| With the increasing of current international competition and the transformation of China’s economic development, the technological innovation will be the new driving force of China’s economic growth. If the company want to survive and develop in the competitive market, it is necessary to grasp own core-technologies and create unique advantages to ensure its healthy and sustainable development. However, the firm’s technological innovation requires adequate funding and sustained investment, to be exactly, it should make sure that the firm’s research and development have continuity capital, especially for those medium or small enterprises which generally faced the financial constraints. In2006, our country promulgated "the Outline of the National Long-term Scientific and Technological Development (2006-2020)", it proposed that our country prepared to enter the ranks of innovation-oriented country in future15years. In addition, one purposes of the establishment of the Small and Medium Plates in Shenzhen Stock Exchange is to promote the domestic SMEs’(small and Medium Enterprises) development, especially for those technological firms which will be well developed in future, and the companies’ technological innovation capability is the SMEs’core competitiveness.For our country, in order to change the economy growth mode from "Rough mode" to the "Intensive mode", and make sure to achieve the comprehensive, coordinated and sustainable economic growth, it is necessary to rely on improving the value of labor and reducing the profligacy of the resources. To this end, improve the research and development capability and enhance the knowledge of science innovation is the most important part of the economic development. The success of R&D can help the enterprises to obtain the core competitiveness and capture the sustainable competitive advantage. Many factors are restricting the firms’R&D, the level of the region’s financial development as a external funding mechanism is undoubtedly one of the major factors among them. However, this aspect hasn’t become the focus of the scholars. The depth of the financial development, as one of the characteristics of enterprises’technological innovation, is an important issues to discuss which can promote the firm’s technological innovation. Therefore, this thesis attempts to study the impact of the region’s financial development on the SMEs’R&D from the perspective of the regions’ financial development level. This is very important for understanding and analyzing the relationship between the external financial environment and the located enterprises’ technological innovation. For China which under the background of economic transformation, deeply explore the effect mechanism and the role effect between the local financial institutions and the firms’R&D in detail has become an important and should not be overlooked research proposition which also has important practical and theoretical significance. Studying such issues can provide important theoretical basis for the China government to make the innovation policies and improve the whole financial environment.In this thesis, based on the related theoretic and the intermediaries of financial constraints, we analyzed the role mechanism of financial development on the enterprises’R&D. Specifically, we chose the data of Shenzhen’s Medium and Small plates from the year of2009to2012, then empirically analyzed the situation of samples’overall financial constraints, the impact of the region’s financial development on the enterprises’R&D and the effect differences of the region’s financial development between the internal and external financial constraints. Further, we classified the samples according to the differences of equity and industry, then we study the impact of region’s financial development on the enterprises’R&D respectively.Overall, this thesis consisted by five parts, the main structure are as follow:The first part is the introduction which mainly stated the related background, the study significance and objectives, the research steps and methods, the contents and the framework, and so on. Finally, this part also outlined this thesis’s innovation.The second part is the literature review which introduced those factors that affect the firms’R&D and the related studies about the relationship between financial development and the enterprises’R&D. to be combined, there are three types of factors that affected the enterprises’R&D:(1) the companies’ characteristic factors;(2) the managers’characteristic factors;(3) the government factors which influenced the firms’R&D. Finally, we give a general commentary for those existing literatures.The third part is the theoretical analysis and the related assumptions. The main purpose of this part is to find a reasonable theoretical support for the underlying assumptions. Specifically, we detailed stated the theory of financial development, the theory of technological innovation and the theory of the financial constraints and systematically analyzed the related role mechanism of how financial development affect the enterprises’R&D. Meanwhile, we analyzed such impact from three angles, they are the differences of equity, the differences of geographical and the differences of industries.The fourth part is the empirical design, the hypothesis testing, the regression results and the related analysis. We firstly introduced the data source and the sample selection, then detailed stated the related variables, its definition and the constructed models. Finally, we give a detailed analysis about the empirical results, which include the statistical analysis of the R&D intensity, industry and region distribution; the data’s descriptive statistics and the correlation analysis. Further, we give the regression results respectively among total sample, the samples divided by the equity differences, the samples divided by the regional differences and the samples divided by the industry differences.The last part is the conclusion, the policy suggestion, the research limitations and further research directions. As the finished chapter of this thesis, the fifth part comprehensively summarized the overall contents, and based on the economic environment and the social systems context, we put forward the corresponding policy recommendations. Finally, we briefly reviewed the limitations of this thesis and proposed the subsequent research direction.Based on the related theory and by the channel of financial constraint, this thesis systematically analyzed the role mechanism of how the region financial development affect the enterprises’R&D. Meanwhile, used the data of listed companies in Medium and Small plates, we empirically studied the impact of the region financial development on the firms’R&D. Further, we also considered such impact differences through dividing the sample by equity, industry and the region. Combined the empirical results, the conclusions of this thesis can be summarized as follow:first of all, for the enterprise, the level of region’s financial development is indeed one of the important factors that can improve the level of the firms’R&D. Overall, the higher of the region’s financial development, the more of the firms’ R&D, the role mechanism is that the financial development can ease the financial constraints faced by the enterprise. Meanwhile, this thesis also finds that the higher of the region’s financial development level can much more significantly ease the investment financial constraints and the debt financial constraints. Secondly, for those enterprises that have different equities, the positive impacts of the financial development on the non-state-owned firms’R&D are much significant than the state-owned firms. By comparing the effect of the financial development on the eastern companies and the middle-western companies, we find that such effect are much bigger in eastern areas than in middle-western areas, further, this effect is statistical significant in eastern areas but not significant in middle-western areas. Finally, we select the companies belong to the industries of machinery, equipment and apparatus (C7), electronics (C5), IT (G) medical and biological (C8) from the Shenzhen’s Medium and Small plates, then we divided the total sample as high-tech industries and non-high-tech industries and analyzed the impact differences of financial development on firms of both industries. Here, the reason of choosing such four industries is that these industries are all belong to the SMEs which have better growth in future and the R&D are all significant. Subsequently, we subdivided the whole sample into four industries (they are high-tech manufacturing industries, knowledge-intensive service industries, traditional manufacturing industries and traditional service industries) and considered the impacts of financial development on their R&D respectively. The conclusion of this thesis enriched the related literature about the enterprises’R&D and also catered to the innovation proposition proposed by the Third Plenary Session of the Eighth Session.Compared with the existing literature, the innovation of this thesis can be summarized as follow:(1)Large number of literatures have studied the relationship between the financial development and the overall economic growth, and concluded that the financial development is indeed an important factor that promote the economic growth (Levine,1997; Rajan and Zingales,1998; Levine,2000; Zhou and Wang, 2002),However, these scholars haven’t explained the micro-mechanism that the financial development affected the economy growth. Based on such situation, this thesis try to answer this question from the perspective of the region’s financial development may affect the enterprises’R&D, so this paper provide a microscopic empirical evidence for understanding the relationship between the financial development and the economic growth.(2)By considering the relationship between the financial development and the enterprises’R&D, this thesis provided a better perspective for understanding those factors that affecting the firms’R&D, which not only helps us to understand the corporate governance and corporate investment much better, but also enrich the existing related literature.(3)From the view of sample selection, this thesis chose the enterprises in the Medium and Small plates which have more innovative. Through analyzing the related data, we can find that R&D of these enterprises refer to most of the industries, which provides a viable framework for examining the impact of financial development on the firms’ R&D. Based on this, comparing with the existing literature, this thesis provides a reference for studying the relationship between the macro financial development and the enterprises’ R&D from the perspective industry heterogeneity. |
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