An Empirical Analysis Of The Impact Of Financing Sources On R&D Investment In China's High-tech Listed Companies

In the era of knowledge economy,technological innovation is not only the pillar to realize the sustainable development in country and region economy,but also the key to enhance the core competitiveness.In order to enhance the ability of technological innovation,many countries strengthen R&D investment.Although China has proposed innovative country strategy to stress the position of R&D investment and constantly strengthen R&D investment,the level of technological innovation is still relatively low compared with developed country.For the purposes of the enterprise level,the key to the success of technology innovation activities is R&D investment,R&D funds in enterprise are obtained through financing channels,so the study of the financing channels for enterprises has important practical significance.With the development of modern capital market,financing mode in our country develop and change constantly,financing channels become diversified,with the diversification of financing channels,relationships between financing and technology innovation are more complex.In order to verify the impact of the listed company's financing channels on R&D investment,based on the literature review,this paper systematically expounded the R&D investment on the theory of financing channels,Analyzed the current situation of financing channels and R&D investment.Then using the panel data of listing corporation from 2011 to 2015 in China,choosing four kinds of financing channels including endogenous financing channels,equity financing,debt financing and government subsidies.Applying stata statistical software,research the influence of financing channels to enterprise R&D investment.The results show that the enterprise endogenous financing channels and the government subsidies have significant promoting effect on Enterprise R&D investment,equity financing channel has no significant impact on R&D investment and debt financing channel has a negative effects on the R&D investment.This paper also considers the diversity nature of enterprise in our country,while discussing the impact of financing channels on R&D investment,from the perspective of the nature of a controlling stake in the enterprise,study the differences between state-owned enterprises and non-state-owned enterprise in this relationship.The results show that theimpact of non-state-owned holding company listed on the financing of R&D investment is more than the state-controlled listed companies.Finally,policy recommendations based on the results of theoretical and empirical analysis in this paper,to help business owners and investors to make rational decisions during the financing and technological innovation.