Research On The Impact Of Bank-Enterprise Relationship On R&D Financing Constraints Of SMEs

SMEs play an important role in China's economy.They are the driving force of China's economic growth,creating a large number of jobs and playing a very important role in the development of new products and new technologies.Nevertheless,from the current situation of small and medium-sized enterprises in China,financing channels are still one of the major obstacles for small and medium-sized enterprises.The research and development investment of small and medium-sized enterprises has been plagued by financing constraints.Although many small and medium-sized enterprises have a strong sense of innovation and willingness to innovate,many external investors are deterred by the characteristics of high risk,high capital investment and long duration of R&D activities,which to some extent limits the development of enterprises innovation ability.Domestic and foreign scholars often use relational lending to measure the close degree of relationship between the fact and mainly depends on the enterprise's financial indicators and enterprise's assets mortgage lending decisions are made hard information compared to the transactional lending,relationship lending is more concerned with internal hard to formalize and not documented in the long-term cooperation relationship between standardized information based on the fact above,relational lending can effectively resolve the problem of the asymmetric information,but its effect on the R&D investment is still controversial.On the basis of information asymmetry theory,agency theory,social capital theory and relational financing theory,this paper analyzes the theoretical causes of the existence of financing constraints on enterprise R&D investment and the mechanism of bank-enterprise relationship to alleviate the enterprise R&D financing constraints.In the research design and empirical test,with the aid of investment-cash flow sensitivity of the model,using the small and medium-sized boards of listed companies in China in 2011-2015 non-financial the panel data of listed companies as research samples,tested the R&D financing constraints of small and medium-sized enterprises in our country,and considering the nature of different property,growth stage,and industrial category R&D financing constraints of small and medium-sized enterprises.The research results show that there is a significant positive correlation between R&D investment and cash flow of small and medium-sized board listed companies.The R&D financing constraint degree of private SMEs is deeper than that of state-owned enterprises.The R&D financing constraints of SMEs listed in different growth stages are significantly different,and the degree of R&D financing constraints of growing enterprises is deeper than that of mature enterprises.The R&D financing constraints of small and medium-sized board listed companies in different industry categories are significantly different,and the degree of R&D financing constraints of high-tech enterprises is deeper than that of traditional enterprises.After that,this paper also introduced the dummy variable of bank-enterprise relationship to test the alleviating effect of bank-enterprise relationship on the R&D financing constraint of small and medium-sized board listed companies,and considered the difference of alleviating effect of bank-enterprise relationship on the R&D financing constraint of enterprises with different property rights,growth stages and industrial categories.The research results show that the bank-enterprise relationship significantly alleviates the R&D financing constraints of small and medium-sized enterprises.The bank-enterprise relationship has a significant difference in the R&D financing constraints of small and medium-sized enterprises with different ownership.The bank-enterprise relationship can significantly alleviate the R&D financing constraints of state-owned enterprises and private enterprises.The bank-enterprise relationship has significant differences in the R&D financing constraints of SMEs in different growth stages.The bank-enterprise relationship can significantly alleviate the R&D financing constraints of enterprises in the mature stage and the growth stage.However,the alleviating effect of the bank-enterprise relationship on enterprises in the mature stage is not as significant as that of enterprises in the growth stage.The bank-enterprise relationship has significant differences in the R&D financing constraints of small and medium-sized enterprises of different industrial categories.The bank-enterprise relationship can significantly alleviate the R&D financing constraints of traditional enterprises,but the alleviating effect is not significant for high-tech enterprises.Finally,based on the research results and combined with the reality of small and medium-sized enterprises,this paper puts forward the following four Suggestions: Strengthen the enterprise information disclosure system,improve relevant laws and regulations;Guide Banks to conduct distributed "blood transfusion" for SMEs,solve the problem of high real interest rate caused by high risk premium;We will strengthen the financial system and vigorously develop small and medium-sized financial institutions and non-state-owned financial institutions;Reduce government intervention and give full play to the role of market mechanisms.