The Analysis Of Financial Development Level Impacting On R&D Of Information Technology Enterprise

Innovation concerns the development of a country,nation or even the whole society,it is the drive for moving the time forward,To achieve the constant transformation and upgrading of the enterprise,to improve manufacturing power of our country,science and technology innovation is the key.Technology innovation is not only the inevitable choice to adapt to domestic and international competition,but also going with the development of The Times.It is a choice to achieve socialist modernization and realize the great Chinese dream of our country.Science and technology innovation originates from the thought liberation and the cultivation of innovative thinking,more important is to carry out these new ideas and thinking action.Research and development becomes the important way to realize it fortunately.However,the research and development itself has a large upfront cost,and results have the characteristics of uncertainty and high risk,thus,R&D reliance on financial development is more obvious.As a representative of the high-tech enterprises,technology of information technology enterprises gets more attention from the society,especially in the innovation of science.As a result,it is vital to study the influence of financial development on R&D input of information technology enterprises in our country.The research has both strong theoretical significance and practical significance.Based on the financial support for R&D input of information technology enterprises.the paper chooses 2015 data of A-share listed information technology enterprises in our country.The shows that:Due to serious information asymmetry,R&D input of Information technology enterprise has obvious financing constraint problem.Higher level of financial development is helpful to reduce the information asymmetry and ease the financing constraints,therefore prompting the enterprise to enhance investment in research and development.But the promoting effect of financial development can also show some differences because of different characteristics of enterprises.To be specific,the better of the enterprise's growth and the improvement of corporate profitability is,the more obvious effect higher level of financial development has on financing constraints relief.In other words,the better of growth and profitability is,the more effectively financial development can promote the enterprise's R&D spending.In addition,different established-years can also affect financial development promoting effect of R&D input.Finally,combining with the conclusion of empirical study,the thesis gives corresponding suggestions from three aspects:government,enterprises,finance.The purpose is to strengthen the promotion of financial development in R&D investment of China's information technology enterprise.