Research On The Impact Of Financing Constraints On R&D Investment Of SMEs

With the rapid changes in the economic situation at home and abroad,China's economic development faces unprecedented challenges and potential risks.On the one hand,the total world demand has slowed down overall,and the economic structure has entered a stage of deep adjustment.On the other hand,China's economic growth is facing the double test of the gradual loss of various dividends and the slowdown of normality,making the traditional economic growth model of investment-driven and scale expansion unsustainable.Coupled with the rise and development of current strategic emerging industries and the increasingly fierce international innovation-driven competition,they all put more urgent demands on the internal upgrading of China's economic development mode and industrial structure.Therefore,technological innovation as the most important and direct way to enhance the overall competitiveness and economic growth of a country has received increasing attention.In general,enterprise technology research and development is the main force of innovation,and technology-based SMEs are among the most dynamic groups.Although the scale of SMEs is generally small,the R&D strength is not as good as that of large companies.However,due to its large quantity,wide industry involved,relatively low R&D cost,and the ability to flexibly adapt to market demand and other advantages,its R&D advantage can not only improve China's scientific and technological innovation research and development level,but also innovation.The effective promotion of the driving development strategy also plays an invaluable role.At present,the innovative R&D process of China's science and technology small and medium-sized enterprises still faces the dilemma of lack of funds and shortage of technical personnel,and the lack of R&D funds is still the most urgent and easiest problem for SMEs.Therefore,how to stimulate the technological innovation activities of small and medium-sized enterprises through technology to solve the problem of financing constraints is particularly important.This paper takes the scientific and technological small and medium-sized enterprises,which are important participants in China's scientific and technological innovation,as the research subject.On the basis of summarizing the existing research results,through the relevant theoretical basis and current situation,we find the characteristics and major problems of R&D investment of SMEs.And taking the start-up enterprises in the time span of 2009-2017 as a sample,the following conclusions can be drawn from the empirical evidence based on the verification of the empirical evidence:(1)China's GEM SMEs' R&D investment still faces financing constraints as a whole,that is,the higher the degree of financing constraints,the more obvious the “extrusion” effect of enterprise innovation R&D.(2)Different financing constraints,the financing methods preferred by R&D investment are different.The debt financing of the high-funding group has no significant impact on the R&D investment of enterprises,and at the same time it shows a high internal financing estimation coefficient.(3)Although government subsidies play an important role in promoting R&D investment,the “induction ” effect of government subsidies to be studied through model construction is not significant,It shows that the effect of relying solely on the support of government funds on the induction of innovation and investment in enterprises is still very limite.