Research On The Influence Of Financial Elasticity On R&D Intensity From The Perspective Of Life Cycle Case Of Strategic Industries In Shenzhen

The 19 th National People's Congress,held in October 2017,put forward that innovation is the primary driving force for development and the strategic support for building a modernized economic system.In the face of the fact that China's economy has shifted from a stage of rapid growth to a stage of high-quality development,and to meet the realistic requirements of a new round of economic globalization,we need to comprehensively guide innovation and construction,and turn China from an economic power to an economic power.After trump took office,the United States conducted frequent trade investigations into China.The main characteristics of trade investigations are reflected in the passivity of product selection and the initiative of trade investigations.Shenzhen has been negatively affected by the us trade investigations into China in terms of commodity and geographical linkage.Therefore,the fundamental way out for shenzhen's economic development is to accelerate the transformation and upgrading of enterprises,stimulate the main innovation power of enterprises,and promote the transformation of economic development mode.Strategic emerging enterprises mainly carry out technological innovation by investing R&D capital,so the degree of attention influence the success of innovation of strategic emerging enterprises.As an organic individual,the development of an enterprise must go through a certain stage of its life cycle.In order to achieve the goals of the enterprise,effective actions can be taken according to the life cycle characteristics.In this paper,the data of 102 listed companies in strategic emerging industries in shenzhen from 2014 to 2017 were selected,and the enterprises were divided according to life cycle by using Dickinson cash flow combination method.Five indexes were selected to construct the financial elasticity index system,and the level of financial elasticity was measured by principal component analysis.A multivariate linear regression model was constructed to study the influence of financial elasticity of enterprises with different life cycles on R&D intensity.The final conclusions are as follows :(1)in the strategic emerging industries of shenzhen,the financial resilience levels of enterprises in different life cycles are significantly different;(2)financial elasticity is the influencing factor of enterprise R&D intensity,and there is a significant linear relationship between them,that is,with the increase of enterprise financial elasticity,enterprise R&D intensity increases significantly;(3)the financial elasticity of listed companies in the growth and decline stages of strategic emerging industries in shenzhen has a more significant impact on the R&D intensity of enterprises than that in the mature stage.Therefore,this paper suggests to increase the R&D activities of enterprises in the mature stage,strengthen the promoting effect of financial elasticity on the R&D,and guide enterprises in stage to use financial elasticity to strengthen the R&D intensity of enterprises.