Research On The Impact Of Financial Development On The R&D Financing Constraints Of Companies Listed On The NEEQ

Xi jin ping points out in the 19th report that the development of China economy has transformed from high-speed growth turn into high-quality development.Innovation is the core of driving force to lead economic development,and the important strategy to support the construction of modern economic system.Enterprise is the mainstay of technological innovation,the input of R&D is the main point to support technological innovation.Therefore,increasing the investment of R&D is benefit for the economy development with long-term steady and fast development.But the investment of R&D is insufficient in Chinese enterprise at present because of financing constraints exist,and the financial development plays an extremely important role in the process of external financing.Financial development have influence to financing constraints degree of enterprise's R&D by risk distraction,saving mobilization,information disposal and incentive solution.At the same time,the R&D face different financing constraints degree in different enterprises so the impact of financial development will be different.After reading a large number of relevant literature,we can find that many papers choose companies listed on Shanghai and Shenzhen A-share as study object and use the enterprise scale,ownership,region,industry and other variables to study the disparities in the impact of financial development on the constraints of enterprise R&D financing.However,the existing papers seldom choose companies listed on NEEQ as study object,and study the mitigation degree and the disparities from the difference of credit ratings and R&D preferential tax policies.so,this paper selects the relevant annual data of companies listed on NEEQ as the sample,and analyses data up to 2013,Based on the unbalanced panel data,this paper uses multiple linear regression model to study the disparities of the impact of financial development on the constraints of R&D financing from the perspective of R&D tax preferential policy and credit rating.The results showed that:(1)The improvement of level of financial development significantly reduced the enterprise R&D financing constraints,and that of the financial intermediaries is more remarkable to alleviate the constraints of R&D financing relative to the new third board stock market.(2)Mitigation of R&D financing constraints for enterprises varies under different credit rating,the development of financial intermediaries has a stronger effect on the relief of R&D financing constraints of A credit rating enterprises,but a weak role on the low credit rating enterprises.However,the development of the new third Board stock market has a reverse effect on the R&D financing constraints of A credit rating enterprises.(3)From the point of view of the corporate tax preferential policies,the development of financial intermediaries and stock market can significantly alleviate the financing constraints of R&D in enterprises under the condition of enjoying double tax preferential policies.The development of financial market and financial intermediaries has little effect on alleviating the problem of financing constraint faced by R&D for enterprises that only enjoy a single tax preferential policy and those that do not have a tax preferential policy.