An Empirical Analysis Of The Impact Of Financing Constraints And Industry Environment On Corporate Innovation Activities

Enterprise innovation is of great significance to the current structural transformation of our country’s economy and to solve the problem of neck problems in some core key technical fields.But what needs to be soberly understood is that our country’s current level of innovation and innovation capacity has made great achievements,but there is still a big gap in the level of R&D investment compared with foreign developed countries.Therefore,it is of great practical significance to study the factors that affect microindividuals and the innovation kinetic energy of enterprises,and to continuously improve the innovation power and capabilities of enterprises.This paper cuts into the research on enterprise innovation from the perspective of financing constraints,and innovatively introduces industry environmental indicators of industry resource abundance and industry environmental dynamics.Based on the analysis of industry life cycle theory,information asymmetry theory,principal-agent problem,and business cycle theory,this paper puts forward the financing constraints and industry environmental impacts faced by enterprises when they make decisions about innovative activities.Based on that,the paper has taken out 5 assumptions.Although the research on the impact of financing constraints on corporate innovation is quite mature at home and abroad,combined with financing constraints,there are few studies on the industry environment and the impact of financing constraints on corporate innovation activities,and the research objects are listed companies in multiple industries,and there is a lack of research with which has taken Consideration of industry heterogeneity factors.In view of the research deficiencies of the previous literature,this paper selects the mechanical equipment industry and the food and beverage industry in the Shenyin Wanguo Industry Classification Standard from the perspective of industry research as the research objects.At the same time,in the process of analyzing the environmental impact of the industry,the samples were divided into full samples,high sample groups,and low sample groups for empirical analysis.From the perspective of the refinement of different industries and different industry environments,the effect of financing constraints on corporate innovation activities was demonstrated precisely.In the empirical process,this paper constructs the relationship between the company’s R&D investment in revenue and the company’s SA(financing constraint measure),industry resource abundance,industry environment dynamics,industry resource abundance and industry environment dynamics interaction terms Basic regression model.At the same time,in the demonstration process,the public data of listed companies in the mechanical equipment industry and the food and beverage industry from 2012 to 2019 were selected,and the data was screened and grouped according to certain rules.The regression results passed the robustness test.The empirical results show that the financing constraints of the two industries have a significant negative correlation to corporate innovation activities,and the higher the abundance of industry resources and the dynamic nature of the industry environment both have a more significant inhibitory effect on corporate innovation activities in the two industries.At the same time,the abundance of industry resources can play a co-regulatory role in corporate innovation activities by improving the level of corporate financing constraints,but there is no similar impact mechanism on the dynamics of the industry environment.These conclusions are different from the existing literature on the research results of all enterprises in multiple industries,and fully demonstrate the heterogeneous characteristics of the industry,and are an important supplement to the existing literature research results.Based on the results of empirical analysis and the operating characteristics of the two representative industries reflected in this paper,this thesis puts forward relevant policies and recommendations on the two levels of enterprise and government.