Marketization Process, Financial Constraints and Corporate Technology Innovation

Abstract

Abstract: Based on the background of market system and taking the empirical data of listed high-tech companies in China in 2010-2014 as samples, this paper studied the influence of differences level of enterprise external area marketization on financial onstraints and enterprise technology innovation with SA indicators which present the financial constraint and the method of grouping regression analysis. Research showed the marketization process strengthened the negative correlation between financial constraints and innovation; in the regions of higher marketization process, which are affected by weak government intervention, the non-state-owned listed companies showed a higher correlation with financial constraints and enterprise technology innovation than the state-owned listed companies; in the region of lower marketization process, due to the control of state-owned, state-owned listed companies present the more resilient facing the influence because the financial constraints reduced the lower level of technology innovation.

Key words: marketization process, financial constraints, technology innovation

ZHU Yong-ming, JIA Ming-e. Marketization Process, Financial Constraints and Corporate Technology Innovation[J]. 商业研究.

References

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