Empirical Study On The Impact Of The GEM Listed Companies Financing Mode To Science And Technology Innovation Investment

The growth experience of the enterprises in developed countries shows that, science andtechnology innovation is the main source of the enterprises to improve the core competitionability. Research and development cost(hereinafter referred to as R&D investment) is one ofthe main indicators to measure the enterprises’ ability of science and technology innovation.When enterprise invest the more R&D spending, its ability of science and technologyinnovation will be higher, profitability will be improved. R&D activity is not only the sourceof technological innovation, but also the most direct factor to promote technological progress.R&D activity requires persistent long-term investment, research and development fundssufficient to create the necessary premise for the realization of technological progress,enterprises need a lot of investment funds, will be according to their own situation to choosedifferent financing pattern of R&D activity. The gem listed companies’ R&D investment isrelatively high, the listed conditions is also broad, because companies’ size limit, and the highrisk of the enterprise, the companies’ financing is difficult, so the research on financing modeis necessary to influence the R&D investment.In this thesis, the gem listed companies as theresearch object, empirically test the impact of seven financing mode to science and technologyinnovation investment. This thesis research significance lies in the fact that it is not only enrichthe theory of the gem to a certain extent, but also helps to make better financing decision forthe enterprise, in order to promote the R&D activities of listing corporation, to obtain higherprofits for the listing corporation.Based on the introduction of the science and technology innovation theory and thefinancing mode, analysis the impact of different financing mode to enterprises’ R&Dinvestment, the specific financing mode include: internal financing, equity financing, debtfinancing, risk investment, commercial credit, bank loans and government grants. To theempirical research part, study327gem listing companies in2012as the research samples,based on the present situation of R&D investment and financing mode, using multipleregression analysis the impact of the financing mode to R&D investment in total samples anddifferent life cycle, through the study of the total sample, we found that:(1)The riskinvestment, government grants are related to R&D investment, and pass the test of the significance;(2)The debt financing, the bank loan, commercial credit are negatively related toR&D investment, and pass the significant test;(3)The internal financing, equity financing ispositively related to R&D investment, but did not pass the significant test. According to thedifferent samples of the life cycle, there exist certain differences between the conclusion andthe total sample, different life cycle of the enterprise will choose different financing mode onR&D activities. Finally, this thesis choose332the gem listed companies in2013forrobustness test, check whether variables are correlation. Finally according to the empiricalresearch conclusion put forward the corresponding suggestions to the R&D input ofcompanies.