Research On The Impact Of Financing Modes On R&D Investment In High-tech Enterprises

Technological innovation has brought about the improvement of productivity, which promotes the development of economic. As the source of technological innovation and progress, R&D activity plays an important role in economic growth. In view of this, all the developed countries and more and more developing countries in the world are increasing their investment in R&D, especially for the important part of the National Development Strategy-- the High-tech industry. According to the modern financial theory, as the role of information asymmetry and moral hazard, different financing modes will increase or reduce the phenomenon of excessive or insufficient investment, that is, the choice of financing modes will affect the investment decisions of enterprises. Though the effects of all kinds of financing modes on R&D investment, can significantly improve the efficiency of the enterprise for R&D investment, strengthen the ability of scientific research innovation and new product development of the high-tech enterprises to promote technological innovation, the progress of productivity, and economic development.Firstly, the paper analyzes and elaborates the high-tech enterprises’ financing theories and financing modes, the influence of financing theories to corporate capital structure, the characteristics of high-tech enterprise R&D activities, the status demand of R&D funds and importance of the corporate finance activities.The paper also explores the influence of financing modes on high-tech enterprise’s R&D investment.This paper analyzes the influence factors of R&D investment in high-tech enterprises. Influencing factors were extracted from three angles, and based on the point of view of the existing capital structure factors, using principal component analysis method to select the index of impacting of high- technology enterprise R&D investment. The paper uses Shanghai Stock Exchange and Shenzhen Stock Exchange issued and listed A-share bio pharmaceutical hightech enterprises in 2010-2014 financial data as the sample. Use C-D production function model to construct the mode that how four financing ways affect on the high-tech enterprise R&D investment. and propose research hypotheses; Use the GMM estimates to complete the sample data of regression estimation analysis and verify the research hypothesis and get the results of the regression.Based on the research results of the effects of the four financing modes on the R&D investment, this paper puts forward the financing order and the combination strategy of the high-technology enterprises. Two kinds of financing strategies are obtained: the combination of venture capital, government subsidy and debt financing, and the combination of government subsidy, equity financing and debt financing. The financing order and financing combination strategy proposed in this paper can provide some guidances for the financing decision of high and new technology enterprises.