| As a creative activity in enterprises,R&D activities cultivate the core competitiveness of the enterprise and become the source of power help enterprises to obtain sustainable competitive advantage.At the leading position of scientific and technological innovation,R&D activities are also more intensive in high-tech enterprises.However,due to the imperfect capital market,the information asymmetry between enterprises and external investors makes the external capital cost higher than the internal funds.R&D activities have to rely on internal funds,and theconstraints of external financing emerge,the greater the degree of financial constraints,the greater the impact on the level of R&D investment,thereby restricting the level of R&D investment,hindering the sustainable development of enterprises.At the same time,due to limited internal funds,R&D activities in enterprise facing the problem of insufficient funds.To expand the source of funds for enterprises to access sufficient funds from outside become the problem must be resolved.Whether the quality of information disclosure can alleviate the financing dilemma faced by enterprise when conducting R&D investment deserves deep research.In order to study the impact of financing constraints on R&D investment,we first use the FHP model toexamine the relationship between R&D investment and cash flow sensitivity to determine whether there exist the financing constraints faced by enterprises.The degree of financing constraints faced by enterprises can not be directly measured.Therefore,this paper constructs a financing constraint index by selecting indicators that can represent the degree of corporate financing constraints.The index is used to measure the degree of financing constraints faced by enterprises,and then study the relationship between financing constraints and R&D investment in enterprises.Financing constraints,and then to study the relationship between financing constraints and R&D investment.Finally,we study whether the high quality of information disclosure can mitigate the restraining effect of corporate financing constraints on R&D investment.In this paper,we choose high-tech listed companies in Shenzhen during 2013-2015 as research samples,conduct empirical researchand finally put forward the following conclusions.(1)According to the financing constraint model proposed by Fazzari et al(FHP,1988),the sensitivity of internal cash flow and the R&D investment of enterprise can be used as a criterion for testing financing constraints.It can be judged that there are financing constraints in this paper.Based on Fazzari,et al.(FHP,1988),we analyzes the relationship between internal cash flow and R&D investment.We can conclude that there is a serious financial constraint in the sample of this paper.(2)The degree of financial constraints on the level of R&D investment has an inhibitory effect,that is,the greater the degree of financial constraints,the lower the level of R&D investment.(3)The high quality of information disclosure can alleviate the inhibitory effect of corporate financing constraints on R&D investment,and the low quality of information disclosure can not alleviate this kind of inhibition.Based on the analysis of the empirical results,thispaper puts forward the following conclusions.On one hand,Enterprises should be more actively and timely disclosure high-quality information to the outside world,so that foreign investors can obtain the information on business conditions,development strategies,future prospects timely.It helps enterprises to alleviate the R&D activities in the process of financing constraints.On the other hand,regulators should strengthen the supervision of the quality of information disclosure of listed companies,prompting enterprises to disclose more qualified information to protect the interests of investors and improve the financing difficulties faced by R&D activities.It can alsopromote the development of China's capital market and make the operation of economy more effective. |
PDF Full Text Request