| The 21st century is a knowledge-driven economy era, and the high-tech industry is the pillar of the knowledge economy. Currently, high-tech is gradually becoming a decisive force in promoting economic development. Various countries and regions are constantly strengthen efforts to support high-tech enterprises, and through continuous development and implementation of preferential policies to provide good conditions for the development of space and the emerging high-tech enterprises.Different from traditional companies, high-tech companies have R & D investment, there is a high concentration of the unique characteristics of potentially hign income and knowledge, therefore, the development of high-tech companies need to invest more in R&D funding and highly educated people. How to make certain R & D investment to bring the appropriate R&D output, namely how to achieve higher efficiency of R&D investment has become a problem has been widespread concern. Especially for high-tech enterprises, R&D investment has become an important driving force to promote enterprise development, R&D investment level of efficiency have become high-tech enterprises decide fundamental issues of survival and development.Meanwhile, the financing constraint is the environment and the development of China’s financial reform process faces, there are different types of industries, enterprises of different ownership, making financing constraints differ in their degree of influence.In this paper, to ease financing constraints along the agency cost, high-tech enterprises to reduce agency cost efficiency of R&D investment ideas, high-tech enterprises in the construction and financing constraints index (data envelopment analysis) using binary logistic model with DEA methods measure the high-tech enterprises R&D investment efficiency, based on theoretical analysis and empirical relationship between the high-tech listed companies financing constraints and agency costs between the relationship between the agency cost between R&D investment efficiency and agency costs, financing constraints and efficiency of R&D investment relationships. The results show that financing constraints will reduce agency costs to some extent, the high-tech enterprises, reduce the negative impact of its agency problems, agency costs of high-tech enterprises will reduce the efficiency of its R & D investment, thereby supporting the rise in financing constraints will promote high-tech investment in research and development to improve the efficiency of theoretical perspectives.End of this article, summarized the main conclusions of the article and pointed out the inadequacies of the article. |
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