Research On The Effect Of Financing Constraints And Debt Ratio On Firms' R&D Investment

Under the current market economy,whether an enterprise can survive and develop in a highly competitive environment depends to a large extent on the innovation capability of an enterprise.Therefore,in recent years,corporate R&D investment has gradually become the focus of business,because research and development is the basis for business innovation.The R&D investment will be affected by many factors.Among the many factors that affect R&D investment,financing constraints play a very important role,and the impact on R&D investment is more direct.However,the impact of financing constraints on corporate R&D investment varies.This determines that there are differences in the channels for enterprises to obtain investment funds when doing R&D investment.Some enterprises rely on internal funds but limited internal funds are often difficult Support a huge investment spending,so companies will get external borrowing funds for investment.In the meantime,borrowing from the outside will increase the debt ratio of the enterprise,which is a challenge to the solvency of the enterprise.As a result,the external lender will become "reluctant to lend" due to worrying about the ability of the enterprise to repay its debt,so that the enterprise caught in the situation of external financing constraints.Based on this,on the basis of expatiating relevant theories,this paper selects the Shanghai and Shenzhen A-share listed companies for three years from 2014 to 2016 as the research object,and uses SPSS 11.5 to analyze the data processing,and makes an in-depth study from two aspects:First,The second is to explore the relationship between debt ratio and corporate financing constraints,the purpose is to show that a reasonable debt ratio can make the proportion of debt Enterprises enjoy the benefits of financial leverage,but if more than a certain limit,but will aggravate the degree of corporate financing constraints.The research shows that the financing constraints are negatively correlated with the R&D investment of enterprises;the R&D investment of enterprises with financing constraints is more sensitive to the internal cash flow than the non-financing constrained enterprises;the exploration-based innovation investment has a significantly negative correlation with the debt ratio while the conventional innovation investment with the debt ratio does not exist Significant correlations.In the end,we put forward some suggestions and measures to face the current financing constraints of R&D investment in enterprises so that R&D investment of enterprises can enter the path of healthy development and seek for their own survival and development through continuous innovation in the fierce market competition.