Research On The Impact Of R&D On FinancingConstraints Of Listed Enterprises In China

To push China's economic development model from "factor driven" into "innovation driven",it is the key to increase enterprises R&D innovation.Due to the high risk,high confidentiality and high conversion cost of R&D,R&D will increase the financing constraints of enterprises.However,high risk often comes with high return,high return of R&D investment can enhance the value of enterprises,transfer a signal of an enterprise with good performance and high value to the market,reduce information asymmetry,thus easing financing constraints.So,R&D investment is because of its high profitability,can reduce information asymmetry with external investors,thus easing the financing constraints? Or because R&D has high risk,high conversion costs and high confidentiality,resulting in increased financing constraints? And how about the impact of R&D on financing constraints in the nature and scale of different enterprises?In view of the above questions,this paper based on the 2009-2014 of all A shares of listed companies,in the framework of R&D investment and financing constraints under the reference of Almeida(2004)to construct R&D on financing constraints model,and further analysis on the impact of enterprise R&D on financing constraints,in the case of different enterprises nature and scale.We can conclude that the increase of R&D investment is beneficial to ease the financing constraints,and the mitigation effect is more significant in private enterprises and small enterprises.A large amount of literature studies the impact of financing constraints on Enterprise R&D,while the literature on the impact of R&D on financing constraints is rare.This paper uses the opposite thinking to explore the influence of enterprise R&D on financing constraints and consider the influence of the heterogeneity of enterprises.This paper enriches the theoretical research on R&D investment and financing constraints,and has a good effect on enhancing R&D innovation capability of enterprises.At the same time,it is important for China to formulate relevant policies,and increase the R&D innovative enterprises to support efforts to build an innovative country.