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Effect Of Financing Constraints On R&D Investment Of A Company

Posted on:2015-02-24Degree:MasterType:Thesis
Country:ChinaCandidate:Y LiuFull Text:PDF
GTID:2309330422483045Subject:Accounting
Abstract/Summary:PDF Full Text Request
With the deepening of globalization, the large technology competition pressure makesinnovation more and more urgent for enterprises. However, from the point of the actualsituation of enterprise in our country, the R&D input of enterprise is low. As the R&Dinvestment of enterprise influenced by the financing channels, so R&D financing problems isthe main factor which restricting enterprise R&D investment. Although R&D plays animportant role in economic growth and is more sensitive to financing, in reality, lots ofresearches focused on the financing constraint of fixed investment. There is few literaturestudied enterprise financing constraint problem of R&D investment.The thesis adopted the method of case analysis, through the analysis of A Company, itdiscussed and explored the effect of financing constraints on R&D investment. It combinedtheoretical research and practical case to analyse the effect of different channels of financingconstraints on R&D investment. In this paper, the main content is divided into four parts:The first part mainly elaborated the research background and the significance of thisthesis, related literature research of the influence of financing constraints on R&D investment.The second part is the case introduce, this article selects A Company of the powerelectronics industry as an example, focused on industry present situation and the basicsituation of A Company. It analysed the current situation of financing constraints from theperspective of cash flow, and the influence of financing constraints on R&D investment.Found the ingenious consistency between R&D investment and financing constraints, thethird part will have further analysis.The third part is case analysis, aimed at the problems found in the case introduce. Itexplored the influence of financing constraints on R&D investment from internal financing,debt financing and equity financing channels. Compared with INVT and focused on datafurther generalization. Then presents and analyzes the INVT technology R&D costs andbenefits, enterprise technology R&D and its relationship with financial management is animportant content of corporate finance, enterprise financial management provides a goodanalysis and plays a support role for technology R&D management, to make the enterprisetechnology R&D more effective. The fourth part is the case illumination and conclusion, the constancy of technologyR&D is the foundation of the enterprise for sustainable development. Enterprises continuedinvestment in technology development and technology assets into the financial managementsystem is the key to the success of technology innovation. According to enterprise itself andthe situation of the market, enterprise should develop a R&D investment proportion. Thesame as marketing, human resources management, financial management and equipmentmanagement, R&D management belongs to the enterprise’s core business activities. Rooted inChina’s national conditions, technology R&D management should be the basic managementof Chinese enterprises.
Keywords/Search Tags:financing constraints, R&D investment, A Company, cash flow
PDF Full Text Request
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