Research On The Influence Of Financial Ecological Environment On Financing Constraints Of High-Tech Enterprises

In the context of the world’s new round of scientific and technological revolution leading industrial change,China’s economic development mode is accelerating its transformation,and innovation has become the first driving force leading economic development.As the main body of technological innovation,High-tech enterprises play a key role in the innovation-driven development strategy.However,because of their characteristics such as high demand for R&D funds,high proportion of intangible assets and limited internal cash flow,high-tech enterprises face a certain degree of financing constraints.A sound financial ecological environment can enrich financial resources and broaden financing channels,effectively alleviating the financing constraints faced by enterprises from various aspects(including economic foundation,financial development,social security and credit level,and government governance).Based on this,this study analyses the impact of the financial ecosystem on the financing constraints of high-tech enterprises from the perspectives of commercial credit and government subsidies,and further explores the differences between high-tech enterprises at different life cycle stages in alleviating their financing constraints through the channels of commercial credit and government subsidies.This study selects high-tech listed companies in China from 2011 to 2020 as a sample.On the basis of clarifying the relevant concepts and sorting out the current status of domestic and international research.It combines financial ecological environment theory,financing constraint theory,enterprise life cycle theory and signaling theory to conduct a theoretical analysis of the relationship between financial ecological environment and financing constraints of high-tech enterprises,the intermediary role in commercial credit and the regulatory role of government subsidies.Theoretical analysis and research hypotheses are proposed.Based on this,this study further constructs a financial ecological environment index system and uses factor analysis to calculate the financial ecological environment index and the scores of the four dimensions of economic foundation,financial development,social security and credit level and government governance for 30 provinces,municipalities directly under the central government and autonomous regions from 2011 to 2020.Meanwhile,the ranked logistic regression method was used to calculate the KZ index of financing constraints of the sample companies.Finally,a multiple linear regression model was constructed to analyze the impact of the financial ecological environment on the financing constraints of high-tech listed companies and to derive the empirical results.This study finds that,firstly,the financial ecosystem can alleviate the financing constraints through the channel of enhancing high-tech enterprises’ commercial credit.With the effect of commercial credit being more significant for high-tech enterprises in decline.Secondly,government subsidies can strengthen the financial ecosystem’s role in alleviating the financing constraints of high-tech enterprises,and this effect is more significant for high-tech enterprises in the growth stage and non-state enterprises.Based on this,this study proposes recommendations for the government,financial institutions and high-tech enterprises in terms of improving the financial ecological environment,enhancing the commercial credit of high-tech enterprises,optimising government subsidy policies,building a pricing and trading platform for intangible assets,and strengthening corporate information disclosure and supervision,respectively.