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As private businesses are an integral part of China's market economy, it is essential to foster their expansion in a positive manner. Even though some private enterprises have made significant strides in their ability to innovate independently, the majority of them have not yet established an effective endogenous mechanism of independent innovation, and their independent innovation capability and level are insufficient to meet the requirements of economic and social development in the new era. Therefore, it is essential to evaluate the innovation capacity of private businesses. Therefore, the first section of this paper examines the research on measuring enterprise productivity. Second, this paper employs a combination of endogenous dynamics to develop an endogenous dynamics mechanism that encourages innovation in private companies. In addition to employing the DEA model, this paper proposes an evaluation optimization mechanism for assessing the innovation capability of private enterprises in a Chinese province from 2015 to 2021. It concludes that the innovation capability of private enterprises in this province is generally low and that factors such as the number of technical employees, the R&D investment funds of private enterprises, and the number of granted patents have a significant impact. [ABSTRACT FROM AUTHOR]

Small- and medium-sized enterprises (SMEs) are important foundations to implement mass entrepreneurship and innovation and play an irreplaceable role in increasing employment, promoting economic growth, as well as scientific and technological innovations, and providing particularly social harmony and stability and imminently are strategic entities to the national economy and social development in underdeveloped regions. However, the low-efficiency financing of SMEs has gradually become a major factor that restricts the high-quality development of SMEs in the current conditions. In this paper, interest expenditure, gearing ratio, and the net debt ratio as input indicators and current asset turnover ratio, cost margin, and main business income as output indicators are used to conduct the DEA-BCC model. By utilizing the GEM-listed private enterprises between 2017 and 2020 in China, the nationwide financing efficiency of SMEs is firstly measured, and then the financing efficiencies of SMEs in economically developed regions and lagging regions are calculated separately. The comparison reveals that the financing efficiency of SMEs in economically underdeveloped regions is not only lower than the national average figure but also much lower than the financing efficiency level in economically developed regions, which is the result of the combined effect of internal and external factors that enterprises face. Further, this paper finds that unexpected public events, core technical personnel, and enterprise size have an impact on the financing efficiency of SMEs when running group testing. This paper puts forward rationalized suggestions to the institutions to improve the financing efficiency of SMEs in underdeveloped regions concerning the conducted research, which are called government, financial institutions, and enterprises. [ABSTRACT FROM AUTHOR]

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