Commercial Credit And Heterogeneous R&D Investment Based On The Perspective Of Financing Constraints Of Listed Companies

This thesis focuses on the effect of business credit on different types of R & D.First of all,divides innovative activities into two types: exploratory R & D and conventional R & D.Due to the high risk and asymmetric information characteristics of R & D investment,R & D enterprises are generally faced with financing constraints.However,the degree of financing constraints faced by different types of R & D activities is different.The research on the use of R & D investment for commercial credit and heterogeneity is beneficial to the serious realistic problem of alleviating financing constraints from a more reasonable credit policy,providing guarantee for the capital source of R & D investment,and thus improving the innovation level and competitive ability of the enterprises.The research on the development of business credit and heterogeneity is of positive theoretical and practical significance.Although this thesis is based on the background of financing constraints,considering that this thesis divides R & D into exploratory R & D and conventional R & D,the financing constraints are different.Therefore,financing constraints are considered as one of the factors to analyze the impact of commercial credit on conventional R & D and exploratory R & D.This thesis combines theoretical analysis and empirical test.On the basis of theoretical analysis,the listed companies of Shanghai stock market from 2012 to 2015 are selected as research samples,and the financial data of R & D investment and commercial credit disclosure are studied.The analysis tools of SPSS and other software are used to study the investment of Chinese listed companies under the constraint of financing constraints to the heterogeneous R & D.Three hypotheses are put forward and three models are established.Multiple linear regression models are used to test the accuracy of theoretical hypotheses.1220 samples are selected.Through theoretical and empirical analysis,conclusions are as follows: the results first confirm that the cash flow produced by the listed companies is one of the important sources of capital.Secondly,after a separate inspection of the role of commercial credit on total R & D investment and different types of R & D investment,the author draws a conclusion.Business credit is one of the important capital sources of R & D,and commercial credit can significantly increase the scale of R & D expenditure.However,there are differences in the support of commercial credit to heterogeneous R & D,the higher the use of commercial credit,the larger the scale of exploratory R & D expenditure and the more obvious effect on the mitigation effect of financing constraints.The contribution and innovation is mainly reflected in the following points: firstly,this thesis studies the heterogeneity of the listed company's R & D investment financing constraints and the degree of heterogeneity of R & D investment business credit policy choice from the perspective of the heterogeneity of R & D investment of the financing constraints,so as to further studies the financing constraints with different degrees of commercial credit made incremental contribution to explore the influence of R & D investment type and conventional type of R & D investment.Secondly,a heterogeneous R & D investment index system is constructed,which not only provides effective indicators for empirical research in this thesis,but also provides a reference aspect for enterprises to use different business financing constraints to choose financing options for R & D projects.The limitations lie in the following aspects: on the one hand,R & D expenditure itself is hard to define;on the other hand,there are still many factors that can influence R & D expenditure,financing constraints are only an observation perspective.In addition,as a short-term financial decision,business credit will be influenced by many factors,and it has some contingency and randomness.