Research On R&D And Corporate Financial Performance Under The Perspective Of Financial Constrains

In the information Era of rapid development,there is no doubt that scientific and technological innovation plays an important role in the sustainable economic development.The R&D investment is the source to improve enterprise's innovation ability and keep sustainable competitive advantage.Exploring the relationship between R&D investment and corporate financial performance,can make the enterprise realize the importance of R&D input and thus raise the level of R&D input;However,financing problem is the important problem facing the enterprise in the R&D investment,so it is necessary to explore the relationship between R&D input and financial performance from the perspective of financing constraints.For the question that what influence R&D input has on the corporate financial performance,at present there is still some controversy.Besides,researches show that R&D input does not automatically lead to the improvement of business performance and R&D performance is closely related to the management and supervision of R&D project.When Enterprises face a high degree of financing constraints,they usually tend to strengthen the supervision and management of R&D funds and R&D process,so as to achieve better financial performance.The question that this paper discusses is: whether R&D investment can promote the improvement of financial performance? If can,whether the relationships between R&D investment and financial performance are different under the different levels of financing constraints?First,this paper analyzes the relationship between the R&D investment and financial performance using technology innovation theory and resource-based theory.In addition,due to the problems of information asymmetry in the R&D investment and its inherent characteristics,R&D investment often faces far more serious financing constraints than other investments.Then this paper analyzes the impact of financing constraints on the performance of R&D investment from the perspective of resource-based theory and the principal-agent.On the basis of theoretical analysis,this paper selects the data of the information technology listed companies from 2011 to 2015 as the research sample,and builds the financing constraint index to measure the degree of financing constraints using multivariate discriminant analysis.This paper does empirical researches on the relationship between R&D investment and financial performance through multiple linear regression,and whether there is a lag in the relationship.Then through respective regression and comparison,we explore the difference of relationships between R&D investment and financial performance under the different levels of financing constraintsThe results show that:(1)R&D input can promote the improvement of financial performance,and is positively related to the enterprise financial performance;(2)there is a lag in the influence of R&D input on financial performance,and R&D input can improve the subsequent financial performance of enterprises;(3)under the different levels of financing constraints,the relationships between R&D investment and financial performance are different..Compared with companies facing lower degree of financing constraints,the relationship between R&D input and the financial performance is more significant for the companies facing higher degree of financing constraints,that is,financing constraints have a positive regulating effect on the relationship between the R&D investment and corporate financial performance.Through the study of this paper,it can enhance the consciousness of enterprise to attach great importance to R&D investment,so as to prompt enterprises to increase R&D input level.At the same time,the positive regulating effect of financing constraint also give enlightenment on enterprises: enterprises should strengthen the supervision and management of R&D funds and R&D process,improve the efficiency of research and development,so as to achieve better financial performance.