Research On The Impact Of Science And Technology Finance On The Innovation Capability Of Enterprises Under The Perspective Of Financing Constraints

At present,the traditional labor-driven and factor-driven crude economic development model in China is outdated,and the dividends brought by reform are gradually fading,while the "reverse globalization" of foreign economies is on the rise and the trend of "regionalization,localization and decentralization" of global supply chains is obvious,which seriously threatens China’s industrial chain security.In the face of such a severe domestic and external economic development situation,it is crucial to enhance China’s innovation capability and implement the innovation-driven strategy to ensure China’s economic security.As the main body of technological innovation,the innovation capability of enterprises profoundly affects the overall macro innovation capability of the country.However,enterprises have narrow financing channels and often face serious financing constraints in the process of technological innovation,and the problem of difficult and expensive financing seriously restricts the further development of enterprise innovation capacity,while the emergence of science and technology finance has precisely compensated for this drawback.We construct the indexes for measuring the development level of science and technology finance and match the annual data of the corresponding listed companies to empirically verify the effect of science and technology finance on the innovation ability of enterprises,the mediating effect of financing constraints and the moderating effect of property rights,enterprise size and the degree of digital transformation of enterprises.The results of the study found that:(1)technology finance has a positive impact on enterprise innovation capability,and the higher the level of technology finance development,the more it helps to enhance enterprise innovation capability.(2)Financing constraints have a negative impact on the innovation ability of enterprises,that is,the higher the degree of financing constraints faced by enterprises is not conducive to improving their innovation ability.(3)The financing constraint plays a mediating effect in the influence of technology finance on enterprise innovation ability,and technology finance can reduce the financing constraint to improve enterprise innovation ability,forming a transmission path of "technology finance-financing constraint-innovation ability".(4)The moderating effect test finds that the effect of technology finance on the innovation ability of non-state enterprises and small-scale enterprises is more obvious,and the deeper the digital transformation of enterprises,the more it helps technology finance to improve the innovation ability of enterprises.The contributions of this article are as follows: Firstly,starting with micro enterprises as the research object,analyzing the impact of technology finance on the innovation ability of micro enterprises is a useful supplement to existing research objects.Secondly,from the perspective of financing constraints,this article reveals the impact of financing constraints on enterprise innovation capabilities and their intermediary effects,which is a useful supplement to existing research perspectives and also reveals the path of "technology finance financing constraints enterprise innovation capabilities".Finally,based on the nature of property rights,the size of enterprises,and the degree of digital transformation of enterprises,this paper analyzes their regulatory effects on the impact of technology finance on enterprise innovation capabilities,providing more detailed analysis results for subsequent policy formulation.Based on the above empirical and theoretical analysis,relevant countermeasures and suggestions are proposed from the perspective of the government and enterprises,providing experience for the government to formulate scientific and effective technological and financial countermeasures and strategies,thereby providing theoretical guidance and empirical support for the effective implementation of innovation driven strategies and high-quality economic development.