Research On The Influence Of Information Disclosure Quality And Financing Constraint On R&D Investment Of Manufacturing Listed Companies

With the rapid development of science and technology and global economic integration,vigorously develop high-tech industry has become the main driving force of sustained economic growth,high-tech R & D activities play an increasingly important role in economic growth,research and development activities is to achieve scientific and technological innovation The main way,therefore,more and more enterprises began to carry out scientific and technological research and development activities to increase the relevant R & D investment,research and development activities is an important driving force for economic development,which can improve the independent innovation capability of enterprises can accelerate development and enhance core competitiveness,So companies need to increase R & D investment,enhance the value of the enterprise.At present,China's R & D investment is relatively low compared with the developed countries,the limited funds within the enterprise,R & D activities for a large number of financial needs can not be met,so whether access to external financing for enterprises to R & D investment has a decisive significance.As China's enterprises are mainly relying on internal funds to carry out R & D investment,it is difficult to obtain external funds,there are serious external financing constraints in R& D investmen.And high-quality information disclosure can improve the transparency of corporate information,so that external investors can get useful information decision-making,to solve the financing constraints faced by enterprises to enable enterprises to R & D investment.This paper uses the normative and empirical research methods to study the influence of the information disclosure quality of manufacturing listed companies and the financing constraints on R & D investment,and compares the quality of information disclosure with the R & D input from the perspective of the actual controller's nature.What is the difference?The research found that:(1)improve the quality of information disclosure can alleviate the financing constraints of enterprises:(2)there are serious financing constraints in R &D investment in China;(3)the improvement of information disclosure can enable enterprises to obtain more external funds,(4)The nature of state-owned property rights has weakened the positive correlation between R & D investment and the quality of information disclosure.