Research On The Impact Of Financing Constraints On R&D Investment From The Perspective Of Information Disclosure

The level of scientific and technological development is an important imanifestation of the country's core competitiveness and comprehensive national strength,insufficient investment in R&D has hindered China's development.Financing constraints restrict R&D investment,as an effective benchmark for assessing corporate reputation and quality,the level of corporate information disclosure will affect the degree of information asymmetry of external financing,affect financing costs,and affect decision making in R&D investing.This paper adopts a combination of theoretical analysis and empirical test,based on a review of a large number of relevant literatures,the data of Shenzhen A-share listed companies from 2011 to 2015 is taken as a sample,and models are based on Euler's equations and linear regression.Based on the heterogeneity perspective of R&D investment,this paper empirically analyzes the relationship between financing constraints,information disclosure,and R&D investment in Chinese companies.The research results show that there is a certain level of financing constraints for Shenzhen A-share listed companies,the financing constraints for companies engaging in exploration-based innovation are higher than that for development-based innovation,and the financing constraints for engaged in-development innovative enterprises are significantly negatively correlated with R&D investment,and they are engaged in exploration-based innovation.There is no significant relationship between the financing constraints of enterprises and R&D investments.Information disclosure has a significant positive adjustment effect on the financing constraints and R&D investment of the development-oriented innovation enterprise,and it has a significant negative adjustment effect on the financing constraints and R&D investment of the exploration-based innovation enterprise.Samples grouping by company scale and company type get the same results.Under the premise that our country's capital market system is not perfect,the improvement of the quality of information disclosure is conducive to the enterprise's development and innovation plays a negative role for the exploration-based innovation enterprise.According to the results of the study,this paper proposes suggestions for enterprises to guide to reasonably disclose enterprise information to adjust to the relationship between financing constraints and R&D investment.Enterprises should select innovation type according to their own funds to get maximum benefits and competitiveness.