The Influence Of Financing Constraints On The Innovation Of Enterprises

The financing conditions of the enterprise will affect the innovation R&D investment of the enterprise,thereby affecting the innovation output of the enterprise.Marketing expands the space of innovative products and realizes the value of innovative results.This paper proposes in theory that strong financing constraints of enterprises will inhibit innovation,and corporate marketing has a moderating role in the mechanism of financing constraints affecting innovation.Taking the business activities of listed Chinese manufacturing companies from 2007 to 2019 as a sample,this paper empirically tests the above theoretical mechanisms and draws the following conclusions.First,The strong financing constraints of enterprises will inhibit the innovation level of enterprises,enterprises will have difficulties in financing,and the investment cost of innovation and research and development will increase,and enterprises will be more cautious in the allocation of funds for innovation and research and development,which will inhibit enterprise innovation.Second,corporate marketing has a moderating role in the mechanism of financing constraints affecting innovation,and it shows a certain degree of heterogeneity due to the nature of the enterprise or the different regions it is located in.When using leverage ratio,cash volume change,debt growth rate and SA index to measure corporate financing constraints,the moderating role of marketing in the impact of financing constraints on innovation all shows a positive promotion effect.The reason is that marketing expands the market space of innovative products of enterprises,stimulates the output of innovative achievements,and also reflects the adjustment effect of marketing in the process of financing constraints affecting enterprise innovation.Third,According to the overall sample,the samples classified by region and enterprise nature,and the interaction between financing constraints and marketing,it can be seen that the adjustment of marketing in the process of financing constraints affecting innovation is an inverted U shape,that is,the adjustment effect of marketing increases with the intensity of financing constraints.The increase first gets better and then gets worse.According to the phased results of this research,the following countermeasures and suggestions are put forward: First,the decision-making level of enterprises should correctly analyze the corresponding relationship between enterprise financing constraints and innovative behaviors,reasonably evaluate the degree of financing constraints faced by enterprises,and base themselves on enterprises.itself and its capital structure,economic development policy and various government policy requirements,develop marketing measures and financing and innovation plans suitable for its own characteristics;second,government financing management and supervision departments must fully and comprehensively identify the Types of innovative achievements and the severity of the constraints imposed by financing costs,setting reasonable funding gap supplementary constraints mechanism schemes and effective cost control schemes,etc.;Growth is faced with various financing constraints and bottlenecks,increase the scale of direct external financing of enterprises,especially the proportion of direct equity financing projects,enhance the function of the enterprise risk prevention and protection platform,and do a good job in the follow-up service of enterprise financing.First,enterprises should correctly understand the relationship between financing constraints and innovation,reasonably weigh the degree of corporate financing constraints,identify the strength of corporate financing constraints,and formulate their own marketing strategies and innovation plans.Based on its own capital structure,development guidelines and government policies,set innovation plans,and reasonably arrange financing plans and marketing strategies;second,government management departments must be able to identify the innovation achievements of enterprises and the degree of financing constraints,and set capital replenishment mechanisms and control plans;Third,financial institutions should provide enterprises with appropriate financing solutions,ease the financing constraints faced by enterprises,increase the proportion of direct financing,especially equity financing,enhance the risk protection function of enterprises,and provide follow-up services for enterprise financing.