Financial Development,Financing Channels And R&D Investment

In this context of "new normal" economy,how to successfully achieve economic transformation is the focus of the whole society,and enterprise R&D capability is one of the most critical influences on the country's economic growth.For the important economic enterprises in the macroeconomics,in order to sustain corporate profits,they need to improve core competitiveness through continuous technology innovation."Mass entrepreneurship and innovation" has becoming a national strategy,more and more enterprises are willing to engage in technological innovation activities.In the 13th five-year plan,the government put forward three aspects of innovation on the content,in the outline,the government also proposed stimulating economic growth through technology innovation.Many enterprises in China are mainly engaged in the low-end manufacturing industry with low added value and profitability.The improvement of enterprise's technological innovation capability is key to realize the transformation of China's economic growth mode.R&D investment intensity has an increasingly great impact on guaranteeing enterprise's market competitiveness.There are many factors that affect the R&D investment,such as financial development,equity financing and commercial credit financing.In this thesis,677 enterprises in Shanghai and Shenzhen A-share market in 2009-2015 are used as research samples to study the impact of financial development,equity financing and commercial credit financing on R&D investment intensity.The research results show that:1.There are financing constraints in R&D activities.Financial development helps to improve the R&D investment intensity,and the R&D investment which relies on commercial credit financing is independent on equity financing.2.In the eastern region,the financial development significantly improve R&D investment intensity.R&D investment does not depend on equity financing and rely on commercial credit financing.In the central and western regions,financial development will significantly reduce R&D investment intensity,R&D investment depend on commercial credit financing.3.In the state-owned holding enterprises,there are no significant relationship between the financial development and R&D investment,the R&D investment depends on commercial credit financing.In non-state holding enterprises,the financial development will improve the R&D investment,R&D investment does not depend on equity financing.4.There are financing constraints in technology-intensive industry R&D activities.Compared with capital-intensive industries and labor-intensive industries,for technology-intensive industries,there are the highest degree of financial,and the impact of financial development to industry R&D activities is the most obvious.