Research On The Influence Of Financial Ecological Environment On Firm Innovation

Enterprise innovation is an important force driving the country to achieve high-quality economic development.However,the enterprise innovation activity needs long-term large capital input and the ability to withstand the uncertain risk of investment.A good financial ecological environment can not only provide diversified financing channels for enterprises,ensure the liquidity of enterprises and alleviate the financing constraints of enterprises,but also alleviate agency problems through external supervision to stimulate managers’ R&D willingness,and improve the level of investment uncertainty risk.The higher the level of enterprise risk bearing,the higher the level of enterprise risk bearing,Managers can choose risky projects more actively in investment decisions and give up less investment opportunities with high risk but positive expected net present value,which is ultimately conducive to enterprise innovation.On the basis of exploring the effect mechanism of financial ecological environment,corporate risk-taking and financing constraints on corporate innovation,this paper takes 4,071 listed companies in China’s A-share market from 2011 to 2021 as research samples.Based on the four dimensions of economic base,financial development level,government public service and credit environment,The entropy weight method was used to construct the financial eco-environment indicators and four sub-dimension indicators of 231 prefecture-level cities in China,and the financial eco-environment measurement value was used to empirically test the effect of financial eco-environment on enterprise innovation and the two functional mechanisms of enterprise risk taking and easing financing constraints.The results show that: first,there are obvious differences in the quality of financial ecological environment among different cities and regions.The first-tier cities are obviously larger than the second and third-tier cities,the eastern region is larger than the northeast and the central and western regions,and the western region is faster to improve the financial ecological environment than other regions.Second,the financial ecological environment and its four dimensions can effectively promote enterprise innovation,and the role is more obvious in small and medium-sized enterprises,manufacturing,non-state-owned enterprises and enterprises with R&D,non-financial background of CEO.In addition,the innovation level of enterprises located in the central and western regions and the Yangtze River Delta is subject to finance.