Research On The Influence Of Combination Between Industry And Finance And Financing Constraints On Research And Development Investment

The manufacturing industry has been existing as a pillar of our country's national economy,but after several years' shining,its competitiveness,which comes from production factors,has gradually disappeared,so that the manufacturing industry must try to promote innovation for its future sustainable development,transferring the label of "Made in China"into "Created in China".However,even if the company is willing to hammer at innovation,the related research and development activities' characteristics,such as high risk,huge capital investment and long duration will hinder the company's pace of innovation,financing constraints problem is definitely one of the headaches for managers.In recent years,some of the manufacturing enterprises have embarked on the road of combination between industry and finance,driving the further development of their own industry capital with the mutual penetration of financial capital.The government also pointed out that the construction of manufacturing power needs to improve the financial support policy,in order to use the financial capital to help the transformation and upgrading of manufacturing enterprises'industrial capital,the government introduced relevant policies to help conditional manufacturing enterprises implement the combination of industry and finance.Using industry and finance integration model to improve the manufacturing enterprises' innovation ability,thus promoting the entire industry to technological progress,has been turning into another area of concern.This paper combs the research results of enterprise groups,financing constraints,research and development investment at first,then analyzes their mechanism of effect based on the existing theories.Comparing the characteristics of research and development activities in various industries,this paper selects the high-tech enterprises in manufacturing industry as research samples.Taking advantage of the relevant business financial data from 2011 to 2015,this paper verifies the effect of combination between industry and finance and financing constraints on these enterprises' research and development investment,with the use of linear regression models.The research results show that financing constraints will seriously hamper these enterprises' research and development investment,while integration of industry and finance can play a positive role in promoting research and development investment,but mainly reflected in the state-owned enterprises.Further study shows that because the degree of interaction is not deep in our country,the combination between industry and finance can't alleviate the inhibitory effect of financing constraints on research and development investment at present.In the end,this paper throws out some suggestions based on the research conclusions,and rethinks the limitations of this research due to a number of reasons.