The Impact Of Financial Development On Corporate R&D Financing

Enterprises' R&D activities are of great significance to improving the country's overall competitiveness and economic development potential.As an important part of scientific and technological innovation activities,the amount of R&D investment determines the specific size of this impact.However,during the “new normal” period of economic restructuring and industrial restructuring and upgrading,China's capital investment in scientific and technological innovation activities still has a large gap,which will not only slow down the process of China's economic transformation,but also restrict the improvement of China's international competitiveness.It will also have an impact on the long-term development of China's economy.How to increase the investment in science and technology innovation in China and promote the vigorous development of China's economy has become a hot issue of concern to the country and the public.Among the many factors that affect the R&D investment of an enterprise,apart from the internal factors such as funding arrangements and development strategies,the external financing environment,that is,the financial development level is undoubtedly the key link.In recent years,with the continuous improvement of China's financial development level and continuous enhancement of technological innovation capabilities,domestic scholars have begun to pay attention to the impact of financial development on the production and operation of enterprises.Taking this as a starting point,this paper tries to explore whether there is a financing constraint in the R&D investment of high-tech enterprises in China from the perspective of the external financing environment,and whether the improvement of the level of financial development can mitigate this constraint.This article refers to the classic FHP investment-cash flow test model,and builds a financing constraint model for corporate R&D investment,selects 2010-2014 as the research period,A-share high-tech listed companies as research objects,and uses panel data to conduct empirical research.When studying the impact of financial development on R&D financing constraints of enterprises,this paper selects the indicators of financial marketization and the two sub-items indicators which it contains in the "China Marketization Index Report(2016)" published by Wang Xiaolu and Fan Gang etc.in 2017(competition of the financial industry and marketization of credit allocations),to replace the level of financial development.This article first uses the financial marketization index as a whole to conduct research,and then uses the financial industry competitiveness index and the credit fund allocation marketization index to test respectively,to further explore the impact of financial development on the R&D financing constraints of enterprises is achieved through competition in the financial industry or the allocation of credit funds,to provide a more comprehensive reference for corporate R&D financing decisions.In addition,this article classifies the research sample according to the nature of the property rights and scale of the company,and examines the impact of financial development on the high-tech listed companies' R&D financing constraints of different property rights and different scale,and to explore this effect is achieved by which way.This has important implications for improving the integration of technology and finance,and to promote innovation and economic development.Through the research,this article draws the following conclusions:(1)There are obvious financing constraints in China's high-tech listed companies,affecting their R&D investment;(2)With the deepening of financial development,the financing restraint effect on R&D investment of high-tech listed companies has been eased,and the mitigation effect of the credit fund allocation market is greater than that of the financial industry's competitive market;(3)Considering the influence of the nature of property rights,it is found that the improvement in the level of financial development has made it more obvious that the non-state-owned high-tech listed companies face the mitigation effect of financing constraints on R&D investment,and the financial industry competition and the development of the credit funds allocation market can all ease the financing constraints faced by non-state-owned high-tech listed companies during the R&D process;(4)Considering the influence of the scale of the company,it is found that the improvement of the level of financial development has a greater effect on alleviating the financing constraints faced by the R&D investment of small and medium-sized high-tech listed companies,and the development of the financial industry competition and the allocation of credit funds can ease the financing constraints faced by small and medium-sized high-tech listed companies in the R&D process.According to the research results,combined with the actual situation of China's economic development,this paper proposes some countermeasures to alleviate the financing constraints of China's high-tech listed companies and increase the amount of R&D investment:(1)Establish an effective market constraint mechanism and improve the information identification mechanism;(3)Change the government's functions and play a leading role in the market;(4)Improve the service concept of financial institutions and establish special funds for innovation in small and medium-sized enterprises.