Corporate Transparency,Financing Constraints And Corporate R&D Investment

After the 18 th National Congress of the People's Republic of China,China comprehensively implemented the innovation-driven development strategy and made independent innovation and technological progress a new source of China's economic growth.As a leader in the research and development of the entire society,corporate R&D and innovation activities have received more and more attention.However,the development of China's financial market is still imperfect.There is a wide range of information asymmetry and incomplete information in the market,which increases the financing difficulty of listed companies and inhibits the enthusiasm of companies to invest in R&D.How to solve the problem of information asymmetry in the market,create a good market environment for corporate R&D activities,and enable valuable companies to receive more support from investors are of real significance.Based on the theory of signal transmission theory,dual agency theory and the effective capital market hypothesis,this paper deeply analyzes the connotation of the company's concept of transparency and its role in the R&D input intensity of the company.It combines the process of information transfer and conversion in the capital market.Disclosure quality,market attention,marketization,and institutional development level are three aspects to measure corporate transparency,and comprehensive indicators for designing company transparency are integrated to evaluate the impact on corporate R&D investment.At the same time,in order to further explain the role of corporate transparency in corporate R&D input intensity,this paper incorporates financing constraints into the research framework,analyzes the mediating effects of financing constraints in this process,and constructs an analysis of the impact of corporate transparency on corporate R&D investment model.This article selects 2013-2016 China A-share GEM listed companies as research samples.First of all,it examines the impact of corporate transparency on R&D investment.The empirical results show that the quality of information disclosure,investor attention,marketization and system development level and the company The comprehensive indicators of transparency are significantly positively correlated with the strength of R&D investment,which shows that increasing corporate transparency has a significant role in promoting the R&D and innovation investment of listed companies.Further,we examined the mediating effects of financing constraints.The results show that the financing constraint index is significantly positively correlatedwith R&D input intensity;the information disclosure quality,investor attention,transparency,and transparency indicators are significantly positively correlated with the financing constraint index,marketization,and institutionalization.The level of development has no significant impact on the Financing Constraints Index;after the Financing Constraints Index is added,the quality of information disclosure does not have a significant explanatory power on the strength of R&D investment.The degree of investor concern and the comprehensive index of transparency have a significant impact on R&D investment.This shows that improving the quality of information disclosure completely affects corporate R&D investment by mitigating financing constraints;raising investors' concern can be bridged by financing constraints,and can also directly promote corporate R&D investment;increasing marketization and institutional development level does not pass mitigation financing.Constraints affect corporate R&D investment.Overall,financing constraints have a significant mediating effect in the process of corporate transparency's impact on R&D input intensity.Enhancing corporate transparency can facilitate corporate R&D investment by mitigating financing constraints.