Research On The Impact Of Financing Constraints On The R&D Investment Based On The Life Cycle

In the increasingly heated competition in the market today,science and technology innovation has become each enterprise and even a strong factor in each country more competitive.Research and development as the way of innovation can not be ignored,to promote national technological progress and economic growth has the vital role,and the subject of a microeconomic enterprises but also on the forefront of scientific and technological innovation,technological innovation process is actually the process of research and development,and the success of research and development investment strategy also helps to cultivate its core competition ability,gain competitive advantage for the sustainable development of enterprises.However,compared with the developed countries,our country enterprise R&D level increased but still not reach the average standard.Among them,the shortage of funds and the choice of the source is very key to two factors,but less cause the attention of domestic scholars research,even though the literature hold back the financing constraints on investment,also focuses on the general investment,while few are analyzed from the particularity of R&D investment.On this basis,study the effect of financing constraints on corporate R&D input,and further from the perspective of enterprise life cycle,it is particularly important to research the effect of dynamic change.Research at home and abroad about the first enterprise life cycle,financing constraints,and generalizes the R&D of literature,on this basis to determine the research direction and focus.And defines the relevant concepts,and further discusses the different life cycle of enterprises,financing constraints,and the characteristics of R&D,and introduces the research involves the related theoretical basis.Then using the information asymmetry theory,principal-agent theory as the theoretical basis,analyzes the reason of financing constraints,R&D and design the corresponding model to examine the existence of financing constraints,financing constraints on the influence of R&D input and is in the growth and maturation of the difference of enterprise R&D financing constraints.Finally,based on China's market environment,select 1144 listed companies in the city of Shanghai and Shenzhen two observation data in 2015 has carried on the empirical analysis,the empirical results show that the listed companies in our country universal existence financing constraints;In a mature enterprise,compared in R&D spending growth companies face more severe financing constraints.Ending part from micro level and macro level government enterprises recommendations,including strengthening enterprise capital accumulation,improve the information disclosure mechanism,establishing the finance market,aimed at easing the financing constraint problem when enterprise research and development activity,for our country economic structure transformation and upgrading to provide a more solid basis of science and technology.