The Influence Of The Listed Company’s Financing Channels On R&D Investment

In the era of knowledge economy, technological innovation is not only the pillar torealize the sustainable development in country and region economy, but also the key toenhance the core competitiveness. In order to enhance the ability of technological innovation,many countries strengthen R&D investment. Although China has proposed innovativecountry strategy to stress the position of R&D investment and constantly strengthen R&Dinvestment, the level of technological innovation is still relatively low compared withdeveloped country.For the purposes of the enterprise level, the key to the success of technology innovationactivities is R&D investment, R&D funds in enterprise are obtained through financingchannels, so the study of the financing channels for enterprises has important practicalsignificance. With the development of modern capital market, financing mode in our countrydevelop and change constantly, financing channels become diversified, with the diversificationof financing channels, relationships between financing and technology innovation are morecomplex.In order to verify the impact of the listed company’s financing channels on R&Dinvestment, based on the literature review, this paper systematically expounded the R&Dinvestment on the theory of financing channels, Analyzed the current situation of financingchannels and R&D investment. Then using the panel data of listing corporation from2007to2011in China, choosing four kinds of financing channels including endogenous financingchannels, equity financing, debt financing and government subsidies. Applying stata statisticalsoftware, research the influence of financing channels to enterprise R&D investment. Theresults show that the enterprise endogenous financing channels and the government subsidies have significant promoting effect on Enterprise R&D investment, equity financing channel hasno significant impact on R&D investment and debt financing channel has a negative effects onthe R&D investment. This paper also considers the diversity nature of enterprise in ourcountry, while discussing the impact of financing channels on R&D investment, from theperspective of the nature of a controlling stake in the enterprise, study the differences betweenstate-owned enterprises and non-state-owned enterprise in this relationship. The results showthat the impact of non-state-owned holding company listed on the financing of R&Dinvestment is more than the state-controlled listed companies. Finally, policyrecommendations based on the results of theoretical and empirical analysis in this paper, tohelp business owners and investors to make rational decisions during the financing andtechnological innovation.The innovation of this paper is to study the four financing channels for its impact onR&D investments together. And introducing a factor of corporate nature, Analyze the impactof differences in the nature of a controlling stake in the different financing channels and R&Dinvestment relationship between them. But the article does not considering the lag about theimpact of financing channels on R&D investment, and there is no sub-sector study. On someselected variables indicators may not rigorous enough.. This provides a direction for futureresearch.