A Study On The Impact Of Financial Development On Corporate R & D Financing Constraints

In the background of the knowledge economy,innovation and technological progress has become the main pusher of national economic development and social progress. As the main technological innovation activities, enterprises’research and development activities has played an important role in improving the country’s competitiveness and economic development potential. In this process, R&D investment has played a decisive role. However, in the terms of technological innovation and R&D,there are insufficient status of R&D investment in our country. There are many factors that hampered China’s R&D investment, in addition to the business itself funding arrangements, management incentives, development strategy and other internal factors, the level of financial development is one of the key factors that are rarely cause for domestic scholars’concern. With the level of financial development continues to improve, and in the background of a combination of financial and technology,this article attempts to explore R&D investment from the perspective of financing constraints, focusing on mitigation effect of financial development on enterprise R&D financing constraints.Based on the analysis of the level of China’s financial system development, and high-tech enterprise R&D investment and financing status, based on the first combined information asymmetry and financing constraints theoretical analysis of financing constraints problems enterprises of R&D; secondly, to explore financial development ease corporate R&D financing constraints Finally, in Shanghai and Shenzhen disclosure2008-2012R&D expenses listed companies as samples, combined with related financial development indicators and financial indicators, building R&D financing constraint model, while testing the high-tech market; theories and approaches Company R&D investment in the existence of financing constraints. on the other hand examines whether financial development to ease corporate R&D investment financing constraints faced, and to explore the role of the financial impact of various property development and scale enterprise.The results showed that:(1) High-tech listed companies in china there are obvious financial constraints phenomenon, affecting its R&D investment activities.(2) The level of financial development can ease R&D financing constraints.In the whole. stock development of the market which promote the development of R&D investment is more significant than the banking industry.(3) Further consideration of the ownership of enterprises and scale factors, we found that the financial development is better able to alleviate of non-state high-tech listed companies R&D financing constraints and financial development is more conducive to ease financing constraints faced by small and medium enterprises.Through this study:on the one hand,depth study specifically for business R&D activities to enrich the domestic financial development ease financing constraints of corporate R&D Research,for financial development to promote R&D investment,technological advancement provides a microscopic perspective. On the other hand, When talk about the factor influencing the corporate R&D investment, most research stay in the non-finance factors (such as corporate governance, management features, etc.), this article focuses on the impact of external financing environment for R&D activities. This paper provide a reference for improving the level of financial development, financial system development and financial capabilities to improve and broaden enterprises, especially high-tech enterprise financing channels.