| With the emerging of knowledge economy and global economic integration accelerating,innovation has become a driving force which has gained a foothold for a national and enterprise in the international competition.18 th CPC National Congress pointed out: "We must promote the strategic adjustment of economic structure,promote economic and technology together,to make economic development more rely on scientific and technological progress".In recent decades in our country,we use the extensive mode of economic growth to promote economic development.Although the economy is continually catching up with other countries in the world,the cost of economic development is too large and unsustainable.Technology innovation as another main force of economic growth,is the new vitality which can stimulate the reform and opening up process and optimize the structure of production elements configuration.Enterprises as the main bearing of technological innovation,their R&D(Research and Development,hereinafter referred to as: R&D)investment is the source of technological innovation and makes it possible to transfer our country from "made in China" to cultivate the driving force of Development as the "created in China".Unfortunately,although our country in recent years,has increased capital investment in R&D investment,research and development spending appears good trend of increased year by year,compared with Europe and the United States and other developed countries,the development of the overall development of our country is relatively weak,the constant improvement of the research and development ability is limited by various conditions,especially on the financing problem is more prominent.Due to the R&D investment has some adverse characteristics such as early research activity’s expense is costly,research and development process is of high risk,and research and development achievements transformation ability is low,R&D investment face in Financing Constraints.The economic development of our country must hold the sword of technological innovation,and effective development of technological innovation always rely on the capital cost,if the enterprise can’t fully recognize and understand the financing constraint problem,and try to ease or remove the enterprise financing constraints,financing constraints will cause barrier and bottleneck for the sustainable development of enterprises,finally affects the progress and development of the whole national economy in our country.Therefore,we use manufacturing listed companies’ data in China to reveal R&D investment characteristics and the present situation of financing constraints,analyze the impact of financing constraints on corporate R&D investment,is beneficial to our country enterprise according to their own situation to choose better R&D investment strategy,optimize the enterprise’s capital structure,promoting China’s economic growth way to shift rapidly.The current research and development investment strategies pay attention to the long-term,systematic and planned investment,and in the different stages of enterprise life cycle,the development of the enterprise will face different problems,presents different characteristics.Master the regular pattern of enterprise life cycle stage,can make enterprise according to the current stage of the life cycle,combined with the internal and external environment changes,according to its own development strategy and plan out the most appropriate scientific investment strategy.Similarly,enterprise’s R&D investment will also change with the changing of enterprise life cycle phase,R&D investment under the influence of financing constraints will present a different degree.Research,therefore,on the influence of financing constraints do to R&D investments under the enterprise life cycle,is helpful for enterprises to avoid the life cycle stages which may endanger the enterprise survival and development of various financing myth or trap,continuously break through the limit the growth of the enterprise life cycle period,let the enterprise life cycle to achieve a virtuous cycle,shorten the recession in the development,extending the maturity of healthy progress,makes the enterprise to achieve rapid development and continued prosperity.Based on the above understanding,this paper combining the theory of information asymmetry,financing constraints theory and the enterprise life cycle theory,using the 2007-2015 manufacturing listed companies’ unparallel data in our country,using the comprehensive index of financing constraints to verify the effect of financing constraints on corporate R&D investment,and with the aid of comprehensive index of financing constraints and variables of enterprise life cycle by empirical test item life cycle in different enterprises facing the impact of financing constraints on corporate R&D investment.The results found that manufacturing listed companies in our country universal existence financing constraints,and negatively related with the enterprise R&D investment,the negative correlation between more obvious in non-state owned manufacturing listed companies;In different stages of enterprise life cycle development,manufacturing listed companies’ R&D investment is influenced by financing constraints in different degree.Other than the mature period,in the growth and decline of manufacturing R&D investment of listed companies are more susceptible to the impact of financing constraints,and this effect is more pronounced in the non-state owned manufacturing listed companies.Compared with the past a lot of research,the contribution of this paper lies in: according to the theory of information asymmetry,financing constraints theory and the enterprise life cycle theory,this article adopts the way of combination of cash flow rationally divided enterprise life cycle stages,uses the perspective of enterprise life cycle analysis of the impact of financing constraints on corporate R&D investment,provides a relatively new research perspective for the study of enterprise R&D investment;This article uses the 2007-2015 manufacturing listed companies’ unparallel data in our country,uses the comprehensive index of financing constraints on corporate R&D investment by financing constraint degree measurement,in this paper,the empirical analysis of research conclusion provides a relatively correct R&D investment experience data. |
