Research On The Relationship Between Enterprise Finance And R&D Investment Based On The Enterprise Life Cycle

Our country is in the key period of economic transformation,and the enterprises of our country have changed from the traditional arbitrage type to the new era.This transformation is very important to China's early construction as a scientific and technological power.As the main body of national innovation,how to improve enterprise innovation level has always been the focus of theoretical and practical circles.However,as the growth of the real economy slows down,the profitability of the real economy has fallen and the financial and real estate profits continue to rise,more and more enterprises are engaged in non-industrial investment and participate in the financial and real estate markets.Appropriate non-industrial investment is conducive to alleviating the financing constraints of enterprises,and helps enterprises to develop innovation,but when the financial asset allocation is too large,it will occupy the resources to be used for R & D investment,which leads to the lack of R & D investment.Therefore,in the current context,it is very useful to research the relationship between the allocation of financial assets and the investment of R&D.According to the theory of enterprise life cycle,the development of enterprises is a continuous process,each stage has different characteristics.The strength of R&D investment is not only affected by external macro factors and internal related factors,but also related to the life stage of enterprises.Therefore,this paper introduces the perspective of enterprise life cycle to explore the regulation effect of enterprise life cycle on corporate financial asset allocation and R&D investment.At the same time,in this paper,the samples are grouped according to the property rights heterogeneity and technical attributes to explore the regulation effect of property rights heterogeneity and technical attributes on corporate financial asset allocation and R&D investment.In this paper,2012-2016 years of China's A stock non financial and real estate industry listed companies as the research samples,using theoretical analysis and empirical analysis of the research methods to study the above problems.The theoretical analysis is used to put forward the research hypothesis in this paper.Regression analysis uses random effects model and mixed OLS model to study the relationship between corporate financial asset allocation and R&D investment based on the life cycle of enterprises and use the two stage instrumental variable method to solve the endogenous problem.Finally,robustness tests are carried out through three ways,changing models,regression methods and other proxy variables.The following conclusions are drawn:(1)The allocation of corporate financial assets has a significant crowding out effect on R&D investment.The above conclusions are consistent in the growth period and the recession period,but the maturity period of the enterprise is different.The financial asset allocation of the mature enterprise has no effect on the R&D investment.(2)In non-state-owned enterprises,the allocation of corporate financial assets will inhibit the R&D investment,but not in state-owned enterprises.(3)Compared with high-tech enterprises,the financial asset allocation of non high-tech enterprises has stronger crowding out effect on R&D investment.According to the results above,the following policy suggestions are put forward: strengthening financial supervision and restraining financial speculation;combining with the life cycle of the enterprise,controlling investment behavior rationally;strengthening the supervision of investment behavior of non-state enterprises and non hi-tech enterprises;and strengthening and perfecting the independent board system of listed companies.