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The Research On The Impact Of IT Industtry Financing Constraints On Corporate Cash Holdings And R&d Expenditures

Posted on:2018-07-27Degree:MasterType:Thesis
Country:ChinaCandidate:Q L WeiFull Text:PDF
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Today in the new century,IT as a representative of a big data industry is developing rapidly,It Promotes the economic development of a country,It promotes a series of global industrial restructuring and optimization,It has brought far-reaching and profound influence on the production and life of human beings.From the emergence and development of IT Technology,This technology promotes the combination of hardware and software of production factors,It combines traditional production with modern service,It makes the line between the real economy and the Internet economy,and then drive economic society full speed ahead.In the past,enterprises rely on the development of primary production materials.The core competitiveness of modern enterprises is the research and development of innovative technology,IT industry leading the direction of the development of the times,The wide use of computer technology,making the era of big data for the development of enterprise information resources and advantages.This technology optimizes the allocation of resources in the market,to promote the transformation of Chinese enterprises from manufacturers to research and development,improve the efficiency of various types of labor productivity and social resources.Twenty-first Century today,similar to the development of the IT industry,Innovative research and development has become the number one important task of national development,this conclusion has been demonstrated in major developed countries.China’s R&D innovation has been developing rapidly since 1978,As of the data collected in this paper,the amount of R&D spending in 2015 accounted for more than 70%of the country’s total R&D expenditures.Enterprises,market participants,as the driving force of economic development and the main force in our country has been fully verified and affirmed.Enterprise financing channel is one of the most important factors that affect the investment of R&D expenditure.This paper examines the impact of financing constraints on R&D spending of IT industry in the context of transition using a large sample of micro enterprise data,In this paper,we identify the financing channels and problems of R&D expenditure.This paper selects IT listed companies in 2010-2015 years,Shanghai and Shenzhen A shares,the gem and SME board as the sample.This paper examines whether these firms have financial constraints and the impact of R&D spending on investment,and studies the relationship between R&D spending and cash holdings.The results show that:(1)China’s Listed Companies in the IT industry have a certain degree of financing constraints,which limits the investment in R&D expenditure;(2)At present,China’s IT industry listed companies lack of debt financing support,R&D funds mainly from internal cash flow and stock financing;(3)small companies face more severe financing constraints,compared to large firms;(4)there is a significant positive correlation between R&D investment intensity and cash holdings,and sufficient funds have a certain hedge effect to ease the financing constraints.
Keywords/Search Tags:Financing constraints, investment cash flow sensitivity, R&D expenditure
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