New Three Board High-tech Enterprises Financing,r&d Investment And Enterprise Performance Research

As China's economic development enters the new normal,the country constantly lowers the threshold of enterprise registration,leading to the gradual growth of the number of small and medium-sized enterprises,which has become an important force for China's economic and social development.Currently,the new third board,with over 10,000 small and medium-sized enterprises,has become a very important part of China's capital market and an important capital place for many small and medium-sized enterprises to solve their financing problems.Scientific and technological innovation is another important factor for the survival and development of enterprises,while r&d investment is the beginning of technological innovation,which has positive significance for promoting industrial competitiveness.Enterprises can achieve technological innovation through research and development,but research and development activities not only have the characteristics of high risk,high investment and uncertainty,but also reduce the company's net profit.Combined with the optimal sequence theory of financing,enterprises first consider the internal surplus allocation of enterprises,then consider debt financing,and finally consider equity financing.Therefore,debt financing is one of the main financing methods for high-tech enterprises.Therefore,based on the new three board high-tech enterprises as the research object,from the micro level and financial perspective to analyze enterprise debt financing,the relationship between r&d investment and enterprise performance,the by changing the validity of the debt structure,increased investment in research and development to improve enterprise operating performance has a certain realistic guiding significance,research topics of this article.Based on the analysis of the status quo and influencing factors of new three board high-tech enterprises,this paper selects panel data of 162 new three board high-tech enterprises for 4 consecutive years from 2014 to 2017 as the research object,proposes empirical research hypotheses,and constructs relevant research model and robustness test model.The empirical analysis in this paper firstly makes a preliminary analysis of variables through descriptive statistics and correlation analysis.Since panel data contains section information and time information,in order to ensure the effectiveness of model estimation and avoid "pseudo-regression" of the model,this paper conducts the corresponding unit root test and panel co-integration test on panel data.The panel unit root test is used to determine whether the test variable is a stationary sequence or not.There are many methods to test the panel unit root.In this paper,several common test methods are selected,including LLC test,IPS test,fisher-adf test and fisher-pp test.Then,EView9.0 was used to conduct KAO panel co-integration test on the research model.Then,regression analysis of the panel data model was conducted around the research content,and the research hypotheses were verified one by one.Conclusions of this paper were drawn and Suggestions were put forward.Finally,aiming at the problems and deficiencies in the research process,the research prospect is proposed.