Research On The Influence Of Financing Constraint And Equity Structure On R & D Investment

With the intensification of international competition,many countries regard improving their independent innovation ability as their driving force,hoping to seize the opportunity of development and win more initiative on the international stage.Our country choose independent innovation oriented country road,by improving the ability of science and technology to enhance our strength.For the enterprise,innovation will help enterprises to cultivate more personalized competitive advantage and core capability and innovation ability in R & D investment basis.Therefore,the enterprise is an important factor of enterprise innovation ability R & D project investment funds,can also reflect the innovation ability of our country development potential.The gem is specially set up for small and medium-sized enterprises with the ability to grow,especially those with high technology content.On the one hand,gem listed enterprises pay attention to their own cultivation of R & D innovation;on the other hand,It is difficult for the listed companies to raise sufficient funds because of their own size and corporate governance,which makes it difficult to enhance the intensity of R & D investment.Based on the five year data of listed companies in China's gem from 2011 to2015,this paper first analyzes whether the problem of financing constraints has a negative impact on R & D investment.Then this paper examines whether the equity structure,which is the basis of corporate governance,has a mitigating effect on the financing constraints faced by gem listed companies.When measuring the variable of financing constraint,this paper uses four financial indicators to construct together,which overcomes the one-sidedness of single factor measurement,and mainly uses the method of binary regression analysis to test and design.As a regulating variable,the equity structure mainly tests whether institutional investors,equity checks and balances and executive ownership can alleviate the financing constraints faced by R &D investment.After theoretical analysis,we summarize the relationship between financing constraints and R & D input intensity of GEM listed companies by using normative and empirical methods,and test whether ownership structure can reducethe inhibitory effect of financing constraints on R & D investment.The final conclusions of this thesis are as follows: the research of listed financing constraints on China's gem enterprise investment has obvious inhibitory effect;as a corporate governance based equity structure can effectively alleviate the relationship between financing constraints and investment in research and development,namely,the proportion of institutional investors,equity balance degree and executive shareholding can adjust the relationship of financing constraints and investment in research and development,and ultimately help to improve the enterprise R & D investment.After regression analysis and robustness test,this paper puts forward some measures to ease the financing constraints faced by listed companies in gem from three angles.At the end of the article,the author analyzes and summarizes the existing aspects of the article and looks forward to the future research.