The Influence Of Financing Constraints And Corporate Risk-taking To The Corporate R&D Investment

To build an innovation-oriented country, improve the innovation ability of listed companies has always been a problem which needed to be solved urgently in our country. A large number of scholars believe that the financing constraints, risk-taking is the key factor which restricting corporate R&D investment. Because the corporate R&D investment need long-term finance and need to invest a lot of money and face a greater risk of investment failure. If the listed companie faceing financing constraints, the corporate which invest R&D need to take a larger financial risks. Financing constraints, risk-taking, and the corporate R&D investment is closely linked. We examine the evidence for the hypothesis that financing constraints and corporate risk-taking can influence corporate R&D investment decisions.By using samples of the hi-tech listed companies which had disclosed R&D expenses during 2011-2013 in Chi Next stock market, we tested whether financing constraints has affect on risk-taking and whether risk-taking has affect on R&D investment,we also tested the relationships between R&D investment and fnancing constraints.The results show that:(1)the financing constraints has significant negative correlationon on corporate R&D, but the explanation of financing constraints can influence corporate R&D investment is not strong.(2)corporate risk-taking has a significant positive affect on corporate R&D investment, high corporate risk-taking increase corporate R&D investment,but the explanation is also not strong, the goodness-of-fit of the regression model increase a little;(3) Previous scholars believe that financing constraints, corporate risk-taking are the key factor can influence corporate R&D investment decisions. This paper shows that the financing constraints and risk-taking is not the most important factor of that can influence corporate R&D investment.Most scholars study the relationship among financing constraints, risk-taking and corporate R&D investment from the micro level of corporate and the internal qualities of corporate, we think that Chinese companies are not lack of money, but lack of a set of incentive mechanism,a set of incentive mechanism which can incentive entrepreneurs work for the dream rich and venture investment can also get their moeny back when the corporate which they invest go for IPO.Finally, we according to this mechanism provides some recommendations to improve innovation of the corporate in our country.Contribution of this paper lies in: in this paper, the research helps to explain the relations among financing constraints, corporate risk-taking, and corporate R&D investment. Unlike other scholar's literature, this article concluded that the financing constraints and corporate risk-taking is not the main factors which can influence the corporate R&D investmentdecision.This paper also has important guiding significance to the government to make some relevant policy.Our government promoting financial innovation and development is not only need to provide plenty of money to the corporate, but also need to provide suitable capital market which can spread the risk of innovation investment for entrepreneurs and venture investment institutions, provide a reasonable incentive mechanism, only in this way can promote corporate innovation and promote the development of high-tech industry in our country.