Research On Financing Constraints, R&D Investment And Corporate Performance Of High-Tech And Smes

High-tech and SMES in China's economic transformation and industrial upgrading has played an important role. Figures released by the state administration for industry and commerce subject report: SMES of gross domestic product by more than 60% of GDP,pays taxes account for more than 50% of the national enterprise, completed 65% of invention patents and more than 80% of the new product development. Companies want to get advantage in the fierce market competition and maintain its sustainable development is the key to the improvement of R&D capability, In the influencing factors of R&D investment for the enterprise to provide the financing channel is the key factor of R&D funds, under the situation of financing constraints impact, how to improve the core competitiveness through R&D input enhancement enterprise performance is of great importance in its long-term development strategy. So research on financing constraints,R&D investment and corporate performance has important significance.This article selects 2009-2013 in shenzhen stock exchange in the high-tech small and medium-sized enterprises as the research sample, using EXCEL, SPSS and STATA statistical analysis software of financing constraints and R&D investment, R&D investment and enterprise performance, financing constraints, R&D investment and enterprise performance's datas for empirical testing. The research results show that R&D input is financing constraints, financing constraints to a certain extent can inhibit enterprise R&D investment, R&D investment on enterprise performance has a positive role in promoting, and lagged effect.Compared with low financing constraints, high financing constraints positive correlation between R&D investment and enterprise performance more and there is also a lagging effect.On the basis of the present study about R&D of enterprise performance, add to the enterprise R&D has the key effect of financing constraints and focus on the high-tech small and medium-sized enterprises with independent innovation ability, which not only enriches the scope of the theoretical study, but also provides policy guidance for the enterprise to strengthen its own R&D and state support for enterprise R&D investment.