The Research On The Effects Of R&D Investment In High-tech Listed Companies On Firm Performance In The Context Of Financing Constraints

Science and technology and innovation has become the theme of world economic development.In order to improve the core competitiveness,what the enterprises need to do is to improve the innovation ability which depends on R&D(Research and Development).In recent years,our country has increased the total investment of research and development spending,but compared with some developed countries,our country's R&D strength is insufficient.By analyzing the R&D financing channel of high-tech industries in China,the paper finds that 70% of its R&D funding comes from the enterprise's own cash flow and external financing is limited to a large degree,which is more likely an important factor of low R&D input level.Through literature at home and abroad,the financing constraint problem in the enterprise has been confirmed by foreign scholars.However,relatively,it's less to study the relationship between R&D investment and enterprise performance from the perspective of financing constraints in domestic.Therefore,this article is trying to analyze it from different levels of financing constraints furtherly.First of all,based on combing the literatures and collecting data,the paper summarizes the status and problems of R&D investment and financing of the high-tech industry.Secondly,the article analyzes the influence mechanism between financing constraints,R&D input and firm performance,puts forward the corresponding assumptions and then designs model according to related theory such as the optimal sequence financing theory,asymmetric information theory and principal-agent theory,etc.Finally,to carry on the empirical analysis in view of the model above and to build the financing constraint indices representing degree of financing constraints through the binary Logistic regression.A total number of 310 listed companies during 2012-2015 which belong to high and new technology industry are mainly chosen.What's more,the paper focus on the influence of R&D input on enterprises operating performance in the condition of external financing constraint.The empirical results will be listed and some corresponding suggestions will be put forward by empirical studies.In this paper,conclusions as follow: firstly,there exists external financing constraints in high and new technology enterprise and the level of financing constraints and R&D input is negative correlation;what's more,high financing constraint companies faces a more significant negative correlation than low financing constraint companies.Secondly,R&D input is negatively related to the current business performance and the lag issue is related.It suggests that R&D investment will ultimately promote the promotion enterprise's performance,but it takes time to accumulate,with a lag effect.Thirdly,the degree of financing constraints is proportional to the enterprise's R&D investment performance,that is,high financing constraint set of R&D investment plays a positive role in promoting enterprise performance and low financing constraint set of R&D investment has a negative impact on enterprise performance.It shows that,insteadly,enterprises with high financing constraints pay more attention to funds usage efficiency and capital resources' management and supervision.