| At present,corporate financing constraints are the main factor affecting the development of Chinese enterprises and market innovation,and policy-based finance is an important financing channel with the will of the government,which itself has the function of supporting the strong and weak groups and incubating industry,and plays an important role in supporting the development of innovative industry and alleviating the financing constraints of enterprises.However,at the present stage,there are few related studies on the new financial support for enterprise innovation,and the analysis of specific ways of the policy financial support for enterprise innovation is even less.Therefore,this paper attempts to explore the influence of policy-based finance on enterprise innovation from the aspect of its influence path,so as to provide reference for subsequent research.This paper selects the data of listed companies from 2013 to 2021 to study the impact of policy-based financial support on enterprise innovation through empirical analysis.Firstly,the intermediary effect analysis method is used to analyze the relationship among policy-based financial support,enterprise financing scale and enterprise innovation output.It is analyzed that policy-based financial support can effectively expand the scale of enterprise financing and improve the level of enterprise innovation input and output.Secondly,through the heterogeneity analysis of the ownership nature and industry of the sample enterprises,it is found that policy-based finance has a significant impact on the innovation input and output levels of non-state-owned enterprises and high-tech industry enterprises respectively.The analysis shows that policy-based financial support has more obvious influence on the financing of non-state-owned enterprises,and the innovation input and innovation efficiency of non-state-owned enterprises are higher than that of state-owned enterprises.As for the influence of high-tech industry enterprises,it is believed that high-tech industry itself has stronger requirements for the development and output of innovative activities,so in the research,it shows higher innovation input and innovation efficiency.Moreover,the financing constraints of high-tech enterprises are more serious than those of non-high-tech enterprises,so the influence of policy-based financial support is more obvious.Finally,the term of financing scale is refined to analyze the impact of policy-based financial support on the long-term and short-term financing scale of enterprises,and then the investment-cash flow sensitivity analysis is used to study the impact of short-term financing on enterprise innovation.It is found that policy-based financial support can significantly increase enterprises’ long-term and short-term financing scale,and long-term financing has a significant promoting effect on enterprises’ innovation input and output,but short-term financing has no obvious effect.Therefore,it is known that policy-based finance can effectively reduce enterprises’ investment in innovation activities through short-term financing,that is,policy-based finance can alleviate the financing constraints faced by enterprises’ innovation to a certain extent.Based on the conclusions obtained from the above research and the problems existing in the research process,it is found that China’s policy-based financial support has a significant role in promoting enterprise innovation,but the current policy-based financial support for enterprise innovation is far from enough due to its own capital strength and the sustainability of capital sources.In order to give full play to the function of policy-based finance and comprehensively carry out the reform,it is necessary to effectively improve the capital integration ability of policy-based finance,broaden the channels of capital sources,effectively guide social resources to draw closer to innovation-oriented industrial enterprises,and provide support for promoting the construction of the socialist innovation system with Chinese characteristics and an innovation-oriented society. |
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