Research On Relationship Between Manufacturing Mode Of Financing And R&D Investment

Manufacturing powerfully reflects the development level of country’s competitiveness and the development of the comprehensive level, manufacturing industry is the backbone of national economy to the development of industry. Development of manufacturing industry depends on the improvement of R&D investment, and the improvement of R&D investment is under the influence of the financing way.Financing ways are subdivided into endogenous and exogenous in the domestic and foreign literature in order to study its relationship with the R&D investment. Research of certain industry is little. Based on the manufacturing industry, this paper studies the problem of the relationship between the financing way and the R&D investment. This paper highlights the characteristics of the industry, so as to make them more targeted and practical. This paper uses the principal-agent theory, the financing order theory and the theory of financial leverage, adopts normative research method and empirical research method. This article selects manufacturing listed companies the Shanghai and shenzhen in 2008-2014 as samples for research. For listed companies, the R&D of the provisions of the disclosure is not mandatory, therefore this article through access to annual screening, finally determine the 1730 manufacturing listed companies as samples in this paper. This paper draws the conclusion: R&D and the endogenous financing of manufacturing industry listed companies are in the level; In external financing, manufacturing listed companies choose equity financing. Through the empirical analysis of this paper concludes: Positive correlation between R&D investment and internal financing level; Negative correlation between R&D investment and bank loan financing; Negative correlation between R&D investmen and commercial credit financing; Positive correlation between R&D investment and equity financing. According to the conclusion, this paper puts forward relevant Suggestions: manufacturing should improve their management level of innovation, enhance their ability of financing; Establish banks of science and technology, these banks should ease lending conditions; Improving effectivly the quality of the commercial credit financing; We should deepen reform of the system of capital market; Improving the environment of manufacturing science and technology innovation financing.