Research On The Relationship Between Slack And R&D Investment

Innovation is the driving force of enterprise development,and research and development activities are an important way to improve the ability of innovation.However,due to the high risk of R&D activities and the lagging income,many enterprises have difficulty getting adequate financial support from the outside,and the initiative of innovation is not enough.Slack,the additional resource beyond the normal need of operation,can provide financial support for enterprise innovation activities.On the one hand,it can improve the efficiency of enterprise resources;On the other hand,it can improve the independent innovation ability of enterprises.In recent years,the active role of slack has attracted more and more scholars.Therefore,the paper selects companies of A shared during 2013 to 2015 as samples.First,detect the relationship between slack and R&D investment.On this basis,study the subject in depth from two aspects—property nature and market competition.We hope to find a new way for the improvement of enterprise's independent innovation ability and efficiency of resource utilization.The paper involves the next six sections:The first section is a preface.Through the introduction of the research background,leads to research significance.And then introduce the research methods used in this paper and the intended research purposes.Finally,deplay the artcle through the framework and put forward possible innovations.The second section is the literature review.Include the influence factors of R&D input,the relationship between slack and R&D investment,the effect of property nature and market competition on the relationship and so on.Comb the relevant literature at home and abroad,on this basis,review the literature.The third section is the relevant principles and supposes.Firstly,define the concepts of slack,R&D investment,property nature,and market competition.Then expound the theoretical basis and propose research hypothesis.The fourth section is the research design.Describe the source of the sample and the method of selecting the data.Expound the reasons for the measurement and the selection of the control variables.Then design the model.The fifth section is the empirical test and the result analysis.First of all,the total sample and sub-sample are carried out descriptive statistics and analysis.Then carry out the correlation analysis of the variables,eliminating multiple collinearity problems.Finally,the OLS model was used for regression analysis,and the method of measurement of the explanatory variables was replaced by the robustness test.The sixth section is the conclusions and recommendations.Firstly,the process of theoretical deduction and empirical analysis of the research hypothesis is briefly summarized and the conclusion is drawn.Then,it puts forward some recommendations.Finally,it points out the shortcomings that may exist in this study and points out the improvement direction.The results of empirical research show that the coefficient of slack and R&D investment is significant,indicating that slack promotes R&D investment.Then analysis deeply from the two perspective of property nature and market competition.The market competition is explored from two aspects:the competition degree of the industry and the competitive position in the industry.From the view of property nature,compared with state-owned enterprises,slack in non-state enterprises are more effective in promoting R&D investment.From the view of market competition,the deeper degree of competition in the industry,the greater contribution of slack to the R&D investment;the lower competitive position in the industry,the greater contribution of slack to the R&D investment.The innovation of this paper is mainly to study the relationship between redundant resources and R&D investment from the dual perspective of property rights and market competition,so that the research results are more in line with our national condition.;definite the market competition from the competition degree of the industry and the competitive position in the industry.lt can be included in the framework,thus enriching the existing research.