Research On The Influence Of Financing Constraints On R&D Investment Of Strategic Emerging Industries

successful research and development (R&D) investment activities can help toimprove enterprise’s core competitiveness. At present, the R&D investment of ourcountry enterprise is insufficient, and the R&D intensity of strategic emergingindustry is much lower than the international level. this paper try to explore theinsufficiency of R&D investment from the perspective of financing constraints,inspect whether the insufficiency of R&D investment of strategic emerging industry isrestrained from the financing constraints, and which financing channels constrain theR&D investment.Based on reviewing related literature at home and abroad, this article analysescurrent situation of the R&D investment financing constraints of strategic emergingindustry, and defines the concept of strategic emerging industries、 financingconstraints and R&D investment, and according to the asymmetry informationtheory、financing constraints theory and agency theory put forward two hypotheses,financing constraint index of strategic emerging industry have a negative correlationwith R&D investment significantly、equity financing have a positive correlation withR&D investment significantly, but debt financing have a negative correlation withR&D investment significantly. This paper selects198a-share listed strategicemerging industries listed companies as the research object, selects data from2010-2013, a total of792research samples. Using multiple linear regression analysisthe influence of financing constraints to R&D investment and the influence of equityfinancing、debt financing to R&D investment of strategic emerging industry. since thedegree of financing constraints cannot be directly measured, this paper constructs thefinancing constraint index using multivariate financial indicators by Logisticregression analysis. Empirical study results show that financing constraints restrictenterprise’s R&D investment of strategic emerging industries, in the two externalfinancing channels, equity financing has a significant role in promoting R&Dinvestment, but debt financing has a negative role in promoting R&D investment. Inorder to alleviate the degree of financing constraints on inhibition of R&D investment, put forward for some suggestions, such as increase the intensity of financial policysupport, extending financing channel, improving information disclosure of R&Dinvestment.