| R&D technology progress is the decisive factor of economic growth. While the driving force and source of the scientific progress is the R&D investment, the scale and quality of R&D investment directly determine the level of technological development and scientific competitiveness of a country. Our high-tech industry’s R&D investment has made a series of remarkable achievements in recent years, but still lags behind many developed countries, the most critical reason is the financial constraints obstacle faced by our high-tech enterprises during their process of growth. Due to the short development time of our high-tech industry, the imperfect system of the property rights and the high-risk of the high-tech research investment, China’s high-tech industry has been facing the financing constraints for a very long time.On the one hand, in order to win in the fierce competition of the global econom y, our high-tech industry needs massive investment in the R&D, and the breakthrough progress in key areas, so we can enhance our independent innovation capacity, chang e the low self-sufficiency rate of our technology in the past days and finally become one of the world’s technological powers. On the other hand, we need to improve the high-tech industry’s financing constraints when facing external demand shocks in order to maintain the continuity of the R&D investment, and to ensure China’s sustainable economic growth. In order to realize all the above, we need to research into the peri odicity of the R&D investment under financing constraints, and then propose a feasibil ity plan about how to maintain the R&D investment continuity of the high-tech indust ry.Based on the 1997-2011 panel data of China’s different high-tech industry, the stu dy of the periodic characteristics of the R&D inputs of each high-tech industry, and t he construction of financing constraint index and the verification of its effect on the R&D investment periodicity, we have found out that, in the presence of financing con straints, high-tech industry’s R&D investment showed significant Pro-cyclicality, and th e improvement of financial constraints can help to weaken the pro-cyclicality. Overall, in the face of the demand shock, the financial support and financial deepening policy of the high-tech industry can reduce the impact of the financing constraints on the R &D expenditure periodicity,so we can guarantee the continuity of the R&D expenditure and maintain the continuity of China’s economic development, in order to contribute to China’s economic transition. |
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