External Financing,independent R&D And Investment Efficiency

Equipment manufacturing industry is the foundation and the core of Chinese industrial enterprises.Although China's equipment manufacturing industry has made some achievements,but also faced with the development dilemma of irrational industrial structure and low efficiency of capital allocation.China's equipment manufacturing industry has a high degree of industrial linkage and technical capital,and the improvement of industrial technology innovation and capital allocation efficiency of equipment manufacturing industry is of great significance to China's steady economic growth.Based on the current situation of China's equipment manufacturing industry and the relevant institutional background,this paper studies the logical relationship between the three factors,that is,external financing,independent research and development and investment efficiency,which has important theoretical and practical significance.In this paper,we choose the listed companies in Shanghai and Shenzhen stock markets as the research object,and discuss the relationship between external financing,independent research and development and investment efficiency in 2007-2015.This article from the Chinese equipment manufacturing industry background,selection of external financing,independent research and development of key indicators as input intensity effect of the equipment manufacturing industry investment efficiency,the research paradigm of logical relationship between the construction of the three,in the review of the related theories on the basis of the analysis,put forward the research hypothesis,and with the help of Stata13.0 software for statistical analysis with the measurement of the sample data,the empirical results obtained the relationship between external financing and investment efficiency,independent research and development.Compared with the existing research,the research on the main academic contributions are: first,to explore the conduction mechanism of exogenous financing,independent research and development of investment efficiency,more in-depth analysis and interpretation of external financing,internal logic of independent research and development of investment efficiency,so as to provide a theoretical basis for the improvement of equipment manufacturing industry investment efficiency through external financing,independent research anddevelopment etc.;second,practice shows that innovation is the source of the enterprise to improve the competitiveness of the core factors,but also improve the efficiency of investment,so the independent R & D investment is essential to improve the efficiency of investment,this paper uses empirical analysis method to explain in different degree of innovation environment,increase R & D investment intensity effects on investment efficiency,provide a reference for enterprises technology innovation and R & D investment decision,but also the implementation of innovation strategy for the government to formulate relevant industry support policies to promote the healthy development of equipment manufacturing industry to provide theoretical basis and policy recommendations.