| Science and technology are the primary productive forces, China's economic and social development depends on scientific and technological progresss,the progress of science and technology also means the provement of innovation ability. As an important part of the science and technology progress, research and development actibities largely determine the ability of the enterprise and national innovation. For businesses, countries and regions, the number of R&D investment means their emphasis on science and technology. The output of the R&D activities shows their innovation ability and level, and it determines their future potential growth abiity. As the most important part of national economy, enterprise, especially high-pagying technology enterprise is the main force of the R&D activities. In recent years, even though our country's R&D investment has increased year by year, but compared with the developed countries, our R&D investment is still insufficient. R&D funding sources is the basis of research and development activities, insufficient funds from government or outside investors will hinder the R&D investment and innovation. So it is ncecssary to analysis in-depth the concrete reasons of the lack of funding, and then improve the method to obtain funds exclusively, enhance our enterprise and national independent innovation ability.The paper uses generalized cross section data of the shenzhen stock exchange GEM Listing Corporation during 2010 to 2014 as the sample, study on the effect of government subsidies and external financing to the R&D investment of high and new technology enterprises. Firstly, it introduce the general situation of China's R&D investment, the main influence factors of R&D investment and the present situation of R&D activities of China's high technology industry. At the same time, it describe the importance of the R&D activities for the sustainable development of our country and enterprise, especially for high technology enterprise. Secondly, it introduce the relevant theory of R&D investment behavior, such as signaling theory, stakeholder theory and the scarcity of resources. Then it put forward the hypothesis, from the government's support and the efforts of enterprises two aspects to establish the matical model of R&D investment. The model take the R&D investment as explained variable, the explanatory variables selecte government subsidies, debt financing and equity financing. In order to enhance the persuasion of the explanatory variables and eliminate the influnence of other factors on the regression results, it select the size of the company, the nature of property right, capital structure, cash flow, enterprise growth as the control variables. The empirical study found that government subsidies, external financing had a significant impact on the R&D investment of information technology industry. Government subsidies can promote the enterprise R&D investment, and to increase the external financing is also conducive to increase R&D investment. Divided the external financing into two categories, it found that equity financing's positive impact on R&D investment is more prominent than debt financing. It also establish the relationship model between external financing and government subsidies, the empirical study find that to obtain government subsidies did increase the enterprise opportunity to get external financing. Combining with principal-agent theory, signaling theory, market failure theory, and stakeholder theory, the above research results are reasonable and understandable. Lastly, based on the above theoretical analysis and empirical test results, it respectively puts forward relevant policy and suggestions for the government and enterprise operators. It hope to improve the level of our high technology enterprise R&D investment and drive the research and innovation enthusiasm of others in the market. Eventually improve our independent innovation ability and the comprehensive national strength of the whole society in our country. |
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