Research on Technological Innovation Investment, Financing Constraints, and Corporate Financial Risk: Evidence from China

Technological innovation is the source of generating new momentum. In context financing constraints generally existing in China, it particularly important to explore impact technological investment on corporate financial risk, which also provides a risk identification perspective and development direction for enterprises. Based data China’s small medium-sized listed companies from 2010 2019, moderating effect constraints, this paper uses multiple regression analysis method test mechanism both. The results show that can significantly reduce while improve level risk. Financing play role Heterogeneity found that, compared with large-scale enterprises, small-scale enterprises’ has more significant greater. Compared private state-owned less not significant.