and a part of the impact of financial flexibility on enterprise value creation is achieved through technological innovation.That is to say,in high-tech enterprises,there is an influence path of "financial flexibilitytechnological innovation-enterprise value creation".