Research On The Influence Of Accounting Conservatism On R&D Investment Of Strategic Emerging Industry Enterprises

With the continuous development of the society,science and technology has become a powerful driving force for the continuous progress of society,and the research and development of science and technology has become an important strategy for improving national innovation ability and international status.Therefore,countries continue to make strategic transformation to promote the development of strategic emerging industries.China has also enacted a series of measures to promote the development of strategic emerging industries and promote the economic strength of the country.As the source of science and technology research and development,the level of enterprise R&D investment will decide on the industry technical level,however,the current is common strategic emerging industry enterprises face financing constraints,information friction and the problem of corporate governance,make the enterprise R&D investment is hampered by a certain,therefore to seek ways to alleviate these problems,to promote the healthy development of strategic emerging industries enterprise R&D investment and innovation ability of ascension is of great significance.Based on the related research at home and abroad,on the basis of the concept of strategic emerging industries,the development present situation and the characteristics of R&D activity,accounting conservatism and financing constraints,the concept and measurement method,the concept of equity structure has carried on the definition,classification and characteristics,from the aspects of theory of accounting conservatism affects strategic emerging industries enterprise R&D investment,financing constraints,how to be a accounting between robustness and strategic emerging industries enterprise R&D investment intermediary variables as well as how ownership structure of financing constraints and adjusted the relationship between the enterprise R&D investment,put forward the corresponding assumptions,build a concept model of the article.In accordance with the relevant standards,this paper selected the 2011-2016 listed on the strategic emerging industry enterprises as the research sample,first of all,the C-score model of enterprise accounting robustness measure,using Logistic regression to measure financing constraints.Then,a hierarchical regression method is used to verify the mediating effect of financing constraints and the regulation effect of equity structure.The study finds that the accounting conservatism has a positive influence on the R&D investment of strategic emerging industries.Financing constraints in accounting play a mediating role between robustness and enterprise R&D investment,accounting conservatism negative influence financing constraints,financing constraints on corporate R&D investment has inhibitory effect,namely accounting robustness through the ease of financing constraints,thus influence enterprise's R&D investment;Equity structure in accounting conservatism affects strategic emerging industries enterprise R&D investment in the second half of the path part can play a regulatory role,in particular,nature of equity and equity balance degree can adjust on the relationship between the enterprise R&D investment and financing constraints,and the adjustment of the ownership concentration effect is not obvious.Finally,based on the theoretical analysis,and ultimately the empirical results,from the micro level and macro level two angles,to optimize the strategic emerging industry in China R&D investment current situation put forward some countermeasures and Suggestions,hoping to be able to healthy development of strategic emerging industry innovation to provide the corresponding reference.