Financial Development,Ownership Type And R&D Investment In The Research

Innovation is an important source for China's economic growth under the fierce international competition situation. Although the strength of our country's R&D intensity is growing,but there are already discernible differences compared with the developed countries.In order to explore the main influence factors of the R&D investment, firstly, we discuss about the inspiriting mechanism of the enterprises with different ownership property, and its affaction on R&D input by the theory of schumpeter's innovation and literature review.Then proved that Private-owned Enterprises'R&D intensity is higher than State-owned Enterprises'case in the listed companies whose R&D expenditure were denounced between 2007 to 2009.Nextly, Resource-based Theory of the Firm show that the main brake on R&D input is funds, different enterprises have different financing constraint. So we introduce the concept of financial development. Then analyse that the financial development impact the financing constraints of different ownership type's enterprises. And further demonstrates the effect of financial development influence the performance of different ownership type enterprises R&D input. results show that the R&D intensity of private enterprises is significantly higher than the state-owned enterprises in areas with high levels of financial development, and it's not significant in areas with low levels of financial development.According to this article:On the one hand, we expand and deepen the influence factors of R&D investment from the ownership Type and financial development Angle. On the other hand,from the Perspective of easing the financial development of private enterprise financing constraints, To understand the business development and economic growth provides a possible explanation.