Research On The Effect Of Technology And Finance To High-tech Enterprises R&d Investment

High-tech enterprises are the main body of scientific and technological innovation,but the research and development activities have the characteristics of high risk and long cycle,which makes the research and development investment of high-tech enterprises extremely vulnerable to financing constraints.The deep integration of technology and finance also creates opportunities for the development of technology enterprises and technological innovation.The development of science technology and finance brings enterprises not only the satisfaction of capital,but also the inclination of policies and systems.The development of science and technology finance dredged financing channels for high-tech enterprises and improved market competition mechanism,thus promoting the improvement of corporate governance structure and stimulating the enthusiasm of science and technology enterprises in innovation.This paper uses four basic theories:the theory of investment and technological innovation,the theory of enterprise resource base,the theory of competitive market and the principal-agent theory,analyzing the influence of the development of science and technology finance on the r&d investment of high-tech enterprises from three channels,the effect of capital supply,the effect of inclusive competition and the effect of corporate governance.Due to the different development goals and policy orientations of state-owned and non-state-owned science and technology enterprises,the main effects of science and technology finance on r&d investment are also different.In the construction of science and technology finance indicators,seven related indicators are derived from the three perspectives of science and technology financial resources,science and technology financial expenditures and science technology financial output,and the development index of science and technology financial in various regions of China is measured and used for empirical analysis.In the empirical analysis part,financial data of 420 high-tech enterprises on the small and medium enterprise board and growth enterprise market from 2013 to 2017 were used to test the mediating effect model based on Bootstrap method.The empirical results show that the indicators of executive compensation incentive of capital supply effect,competition effect and corporate governance effect all pass the test of intermediary effect model,which significantly increases the investment in enterprise research and development,while the indicators of ownership structure of corporate governance effect fail the test.Firstly,technology and finance help enterprises to expand financing channels,increase the supply of enterprise funds,and alleviate financing constraints faced by enterprises.Secondly,the universality of science and technology finance intensifies the competition in the product market,thus affecting the level of enterprise research and development investment.Finally,science technology and finance can improve a company’s governance capability and efficiency,thus reducing regulatory costs,diversifying investment risks,and increasing investment in research and development.The cross-term multiple regression model was further constructed to test the different conduction effects of state-owned and non-state-owned science and technology enterprises,and the results showed that the promotion effect of science and technology finance on enterprise research and development investment was more significant for state-owned science and technology enterprises.Mainly through the capital supply effect and the corporate governance effect produce positive influence,suppresses the state-owned enterprise r&d competition effect,this is because due to the product market competition,the enterprise research and development of expected income reduce motivation is greater than its to maintain leading position increased investment in research and development.The main transmission path of non-state-owned enterprises is the effect of capital supply and the effect of inclusive competition,both of which are positive effects.