| The ability of independent innovation is a symbol of a country’s international competitiveness.At present,China is in a critical period of industrial transformation,and and the lack of innovation has not only restricted China’s competitiveness in the international market,but also hindered the sustained development of China’s economy.One of the reasons for the weakness of China’s independent innovation capability is that R&D investment is insufficient,so we must take various measures to encourage enterprises to increase R&D investment,so as to improve the ability of independent innovation.In addition,the nature of innovative activities,there are certain risks in the early stage and require substantial capital investment,when internal cash flow is limited,can be obtained from external sources of funds through other channels,which requires our government to give full play to the role of macro-control to create a favorable external financing environment for enterprises.Fiscal policy is one of the main means of macro control in our country.Based on this,the author thinks that it is necessary to study the correlation between fiscal policy and R&D investment of enterprises,can test the effect of government policy on the one hand,but also to optimize the independent innovation ability of enterprises of our country and promote the upgrading of the industrial structure has a very important practical significance.In recent years,in order to optimize the industrial structure,China has begun to focus on the cultivation and development of strategic emerging industries,with a view to promoting sustainable economic development.Based on the above background,this paper selects the strategic emerging industry inspection mechanism of fiscal policy and enterprise R&D investment as the research sample and examine the empirical,financing constraints have important significance for the development of enterprises play what role in this process:First of all,this paper reviews the literature on the relationship between fiscal policy,financing constraints and corporate R&D investment.Secondly,it defines some important concepts.Then,on the basis of relevant theories,the paper analyzes the mechanism of fiscal policy and enterprise R&D investment and puts forward the corresponding hypothesis.In order to verify the authenticity of the hypothesis,this paper uses 2009-2015 sample data,using Logistics regression,the intermediary effect test and other methods for empirical analysis,The results showed that:(1)The expansion of fiscal policy and corporate R&D investment is negatively correlated,while moderate fiscal policy and corporate R&D investment is positively correlated;(2)Fiscal policy and financing constraints is positively related to the expansion,while a moderate fiscal policy and financing constraints negatively correlated;(3)Financing constraints to some extent,inhibited the R&D investment of enterprises;(4)Financing constraints on fiscal policy does affect the enterprise R&D investment plays a partial intermediary role.Finally,this paper provides some suggestions for the government to formulate the corresponding macroeconomic policies,in order to provide a theoretical basis for the future guidance of China’s strategic emerging industries innovation activities,and encourage them to invest in R&D.There are two main points of innovation in this paper:(1)From the point of view of government,we use fiscal expenditure growth rate to measure fiscal policy,and divide it into expansion,moderation and contraction group,and analyze the correlation between different types of fiscal policy and enterprise R&D investment;(2)By introducing the variable of financing constraint,this paper analyzes the role of fiscal policy and enterprise R&D investment by means of mediating effect analysis. |
