Research On The Effect Of Financial Mismatch On Enterprise Innovation

After the global outbreak of the COVID-19 in 2020,the world economic development has been greatly impacted,international relations have become increasingly complex,and trade exchanges between countries have decreased.Under this background.China has proposed to build a new development pattern of "double circulation",which requires China’s industrial enterprises to continuously enhance their independent innovation ability,reduce their dependence on technology imports,and pay attention to improving the scientific and technological content and quality level of products.Although the increment and growth rate of China’s innovative R&D investment are among the highest in the world,the innovation enthusiasm and innovation achievement quality of China’s industrial enterprises are still low,which is related to the imperfect financial system,excessive government intervention,the inability to achieve the optimal allocation of financial resources and the obvious mismatch in the financial market.The innovation activities of enterprises are inseparable from stable and sustainable financial support.When there is a gap in their own capital,enterprises need external financing,and the allocation efficiency of financial resources determines whether enterprises can successfully obtain innovation funds in the financial market.Therefore,the phenomenon of financial mismatch will hinder the innovation behavior of enterprises.In order to study the impact effect and possible transmission mechanism of financial mismatch on enterprise innovation.this thesis uses the data of 739 A-share listed industrial enterprises in China from 2010 to 2020 to calculate their financial mismatch level,and empirically studies the direct impact effect of financial mismatch on enterprise innovation by constructing two-way fixed effect model,panel Tobit model and two-stage SYS—GMM model,then,two intermediary variables,enterprise rent-seeking and financing constraints,are introduced to further explore the possible indirect effects of financial mismatch on enterprise innovation.The main conclusions are as follows:First,from 2010 to 2020,the average innovation input of China’s A-share listed industrial enterprises was 3.654%,and the number of innovation outputs also gathered at a low level,indicating that there is still much room to improve the innovation input level of China’s industrial enterprises.With the continuous improvement of national innovation support policies,the number of innovation achievements and outputs of industrial enterprises above designated size increased significantly after 2018,it reflects that driven by the innovation driven development strategy,the innovation consciousness of China’s industrial enterprises has been continuously improved,but the innovation ability gap of industrial enterprises in various industries is still large,and the innovation output level of some traditional industries is still low.Second,from the perspective of innovation investment,financial mismatch hinders the growth of enterprise innovation investment at the significance level of 5%.According to different forms of expression,financial mismatch can be further divided into positive financial mismatch and negative financial mismatch.Among them,the inhibitory effect of positive financial mismatch on enterprise innovation is more significant and needs to be alleviated;From the perspective of the output of innovation achievements,the financial mismatch has restrained the growth of the number of patent applications and invention patent applications at the significance level of 1%.Third,in terms of transmission mechanism,financial mismatch can inhibit the growth of enterprise innovation investment by aggravating the financing constraints faced by enterprises;Financial mismatch can further inhibit the growth of innovation investment by increasing the willingness of enterprises to seek rent,and then aggravate the occupation of innovation funds by rent-seeking costs.Therefore,in order to alleviate the inhibitory effect of financial mismatch on enterprise innovation,we should not only improve the financial system and relevant systems,but also crack down on the rent-seeking behavior of enterprises.