融资约束对企业创新的影响

The Impact of Financing Constraints on Corporate Innovation

本文对2011年到2017年的深证上市企业融资约束和企业创新之间的关系进行实证研究。通过控制变量,对变量之间进行回归分析,结果显示融资约束给企业创新带来了不利影响。再通过协整关系检验和格兰杰因果关系进行检验,最终结果仍显示融资约束对企业创新的不利影响。因此,如果能改变企业所处的融资环境,就能改善各个企业的创新能力,进而促进我国经济的稳健持久的发展。

This paper conducts an empirical study on the relationship between financing constraints and corporate innovation of listed companies on Shenzhen Stock Exchange from 2011 to 2017.Through the control variables,regression analysis between the variables shows that financing constraints have brought adverse effects on corporate innovation.Then through the test of cointe gration relationship and Granger causality,the final result still shows the adverse effect of financing constraints on enterprise innovation.Therefore,if the financing environment of enterprises can be changed,the innovation ability of each enterprise can be improved,and the steady and lasting development of my country's economy can be promoted.