Research On The Influence Of Financing Constraints And Financing Methods On R&D Investment Of Civil-military Integrated High-tech Enterprises

Enterprises are the main body of technological innovation,and their research and development investment is an important guarantee for the realization of technological innovation.In the implementation of the national strategy of civil-military integration,the civil-military integrated high-tech enterprises has become an important force to promote the innovative development of our country.The civil-military integrated high-tech enterprises has the characteristics of high investment,high technology,high innovation,high growth and high risk and so on,so they have higher requirements for technological innovation and greater demands for research and development funds.However,due to the existence of information asymmetry and agency costs,as well as the existing multiple factors such as bank credit policy,stock market entry threshold and management system,civil-military integrated high-tech enterprises still face severe financing constraints,which will have a impact on R&D investment directly.If we raise money with the help of different financing methods,favorable conditions will be created for the investment of research and development funds,and to a certain extent,the dilemma of financing constraints will be alleviated,so as to eliminate the adverse impact of financing constraints on the R&D investment.Through the research on the influence of financing restriction and financing methods on the R&D investment of civil-military integrated high-tech enterprises,this paper makes a comprehensive and in-depth analysis on the financing constraint situation and financing preference faced by them.which is good for us to explore and find out the effective path to improve the R&D investment of civil-military integrated high-tech enterprises,it is of great practical significance for civil-military integrated high-tech enterprises to promote the ability of independent innovation and realize the high-quality development.With regard to the research on the influence of financing constraints,financing methods on corporate's R&D investment,scholars at home and abroad have obtained some research results,which provides theoretical evidence and methodological references for this article.However,the research on the influence of financing constraints and financing methods on R&D investment has been focused on high-tech enterprises,manufacturing enterprises,industrial enterprises and innovative enterprises respectively,but there is a lack of research on the civil-military integration enterprises,and a lack of empirical evidence in the study of the influence that financing methods,financing constraints do to R&D investment of civil-military integrated high-tech enterprises.Based on the above reasons,this paper chooses the influence of financing constraints and financing methods on R&D investment of civil-military integrated high-tech enterprises as the entrance,its goal is to seek a breakthrough in the path selection of promoting civil-military integrated high-tech enterprises' R&D investment,which provides a basis for the government and relevant management departments to formulate scientific financial service policies,and provides practical guidance for the R&D investment's implementation of civil-military integrated high-tech enterprises.This paper takes the civil-military integrated high-tech enterprises as the research object,selects 2011-2017 as the research interval,and pickes up 56 civil-military integrated high-tech enterprises as research samples,then builds a regression model based on its financial data and finally uses the generalized moment estimation method of two-step system to carry on the empirical research.The main contents are as follows: firstly,based on the theory of information asymmetry,principal-agent and financing constraints,this paper analyzes the reasons of financing constraints in civil-military integrated high-tech enterprises from the theoretical level and its possible financing preference from the point of view of optimal order financing theory,which lays a solid theoretical foundation for empirical analysis.Secondly,In order to study the impact of financing constraints on R&D investment and the mitigation effects of different financing methods,we select four financial indexes,including the ratio of assets to liabilities,financial slack,the ratio of net working capital to total assets,and the ratio of market value to book value,and use the Logistic model to construct the financing constraint index of civil-military integrated high-tech enterprises,which makes the financing constraint indexation and concretization.Thirdly,on the basis of theoretical analysis,an empirical model is established,in which R&D investment are regarded as a dependent variable,financing constraints,internal cash flow,equity financing,debt financing,and government subsidies as independent variables,the interactive items between different financing methods and financing constraints are used as adjustment variables,in addition to this,we also control the company growth,investment opportunities and corporate revenue,then the selected variables are analyzed by descriptive statistics and correlation test,the empirical test results are analyzed in detail as well.Fourth,according to the theoretical and empirical analysis,some suggestions are put forward from the aspects of mitigating financing constraints,increasing financing methods and strengthening management of internal cash flow.Through the empirical study,this paper draws the following conclusions: the R&D investment of civil-military integrated high-tech enterprises is affected by its previous period,so it is necessary to maintain the continuity of R&D investment.At present,there are general financing constraints in R&D investment of civil-military integrated high-tech enterprises,and it will restrict the R&D investment of enterprises.Internal cash flow,equity financing,debt financing and government subsidies play a positive role in supporting R&D investment of civil-military integrated high-tech enterprises,in which internal cash flow plays the most important role in R&D investment,and debt financing second,the supporting effect of equity financing is relatively small.Otherwise,equity financing,debt financing and government subsidies also plays a certain role in alleviating financing constraints.Therefore,from the angle of financing restriction and financing mode,this paper puts forward some policy suggestions to solve the problem of R&D investment of civil-military integrated high-tech enterprises,including establishing and perfecting the financing service system,constructing civil-military integration information sharing platform and strengthening the enterprises' dynamic management of internal cash flow and so on.