Financing Constraints,Institutional Investors And R&D Investment

With the development of the society and the progress of the science and technology,the upgrade of high-tech products has accelerated in the worldwide,the gap which lies in the invest and harvest of the innovation between the developed countries and our China makes Chinese realized the significance of innovation,especially the independent research and development.The eighteen's National People's Congress of our communist party underlined again that our country should construct innovation-oriented country roundly,the independent research and development was raised to the height of the country's strategy,our country constantly encourage the enterprises to reinforce the invest of the research and development.As the important subject of independent innovation,high-tech companies' survival and development can not be separated from the uphold of the research and development.But the overflow,the high cost and the high uncertainty of the research and development makes the invest of the research and development faced with much more information asymmetry and principal-agent problem compared with the normal invest,which makes the invest of the research and development faced with financing constraints.Recent years,with the development of the society and the accomplishment of the non-tradable shares reform,the force of the institutional investors develop and grow rapidly,The shareholding proportion of institutional investors has increased and the variety of institutional investors has become richer increasingly.The institutional investors has became an important strength in Chinese stock market gradually,the mode of participation in corporate governance has changed from negative mode to positive mode also.The expertise of the institutional investors in obtaining,processing and spreading information and the positive motivation of participation in corporate governance make them able to remit the information asymmetry and principal-agent problem,which remit the financing constraints of the invest of the research and development.But different types of the institutional investors show the differences,the ability and will to participate in corporate governance tell differences.So,in view of the heterogeneity of the institutional investors when research how the institutional investors affect the financing constraints of the invest of the research and development is indispensable.This paper includes the following six parts:Part 1 is the introduction.Mainly introduce the background,the research meaning,framework,methods,new ideas and the construction of the thesis.Part ? contains the literature review.This thesis mainly from the relation of the financing constraints and the invest of the research and development;the effect of institutional investors participating in corporate governance;the effect of heterogeneity of the institutional investors participating in corporate governance to carry on the thesis.Part ? contains the related theory and research hypothesis.Firstly defined the concept of the high-tech company,financing constraints,institutional investors and invest of the research and development,then introduce related theories and analysis,including information asymmetry theory,principal-agent theory,pecking order theory,the mechanism of the financing constraints of the invest of the research and development and how the institutional investors remit the financing constraints of the invest of the research and development.At last,put forward the assumption of this paper based on the theories and analysis.Part ? designs the research.This part is mainly to select the sample and data,establish research model and research variables based on the forward part.Part ? contains the empirical test and the result analysis.Basing on the sample,this paper carry out descriptive statistics,correlation analysis,regression analysis and the robustness test.Part ? contains the research conclusion and suggestion.his part is to summarize empirical research results,give some suggestions,point out the shortage of this article and indicate the development direction of the future research.Innovation point of this paper lies in verifying the affect of institutional investors to the financing constraints of the invest of the research and development,broadening the visual angle of studying the exterior governance effectiveness of the institutional investors.Besides,in view of the heterogeneity of the institutional investors,different types of the institutional investors varies in invest ideas,risk-taking and investment objective,which resulting in different effect of governance.So,in view of the heterogeneity of the institutional investors when research how the institutional investors affect the financing constraints of the invest of the research and development is indispensable.