Research On The Influence Of Financing Constraints On R&D Investment In High-Tech Listed Companies

Innovation is not only the source of knowledge economy development but also the driving force for the development of science and technology."Innovation is the first driving force for development and a strategic support for the construction of a modern economic system," xi said.It is very important to deepen the reform of the science and technology system and establish a technology innovation system with the enterprise as the main body,the market as the orientation,and the in-depth integration of production and research.The enterprise occupies the main position of microeconomy,and R&D investment is of great significance to its innovation.The increase of R&D investment can not only promote the innovation of enterprise technology,but also affect the sustainable development of enterprises.There are many factors that influence the investment of enterprise R&D,but domestic scholars have little research on it.Therefore,this paper tries to explore the problem of R&D investment in China's high-tech listed companies based on the financing constraint.Firstly,this paper reviews domestic and foreign research literatures and summarizes the viewpoints of domestic and foreign scholars on financing constraints and R&D investment relationship.To introduce the research direction.Secondly,the theory of information asymmetry and principal-agent theory,this paper expounds the root cause of financing constraint restraining the R&D investment of high-tech enterprises in China.It also analyzes the relationship between the effective management of cash holding and the investment in R&D from the theory of cash holding.Thirdly,the present situation of R&D investment in China's high-tech listed companies is analyzed,and the results show that the R&D investment intensity of China's high-tech listed companies is far from that of developed countries.Finally,using empirical analysis method,to choose between 2014 and 2016 the two exchanges in shenzhen and Shanghai A shares of hi-tech listed companies as research samples,reference model of FHP and join equity financing,debt financing and cash holdings variables,such as analysis of financing constraints on R&D investment relationship problems.The empirical results have the following points.First,there is a sensitivity to the R&D investment and cash flow of China's high-tech listed companies,that is,the problem of financing constraints exists in enterprises.Secondly,it is difficult for enterprises to carry out effective debt financing because of the high risk,long period and uncertainty of earnings.The source of corporate financing is internal capital,then equity financing,and finally debt financing.Third,through to build the financing constraints of index to measure the degree of financing constraints and carries on the regression analysis on R&D investment,found that the high-tech listed companies financing constraints put a brake on the improvement of R&D investment.Fourthly,the paper empirically tests the hedging effect of cash holdings of high-tech listed companies on R&D investment-cash flow sensitivity.Finally,combining with the empirical research results,some Suggestions are put forward.