The Influence Of Bank-enterprise Relationship On R&D Investment Of Small And Medium Sized Enterprises

Innovation is an important engine of national economic development,is to enhance the international competitiveness of the establishment of innovative countries,the source of power.In the special background of China’s economic slowdown and transformation,the mode of economic growth has been changed from "factor promotion" to "innovation promotion" under the common promotion of industrial upgrading and economic transformation.Therefore,at the present stage,Development strategy is to adapt to the development trend of the times.As an indispensable main force in the development of China’s market economy,small and medium-sized enterprises play a vital role in promoting economic growth,optimizing the economic structure,alleviating social unemployment,strengthening scientific and technological strength and promoting social progress.With the core competitiveness of small and medium enterprises is to promote national scientific and technological innovation of the first force,the development of its innovative ability to a certain extent,reflects the level of innovation level of the whole country.Although China has put science and technology innovation into the level of national development strategy,the market economy has gradually realized the important role of innovation in the sustainable development of enterprises.The idea of innovation seems to have penetrated into all aspects of economic development.However,the R&D activities of enterprises have not been further developed as expected.The reason is that the financing constraints faced by small and medium-sized enterprises have not been improved significantly and effectively.The external constraints of R&D innovation activities are still obvious,Enterprises will be more inclined to rely on internal capital accumulation to carry out innovative activities.Due to the high risk,high investment and long periodicity of R&D innovation activities,extremely limited internal funds can not meet the requirements of continuous innovation of R&D innovation activities,thus restricting the development of enterprise innovation ability.Based on the detailed discussion of relational borrowing theory,information asymmetry theory,equity control theory and principal-agent theory,this paper takes the listed companies from 2009 to 2015 as the research samples,and validates the research on the R&D investment of small and medium-sized enterprises Influence effect.The results show that: First,China’s small and medium enterprises generally face more serious financing constraints,a good relationship between banks and enterprises to ease the financing constraints and then effectively promote the SME R&D investment;Second,compared with the financial development of the region,in underdeveloped areas,Bank-enterprise relationship is more conducive to improving the R&D investment of small and medium enterprises;Third,relative to state-owned enterprises,bank-enterprise relations will help to improve the private SME R&D investment;Fourth,other conditions remain unchanged,The impact of SME R&D investment has shown significant regional differences between regions.Finally,according to the relevant results of theoretical analysis and empirical research,the relevant policy suggestions for improving the R&D investment of small and medium-sized enterprises in China are listed in different ways.This paper focuses on building a basic analytical path to accommodate the core concepts of commercial banks,small and medium enterprises,bank-enterprise relations,innovation financing and innovation-driven development.This not only helps to provide a feasible financing channel for R&D investment of small and medium-sized enterprises,And supplementing the theoretical analysis of R&D investment in small and medium-sized enterprises,but also help the GEM listed companies to pay attention to and maintain the relationship between banks and enterprises to help enterprises to increase debt financing,mitigation of financing constraints for enterprise R&D investment to provide adequate financial security,And further for the implementation of the 18 th National Congress of the "innovation-driven development strategy" and to achieve a smooth transition of the economy and society to provide reference.