Government Subsidies, Financing Constraints And R&D Investment Behavior

With the constant change of the world economic pattern,the development level of science and technology has become a powerful driving force for the progress of a country and even the whole society,and the enterprise is the main motive force of the national economic development.The level of scientific and technological research and development and the enthusiasm of R&D innovation determine the prospects of national economic development.Private listed companies with small and medium-sized boards also shoulder the important mission of promoting the national scientific and technological level.However,the problems of insufficient R&D investment and financing constraints of private listed companies on small and medium-sized boards have not been effectively improved.R&D innovation activities have high risk and spillover of R&D results,which make R&D activities bring private to enterprises.A person's income is far less than what he creates.Social benefits,thus reducing the enthusiasm of R&D innovation activities.In addition,the high confidentiality of R&D projects and the voluntary disclosure of R&D expenses result in asymmetric information between R&D companies and investors.Investors are unable to obtain the true situation of R&D projects,and they may lack a professional assessment of their R&D innovation activities.In order to protect their own interests,enterprises are often required to bear high financing costs.This paper selects the data of private listed companies of small and medium-sized board from 2014 to 2016 as the research sample,taking the financing constraint theory,the market failure theory and the information asymmetry theory as the research basis.This paper studies whether there are financing constraints in R&D investment behavior of private listed companies with small and medium-sized boards in China.And whether the government's direct subsidy and indirect tax preference have alleviated the financing constraint dilemma faced by R&D investment behavior of private listed companies on small and medium-sized boards.The results show that the R&D investment behavior of private listed companies on small and medium-sized boards is indeed facing the problem of financing constraints,and the subsidy banks of the government have a mitigating effect on the financing constraints faced by enterprises.And the direct subsidy is more obvious than the indirect subsidy to alleviate the financing constraint.