Research On R&D Board Of Small And Medium-sized Corporation Financing Constraints

The small and medium-sized enterprises are the backbone of national economicdevelopment, and investment in research and development is the driving force for thedevelopment of small and medium enterprises. The core competitiveness of enterprises isthe correct development strategy of the enterprise in order for obtaining the lasting sounddevelopment. However, small and medium-sized enterprises in our country exist theproblems that they are insufficient attention about R&D investment, less input or low fundsutilization efficiency. These problems seriously hindered the healthy development ofenterprises. Except for the concept, the main reason for this phenomenon is due to mostsmall and medium-sized enterprises facing financing difficult problem. As we all known,because of the existence of capital cost differences and imperfect markets, the small andmedium-sized enterprises are very difficult to obtain funds at low cost for development.Finally, more and more enterprises choose internal funds. However, a firm’s internal capitalis limited, and financing constraints have become the main problems of the enterprisesR&D investment.In the financing constraints, these small and medium-sized enterprises prefer todevelop by imitating the prior model, but not choose the independent research anddevelopment mode. So the financing problem is one of the main factors affecting theactivity of R&D in small and medium sized enterprises. In this paper, taking a large numberof sample enterprises, we analyze the financing problem of small and medium-sizedenterprises and R&D investment and financing constraints.In this paper based on the related theories, the SME board listed companies from2010to2012as the research object, there are two mainly aspects: one in the small andmedium-sized enterprise R&D investment is affected by the financing constraints degree,and the other is the investment characteristics of small and medium sized enterprises’ R&Dinvestment under different degree of financing constraints.