Research On The Influence Of Financing Constraints And Institutional Environment On Enterprise R?D Investment

Innovation is the core driving force of the economic growth and an important magic weapon to lead the new normal of economic development.As an important driving factor for technological progress and innovation,R&D investment activities of technology-intensive enterprises are a strong driving force for enterprises to develop steadily and farther in the future.However,due to the existence of information asymmetry,internal and external financing constraints have become the obstacle of R&D capital investment and hinder the improvement of technological innovation capability of enterprises.As the external environment for enterprise development,the institutional environment has an important impact on corporate financing and R&D investment behavior.Compared with the mature market economy in the West,China's economic system has a special institutional background and forms a unique institutional environment.Therefore,how China's special institutional environment affects the financing constraints faced by technology-intensive enterprises and their R&D investment activities is an issue worthy of further study.This paper selects A-share technology-intensive listed companies in Shanghai and Shenzhen in 2008-2017 as research samples.First of all,the binary logistic regression model is used to construct a financing constraint index to measure the main explanatory variable-financing constraints.Then,this paper establishes a multiple regression model to study the impact of financing constraints on R&D investment and the regulation effect of Institutional environment such as the market development process,the rule of law environment and the government intervention.And robustness test is made to verify the stability of empirical regression results.Finally,the paper further compares and analyzes the differences in the regulatory effects of institutional environment on the relationship of financing constraints and R&D investment under different property rights.The empirical research shows that: First,the R&D investment intensity of technology-intensive enterprises is limited,and there is still room to improve their R&D investment activities.Second,financing constraints have a significant �inhibition effect� on R&D investment of technology-intensive companies.Third,the institutional environment has a significant regulatory effect on financing constraints to curb R&D investment.The market development process,the rule of law environment,and the government intervention can effectively play a Positive regulatory role,significantly weakening the negative effect of financing constraints on R&D investment.The last but not least,Compared with state-owned enterprises,the institutional environment has a stronger mitigation effect on the relationship between financing constraints and R&D investment of non-state-owned enterprises.The main research contributions of this paper are as follows: This paper comprehensively examines the mechanism of financing constraints on R&D investment of technology-intensive enterprises,introduces the external governance factor-the institutional environment and analyzes the regulatory effect of the institutional environment on the relationship between the two variables,which will provide a new research perspective for the investment and financing field,and enrich the relevant theories of financing and R&D investment;A series of policy suggestions are proposed from the government level and the enterprise level,such as improving the financing guarantee mechanism,improving the institutional environment,and increasing Enterprise's emphasis on R&D investment,which can offer references for technology-intensive enterprises,governments and other stakeholders to make relevant decisions.