Research On The Influence Of R&D Input On The Investment Efficiency Of Manufacturing Enterprises Under The Regulation Of Financing Constraints

At this stage,China's economy is undergoing transformation.The shortage of high-end products in the supply system and the surplus of low-end products have forced the Chinese economy to gradually shift from the demand-side to the supply-side structural reform.On the one hand,the reality of overcapacity is in urgent need of change.How to achieve high efficiency of capital investment and improve the productivity of total factor are needed to be resolved.On the other hand,the lack of supply of high-end products reflects the imbalance of China's industrial structure,indicating the necessity of technological innovation activities.The report of the 19 th National Congress of the Communist Party of China clearly pointed out that the focus of economic development should be placed on the real economy and accelerating the development of advanced manufacturing industries.The manufacturing industry is in urgent need of relying on the improvement of independent innovation capabilities and investment efficiency to upgrade the industrial structure and promote structural reforms on the supply side in China.In addition,micro-studies have shown that financing constraints can significantly affect investment behavior,so whether the relationship between R&D investment and investment efficiency changes under different financing constraints is also worthy of further discussion.This paper firstly sorts out the limitations of existing research by combing the research literature at home and abroad,and obtains the research perspective of this paper.Secondly,the related concepts are defined and the relevant theoretical foundations are expounded.After theoretical analysis,the theoretical framework of R&D input-financing constraints-investment efficiency is constructed and relevant assumptions are put forward.Thirdly,taking the 2014-2017 A-share manufacturing listed company as a research sample,the data envelope BCC model is used to quantitatively measure the investment efficiency of listed companies in the manufacturing industry.Using descriptive statistics,correlation analysis,multiple regression analysis and robustness test and other methods test the impact of R&D investment on the investment efficiency of enterprises under the constraint of financing,and with it the draw of regulatory effect of financing constraints on the relationship of �R&D input and investment efficiency� is described.The empirical results show that:(1)There is a significant U-shaped relationship between R&D investment and corporate investment efficiency in manufacturing enterprises.When R&D investment has just started,with the increase of R&D investment,investment efficiency will decline.Only when R&D investment is accumulated a certain scale will promote the investment efficiency of enterprises,and the promotion effect of manufacturing R&D investment has a certain accumulative effect and threshold effect.(2)Financing constraints play a negative regulatory role in the U-shaped relationship between R&D investment and corporate investment efficiency.When manufacturing listed companies have strong financing constraints,the U-shaped relationship between R&D investment and investment efficiency will be affected significantly weakened.The research conclusions of this paper have certain guiding significance for deep understanding of corporate R&D investment behavior and improving corporate investment efficiency.