Research On Financing Constraints,R&D Investment And Performance Of High-Tech Enterprises In China

With the continuous development of the scope of economic globalization and the continuous infitoation of knowledge economy,R&D activities play an irreplaceable role in promoting the core competitiveness of enterprises and promoting the sustainable development of industrial economy in a country or region.Science,technology and innovation have increasingly become the main melody and strategic means to improve the competitiveness of the country,and as the main body of scientific and technological innovation,the gap between China and developed countries in the intensity of investment in R&D is still very large,and the financing channels of funds are restricted.It has seriously affected the development of R&D and innovation activities of enterprises.Therefore,it is very necessary to explore the financing channels of R&D investment of enterprises,and analyze the mechanism of the impact of enterprise performance when enterprises face financing constraints.Through financing constraints,R&D investment and corporate performance of the correlation between the impact mechanism,this paper believes that the lack of R&D investment capital constraints on enterprise performance.The channel of R&D investment funds is mainly influenced by internal financing and external financing.After fully analyzing the present situation of R&D investment and financing in China and the innovation status of high-tech enterprises,this paper combines the theory of information asymmetry,the basic theory of resources,and the current situation of R&D investment and financing.Based on the principal-agent theory and cash holding theory,this paper discusses how financing constraints affect the performance of high-tech enterprises in China.Finally,taking the high-tech listed companies disclosed in Shanghai and Shenzhen stock markets from 2013 to 2017 as data samples,the financing constraint index is constructed by multiple discriminant method.In order to investigate the difference of financing constraint degree of R&D investment in different property rights and different enterprise sizes,the sample is divided into four sub-samples,which are state-ownedenterprises,non-state-owned enterprises,mature enterprises and growing enterprises,and they are state-owned enterprises,non-state-owned enterprises,mature enterprises and growing entexprises.Finally,the paper empirically tests the influence of financing constraints on R&D investment of high-tech listed companies in China.The results show that:firstly,there are financing constraints in R&D investment of listed companies of high-tech enterprises in China,and the internal cash flow is mainly used to alleviate the problem of financing constraints.Moreover,non-state-owned enterprises and growing enterprises are more affected by financing constraints.Secondly,there is a negative correlation betweae R&D investment and financing constraint index,that is,the production of financing constraints affects the lack of R&D investment of enterprises.Thirdly,there is a positive correlation between R&D investment and enterprise performance.With the development of lag,this positive correlation will gradually increase.Fourth,there is a positive correlation between financing constraint and enterprise performance,and the promotion effect of high financing constraint group is more obvious than that of low financing constraint group.