Research On R&D Financing Constraints Of High-tech Enterprises In China

With the deepening development of economic globalization, the international competition has become more and more fierce. In the world economy today, the new round of competition is the competition between knowledge and technology. The role of innovation is becoming more and more important in stimulating economy and innovation is making more and more contribution to national economy. In October 2015, China's manufacturing purchasing managers index PMI was49.8% and is below the KuRong Line for three months. This shows that China's overall economic situation is not very optimistic. The development of traditional industries faces great difficulties. In the case of the traditional economy continues to decline, China's economic development transformed to the new economy which forces each country to cultivate high-tech enterprises to enhance the national level of innovation. The level of innovation and R & D investment levels are closely related, technological innovation is highly dependent on R & D investment. High-tech enterprises are the main body of the national innovation, so the R&D investment demand is increasingly strong. It's possible to obtain monopoly profits only with constant innovation, it's important for high-tech enterprises to maintain innovation and competitiveness and it is the company's innovative capacity that guarantees higher profit levels than the competitors.Compared with developed countries, the level of innovation of technology in China is weak,low R & D investment is a very important reason. At present, China has become the second largest R & D expenditure country after the United States, but there is great gap in R & D investment intensity between China and developed countries. In the economic transition period,China's demand for R & D and innovation is big. There are lots of factors affecting the level of high-tech enterprises R & D investment, of which the most important is financial constraints.Our financing system is divided into direct and indirect financing. Direct financing include public financing, bond financing, there is no access to financing institutions, which can reduce financing costs. Indirect financing mainly refers to bank loans. High-tech companies are knowledge-intensive industries, they generally do not disclose internal R & D message to the outside world for the protection of our intellectual property rights, so that there is a high degree of information asymmetry.they do not attract investors for a high risk and the payback periodlength features. Most of our high-tech enterprises are small and medium enterprises, so the management system is imperfect, opaque financial system, so the large commercial banks are reluctant to lend to them. High-tech companies are generally lack of fixed assets, they are limited to research and development equipment, laboratories, etc., so they are lack of effective guarantees for bank loans. All of the above causes difficulties in financing for high-tech enterprises.This paper mainly analyzes the current situation of R & D investment for high-tech enterprises in our country and finds that there is a big gap with developed countries, then puts forward some suggestions. It firstly introduced western financing theory and relevant definitions, and then analyzes the overall situation of China high-tech enterprises' R & D investment. It also makes deep analysis the reason of the high-tech enterprises' R & D investment financing constraints from the point of financial markets, the government and the characters of high-tech enterprises.It also studies the successful experience of United States, Germany, Indian high-tech enterprises which helps those of China identify gaps and learn from their success. It also verify the existence of financing constraints with empirical analysis using 40 high-tech enterprises panel data. Finally I put forward some suggestions from the point of government, high-tech enterprises and the financial market to ease China's high-tech R & D financing constraints based on the current situation of R & D investment for high-tech enterprises in our country and the successful experience of foreign high-tech enterprises.