Analysis Of The Impact Of Financing Constraints And Uncertainty On Enterprise R&D Investment

Innovation driving has become a basic consensus of global economic development.Whether it is product innovation,technology innovation or management system innovation,it has become an important source of driving a country's economic development and improving its competitiveness in the global industrial chain.As the most important micro-institution of innovation in economic activities,enterprises are the core driving force for economic development.Enterprise Research and Development(R&D)investment not only determines the future competitive position of the company in its products and markets,but also plays an important role in promoting the optimization of economic structure and industrial transformation and upgrading.At the same time,the enterprise R&D investment levels have become an important indicator of an economy's ability to innovate.However,compared with enterprises in developed countries,China's science and technology level is relatively backward,and the level of enterprise R&D investment is generally in a lower position.At present,financing constraints on enterprise general investment are more concerned in China,and there are relatively few research on financing constraints on R&D investment.At the same time,there are fewer researches on enterprise R&D investment under financing constraints and uncertainties.This paper uses the data of listed companies in the manufacturing industry and information technology industry from 2012 to 2017 as a research sample.First,it focuses on the financing constraints of enterprise R&D investment.The empirical results show that there is a significant positive correlation between enterprise R&D investment and enterprise cash flow,indicating that there is widespread financing constraint in R&D investment in China;according to enterprise ownership,it is found that private enterprise R&D investment is subject to greater financing constraints than state-owned enterprises;The size of the enterprises is grouped,and it is found that the financing constraints of small and medium-sized enterprises' R&D investment are more significant than that of large-scale enterprises.Secondly,it initially examines the common impact of uncertainty and financing constraints on enterprise R&D investment,and finds that uncertainty will have a greater impact on enterprise R&D investment behavior.At the same time,it is found that compared with state-owned enterprises and large-scale enterprises,private enterprises and small and medium-sized enterprises are more sensitive to cash flow and uncertainty factors.