Empirical Analysis On The Impact Of Financing Factors To R&D Investment

With the rapid development of knowledge economy and the deepening of global integration, independent innovation capability is the core standard of enterprise competitive power and even national competitiveness. Enterprise is the micro economic agents of technology innovation, which R&D investment will directly influence the effect of technology innovation. Increasing R&D investment needs capital requirements, and capital deepening involves corporate finance. So, the question of how the R&D investment is influenced by financing factors will be researched in this article.In order to verify the impact of financing factors to R&D investment, in the theory of corporate finance and R&D investment, we use the intensity of R&D investment as the explained variable, internal financing, equity financing and debt financing as the explanatory variables, and set up a model of the impact of financing factors to R&D investment. This article used the data of the high-tech enterprises which were IPO from2008to2010, and we research the impact of financing factors to R&D investment.Through a series of case analysis, our conclusions include:Internal financing is positively related to intensity of R&D investment significantly, it suggests that the R&D investment of Chinese listed high-tech enterprises depends on internal financing; Equity financing is positively related to intensity of R&D investment, but no significant correlation, it suggests that the R&D investment does not depend on equity financing; Debt financing is negatively related to intensity of R&D investment significantly, it suggests that there are financing constraints of Chinese listed high-tech enterprises; Bank Credit Financing is negatively related to intensity of R&D investment, but bond financing is not related to intensity of R&D investment; Ownership concentration has an effect on R&D financing, ownership concentration is higher, R&D financing is more convenient. According to the empirical results, our suggestions include:Raise the ability of internal financing; Increase the financing efficiency to reduce the financing constraints of the R&D investment of Chinese listed high-tech enterprises; Promote the industrial investment fund; Improve the system of R&D information disclosure; Implement the proper share centrality.