| Since Shanghai and Shenzhen Stock market established in the end of 1990,China's capital market has went though nearly 30 years rapidly development and played a increasing more important role in the enterprise financing.With the disappearance of Demographic Dividend and improvement of environmental awareness,China is experiencing a gradual loss of low cost advantage,with the economic growth rate slowing down.It is impossible to strengthen structural reform of the supply and achieve the ambitious goal of “made in China 2025” without technological innovation,which is based on the research and development(R&D)investments.Therefore,this essay analyses the effect that China's capital market in promoting the listed company to improve R&D investments.Study on R&D investments is the main concern of scholars both domestic and overseas.This essay reviews the past essay from the following three aspects: the resource of R&D,the effects of financial institute and the capital market in promoting enterprise improving R&D.The R&D investments of the enterprise mainly coming from inside and outside fund,compared to other investments,is much easier faced financing constrains.Compared to debt financing,equity financing has a more significant effects in improving investments of R&D.With fiancé developing,the constraints will be eased.Capital market surely plays an important role in improving the R&D of enterprise.On the basis of reviewing domestic and foreign literature,this paper simply analyzes the mechanism of enterprise's investments R&D.Through empirical analysis the effects of China's Capital in promoting R&D,this paper argues that China's multi-level Capital markets play an important role in promoting enterprise development.At present,China has initially formed a multi-level capital market,which consists Floor trading market,such as the main board market,the small and medium-size enterprise board(SMEs board)and the growth enterprise market board(GEM board),and Over-the-Counter market(OTC),such as the national share transfer system(i.e.,the new three board),regional equity trading market and so on.The R&D investments of high-tech listed companies in our country show the characteristics of high in the east and low in the east,intra-regional and inter-regional showing significant difference.However,the difference of investments intensity is small.Since the reform and opening up,the government has led the development of high-tech industry,leading to the similarity of regional leading high-tech industry.In recent years,with the new three board coming out,the practice of hierarchical system,and so on,the OTC market in China has obtained rapid development and made great achievements in the promotion of micro,small and medium enterprises financing and improve the corporate governance.To do an empirical testing of our country capital market in promoting R&D investments,this paper uses 1331 listed companies which continuous disclosure of research data from 2009-2015 and normal operation as research samples to do panel data regression.The study finds that equity financing of listed companies has a lag positive effect in promoting R&D investments while debts financing is weak.Both current debt and long-term liability pressure have a great influence on R&D.Compared to the main board,the listed companies in the GEM board and the SMES board are more sensitive to equity financing,which experience a certain financing constraints.The study found: equity financing of listed companies in our country has a positive lag effect in promoting the R&D investments,the creditor's rights financing effect is weak;Debt service pressure has important effects on R&D.Compared to the main board,Small and medium-sized panels and the GEM R&D investments are more sensitive to equity financing,where certain financing constraints exist.Finally,based on the conclusions of empirical analysis and the empirical testing,suggestions on capital market system construction,industrial policies and so on are put forward. |
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