Financial-Industrial Integration And Firm’s R&D Innovative Ability

R&D innovation is the key to improve the market competitiveness of enterprises and accelerate the construction of an innovative country.Long-term large-scale capital demand hinders corporate R&D investment.The transformation of R&D investment achievements requires financial support,technical capital,human capital,financial capital and other supports.According to the needs of industrial development,the financial layout can solve the financial needs of the enterprise development process.Although many companies pay attention to the development of the combination of industry and finance,the R&D and innovation capabilities are quite different.At present,the industry-finance enterprise is divided into two categories.Most of them are still in the initial stage of holding external financial institutions,obtaining short-term financing facilities.Some companies have established financial subsidiaries,allocating internal financial capital to serve long-term development strategies such as R&D investment.What are the different driving forces for R&D and innovation of different types of industry-finance integration enterprises?This article divides the combination of industry and finance into cooperation type and internal setting type,taking the data of SME and GEM listed companies from 2010 to 2017 as a sample.Using PSM and multiple regression analysis,the paper explores the impact of different types of industry-finance integration on an enterprise’s R&D and innovation capabilities.This article first sorts out relevant literature on R&D and innovation outputs,financial-Industrial Integration and R&D innovation,finding that only effective R&D investment can promote innovation outputs.Since external financial institutions holding shares have limited access to financial resources,there is no consensus on whether the combination of industry-finance integration can effectively improve R&D and innovation.Then,it explains the necessity of research through theoretical analysis.First,according to the resource-based theory,financial resources and R&D capital are important strategic resources that are extremely valuable and difficult to imitate.Second,according to the principal-agent theory,corporate managers are prone to make heterogeneous decisions on R&D investment under-investment and excessive R&D investment due to their own interests.Third,according to the information asymmetry theory,it is difficult for external financial institutions to obtain specific information about R&D investment,making it more difficult for companies to use external financial resources.According to the combing literature and theoretical analysis,two levels of research hypotheses are proposed.Compared with the cooperative industry-finance combination,the internal industry-finance integration has a two-way adjustment effect on the heterogeneity of R&D investment.The internal industry-finance integration can promote innovation output by adjusting R&D investment heterogeneity.Empirical research validates the research hypothesis and increases the reliability of the research conclusion through the robustness test.The main conclusions include:①The heterogeneity of excessive investment in R&D of industry-finance integration enterprises is more serious.And most of them are in the cooperation of industry-finance integration.There.are few internal industry-finance integration enterprises,and the innovation output is quite different.②Compared with the cooperative industry-finance integration,the intern al type has a two-way adjustment effect on R&D investment heterogeneity.Not only can alleviate insufficient R&D investment,but also control excessive R&D investment.③The internal industry-finance integration promotes innovation output by adjusting R&D investment heterogeneity.Policy recommendations are proposed based on mutual evidence of factual verification and motivation verification,First,companies should avoid R&D investment heterogeneity,based on objective investment forecasts.Then,according to the needs of industrial development,it is necessary to play a role in regulating different types of combination of industry and finance.In addition,the government should introduce industrial policies to support the types of industry and finance combination at different stages of development.