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随着越来越多的研究学者对企业创新、融资约束和营运资本管理之间关系的研究,三者之间的关系已经成为经济发展质量好坏的重要参考。在企业不断发展的过程中,高调整的成本和不确定融资因素会对企业创新起到一定制约作用,本文根据我国以往的经济发展数据,分析营运资本对企业创新活动的约束作用。并根据企业融资资本变动状况以及企业创新活动的起伏特点,得出我国企业创新活动虽然受到融资约束,但是,我国企业仍然通过内部积累资金和营运资本管理的方式不断进行创新活动。
As more and more scholars study the relationship between enterprise innovation, financing constraints and working capital management, the relationship among the three has become an important reference for the quality of economic development. In the continuous development of enterprises, the high adjustment costs and uncertain financing factors will play a restrictive role in the innovation of enterprises. Based on China’s previous economic development data, this paper analyzes the constraining effect of working capital on the innovation activities of enterprises. According to the changes of corporate financing capital and the ups and downs of enterprise innovation activities, it is concluded that although the innovation activities of enterprises in our country are constrained by financing, Chinese enterprises continue to innovate through internal accumulation of capital and working capital management.