高新技术企业创新投资的融资约束与社会资本管理变革策略

Financing Constraints of High-tech Enterprise Innovation Investment and Social Capital Management Change

文章以文献综述与理论研究的方式,发现目前我国高新技术企业在创新投资方面,存在着明显不足,其诱因主要在于融资约束与社会资本管理制约。研究结果显示,高新技术企业创新投资的融资约束性越强,其对内部现金流越依赖;现金持有量越多的企业,越能够缓解融资约束问题。文章建议从政策角度、社会资本管理变革角度,解决高新技术企业创新投资的融资约束问题,推动高新技术企业创新投资发展,促进我国高新技术产业的可持续发展。

According to the literature review and theoretical research, this paper found that at present there is obviously insufficiency in terms of innovation investment in the high-tech enterprises in China. The results show that the stronger innovation investment financing binding on high-tech enterprise, the more dependence on internal cash flow; the more cash holdings of the company, the more able to ease the financing constraint problem. In this context, it is recommended that the change from the perspective of policy, social capital management to rationality solve the problem of financing constraints, promote the development of high- tech enterprises innovation investment, so as to improve the sustainable development ofhigh-tech industry in China.