Research Of The Impact Of Financing Constraints On Rural Smes’ R&D Investment

In recent years, the state pay great importance to the economic transformation and sustainable development issues, whether it’s "twelfth five-year" plan, or The eighteenth National Congress of the CPC’s report, are repeatedly mentioned to speed up the transformation of the pattern of economic development, strengthen innovation driven development momentum, making economic development more rely on scientific and technological progress. Improve the level of R&D spending in order to enhance enterprise independent innovation ability, speed up the economic growth mode transformation has become the consensus of academic circles and the government. Enterprises as the microcosmic main body of market economy, the strength and vitality of regional economy is rooted in the enterprise, innovation impetus for development comes from enterprise, therefore, independent research and development of enterprise and innovation will be the main driver of the entire social and economic transformation and the innovation and development.In terms of current our country enterprise independent innovation and research and development status, small and medium enterprises lack research and development capabilities, these enterprises to build factories in county region, and more products for the lack of competitive products which called" three low "products. Therefore, studying how to improve this part of the county small and medium-sized enterprise research and development ability become the focus in this paper. Among the many factors which restricting our county small and medium-sized enterprise research and development (R&D), providing financial support for small and medium enterprises is the key factor, it is less likely to cause the attention of domestic scholars, especially from the empirical point of view, data investigation and analysis of micro system is relatively rare.Therefore, this article analysis from the perspective of constrain the county small and medium-sized enterprise R&D. First of all, combined with theoretical analysis and enterprise R&D financing constraints; Secondly, using the method of descriptive statistics analysis, analysis the R&D status of small and medium-sized enterprises on the sample area county overall statistics, and conduct descriptive statistical analysis to the characteristics of the sample (include:enterprise size, age, historical performance, CEO affected by education level, capital gain continuity, their industry, etc; Finally, using the multivariate Tobit regression analysis, specificly analysis the small and medium-sized enterprises financing constraints factor and the control variables of county is the of small and medium-sized enterprise R&D.After the above analysis, we get conclusions as follows:First, analysis from the sample mean, to the different levels of financing constraints, county small and medium-sized enterprises of in terms of enterprise’s R&D spending increased with increasing mean value as the amount, type and with a decrease in the level of financing constraints into J rising trend. To the county small and medium-sized enterprises of different size, R&D investment in the enterprise level rises as the number of employees has increased. For different fixed number of year of the establishment of county small and medium-sized enterprises, enterprise R&D input level rises along with the increasing length of established enterprise, establish long time business, its R&D investment amount far exceeds the set up of relatively short duration of enterprises, suggests that the more mature enterprise, the value of corporate R&D input is larger. For the county small and medium-sized enterprises of different historical performance, relative to that has a good track record of firms have higher R&D average. For county small and medium enterprises, the CEO of the different education levels, CEO has a high degree of county small and medium enterprises, the enterprise R&D investment is relatively high, but there were no significant differences. Enterprise funds for continuous and discrete cases, enterprise’s R&D spending is different also, receive money discontinuous county small and medium enterprises, and its R&D mean higher capital for continuous business. R&D investment in the high-tech industry of high-tech industry average is much higher than the county smes.Secondly, the research on micro level county for small and medium-sized enterprise in the regression analysis shows that the model and the county smes significantly positively related to R&D investment and enterprise financing, with the increase of enterprise access to external capital, will significantly improve the level of R&D investment in the enterprise; In the aspect of control variables, the county small and medium-sized enterprise R&D investment and enterprise scale into significant positive correlation; County history performance of small and medium-sized enterprises and R&D also is a significant positive correlation, shows that the enterprise of strong R&D funds depend on the history of enterprise operating performance; Small and medium-sized enterprises R&D spending is significantly related to the level of County industry and show that high-tech industries of the county industry for small and medium-sized enterprise has the high level of R&D spending. In addition, the enterprise establishment years of the county small and medium enterprises see there is a positive relationship with its R&D spending, but not significantly; The education level of CEO, capital gain continuity two variables are negative correlation between corporate R&D input, the relationship is not significant.Based on the above research conclusion, this paper puts forward the following policy recommendations:First, set up the financing pattern according to the characteristics of the enterprise R&D activities; Second, actively widen the financing channels of enterprise R&D activities; Third, enhance their own strength.