Research On The Relationship Between Environmental Uncertainty,Financial Flexibility And Enterprise R&D Investment

In the nineteen major reports of the party,general secretary Xi Jinping stressed that innovation is the first driving force for development and the strategic support for building a modern economic system.Improving the ability of scientific and technological innovation is of great importance to the construction of our innovative country.Enterprises,as the main participants and promoters of the socialist market economy,play a decisive role in promoting national technological progress and economic growth.In order to build an innovative country,we must first cultivate a large number of enterprises with technological innovation ability,and the improvement of the technological innovation ability of enterprises can not be separated from the R&D investment of the enterprises.For this reason,academia has been keen to conduct research on R&D investment.At present,the theoretical circle mainly studies the two factors affecting the R&D investment from the macro and micro perspectives.For example,the macro perspective has a study of the impact of institutional environment,industry characteristics,financial market development,government subsidies,tax incentives and other aspects on the investment of enterprise R&D investment,and the micro angle has a study on the impact of executive characteristics,corporate governance,financing constraints and equity structure on R&D investment.However,few scholars have studied the impact of financial flexibility on R&D investment.The R&D activities of enterprises have the characteristics of high rigidity cost and high cost adjustment.These characteristics show that the R&D activities of enterprises require huge financial support,and enterprises often hold valuable R&D projects on the basis of financial barriers.In addition,the unique secrecy of R&D activities has caused the internal and external information asymmetry of the enterprise,increased the cost of enterprises' external financing,caused the shortage of R&D funds,and further led to the lack of R&D of enterprises.This paper finds that enterprises can solve the demand for funds by R&D activities by reserving financial flexibility in advance.There is a significant positive correlation between financial flexibility and R&D investment,and financial flexibility can promote R&D investment.Considering that environment is the cornerstone of enterprise survival and development,the uncertainty of the environment will inevitably affect the business activities and investment activities,and financial flexibility can effectively alleviate the impact of environmental uncertainty.This paper studies the promotion of financial flexibility on R&D input under different environmental uncertainties.Now,it is found that with the improvement of environmental uncertainty,financial flexibility has more obvious effect on R&D investment.In order to further deepen the research results,this paper examines the relationship between environmental uncertainty,financial flexibility and enterprise R&D input under the nature of different property rights.It is found that the financial flexibility of non state owned enterprises in advance is better than that of state owned enterprises.The research content of this article includes six aspects.The first part is the introduction.This part puts forward the research background,research significance,research ideas,research methods and innovations.The second part of the literature review.According to the writing idea of this article,we sort out the classic literature,and summarize and summarize previous studies.The third part of the theoretical analysis and research hypothesis.This part first expounds the theory of technological innovation,the theory of optimal order financing and the theory of financing constraints,and then puts forward the hypothesis of this paper on the basis of theoretical analysis.The fourth part studies the design.This part introduces the method of measuring the key variables in this paper,and designs the corresponding models for the three hypotheses in this paper.The fifth part,the empirical analysis.This part first describes the characteristics of the main research variables through descriptive statistics and correlation analysis,and then through the regression analysis of the samples of the listed companies in the two non financial sectors of the Shanghai and Shenzhen two cities in 2007,the relationship between financial flexibility and enterprise R&D input is tested,and the inaccuracy in different environments is tested.At the qualitative level,how does the financial flexibility promote the R&D investment of the enterprise;to deepen the research results,the relationship between the uncertainty of the environment,the financial flexibility and the R&D input of the enterprise under the nature of different property rights is examined.Finally,robustness tests are carried out to confirm the conclusion of this paper.The sixth part,research conclusions and policy recommendations.This part mainly includes the conclusions and suggestions from empirical analysis.In view of the results of this study,the following policy suggestions are put forward:first,encourage enterprises to establish the concept of financial flexible reserve;second,further develop the capital market,expand enterprise financing channels;third,promote enterprises to increase R&D investment and enhance the R&D innovation ability of enterprises.