Financing Behaviors On The Influence Of The R&D Input In The Listed Companies

With the economic globalization enterprises are facing more and more fierce marketcompetition. Technology innovation ability has become the source to sustainable competitiveadvantage for enterprises, as the core of the technology innovation also get more and moreattention of enterprises. In our country, the listed company has become the main body of thetechnical innovation reform after decades of development. But its R&D input status is stilllow to the west developed countries and different for industries. This kind of uniquecharacteristics of R&D in China’s listed companies is related with many factors for examplefinancing behavior, this article will analyze the correlation to both of them and gives somesuggestions and countermeasures after that.This paper first analysis on R&D input and R&D input intensity statistical data ofChina’s overall、enterprise, and the listed company, and obtain the characteristics of R&D; atthe same time analysis financing structure present situation of the listed companies in China,and provides the basis for the empirical analysis. Then review and finishing the financingbehavior theory and analysis of the financial behavior process and components and build theinfluence path of financing behavior to the late the of R&D input in listed company, in orderto provide theoretical guidance for empirical analysis.And then take the effective listed companies data for samples, select financing structure,the R&D input intensity, business performance as index, and structure regression model ofempirical analysis use valid data between2008to2010, to test the influence of financingbehavior of the listed companies and their own business scale to the performance of late R&Dinput, eventually got that: there is appositive linear relationship between the proportion ofinternal financing, the proportion of equity financing and the late company R&D input; andthere is a "U" related relationship between the leverage and late R&D input; the increase ofbusiness net cash flow of the listed company make the increase of R&D input; other financingstructure variables makes not clear influence of late R&D input. At the same time, because of the particularity in entrepreneurial plate, the paper analysis the data and empirical separately,and conclusion that: there is a promotion role of late R&D input by the internal financing ingem companies.Finally, this paper puts forward relevant suggestions for example: increasing governmentinvestment、improving capital market construction、create multiple channels of financing andoptimization financing structure of listed companies to provide the reference to other scholarsand managers.