The Influence Of Financing Structure Of GEM Listed Companies On R&D Investment

General Secretary Xi pointed out that China's economy has entered a new normal: from element-driven to innovation-driven.To implement an innovation-driven development strategy,enhancing the enterprise's independent innovation capability is the key.This requires enterprises to continuously increase R&D investment to provide incentives for enterprise innovation.So how can we provide enterprises with efficient R&D investment? This requires research on the financing structure of R&D investment.Therefore,research on the impact of financing structure on R&D investment is a major issue,which is related to whether companies can successfully transform from factor-driven to innovation-driven.From the perspective of the Chinese market,R&D and innovation are more concentrated on the GEM.Scientific research and judgment on the relationship between the financing structure of GEM listed companies on R&D investment can promote the growth of R&D investment based on the efficient financing structure of GEM listed companies,thus promoting Listed companies on the GEM have improved the level of input and output of technological innovation.Scientific research and judgment on the relationship between corporate financing structure and R&D investment must be based on the perspective of the enterprise life cycle.The life cycle of an enterprise is the dynamic trajectory of enterprise development and growth.Based on the perspective of the enterprise life cycle,it can find a financing structure suitable for the development characteristics of the enterprise,thereby promoting the efficiency of enterprise R&D investment.The life cycle of an enterprise is the dynamic trajectory of enterprise development and growth.Different enterprises have different dynamic trajectories.The purpose of the research is to try to find an enterprise that can adapt to its characteristics,so that the enterprise finds a relatively superior model to maintain the development ability of the enterprise.To enable listed companies on the GEM to maintain an optimal level of financing for R&D investment based on their own characteristics,it is necessary to consider the life cycle of the enterprise.Under the above background,comprehensively sorted out the relevant theories and research results of R&D investment and financing structure,and found that in the past scholars have studied the relationship between the two statically,considering that there are few literatures on the life cycle of enterprises,and there is no further research on debt financing Subdivision study.In view of this,this article takes the enterprise life cycle as an entry point and uses the 2014-2018 GEM listed companies as a sample to comprehensively and deeply study the relationship between enterprise R&D investment and financing structure,and further divide debt financing into bank loans and commercial credit.The research content mainly includes:(1)The impact of endogenous financing,equity financing and debt financing of GEM listed companies on corporate R&D investment,explored the main sources of corporate R&D investment funds,and provided a theoretical basis for enterprises to carry out R&D and innovation financing;(2)The debt financing is specifically divided into bank loans and commercial credits.In-depth research on bank loans and commercial credits has a greater impact on corporate R&D investment,which provides reference for the optimization of debt financing of GEM listed companies;(3)Different Whether the life cycle corporate financing structure has the same effect on R&D investment,which provides a certain reference for R&D financing of GEM listed companies at different development stages;(4)Whether the financing structure of GEM listed companies in different industries will affect R&D investment Has different effects.The empirical results show that:(1)Endogenous financing and equity financing can significantly increase the level of R&D investment of GEM listed companies and is the main source of funds for corporate R&D activities.However,debt financing has higher costs and greater information asymmetry,which has a negative effect on R&D activities;(2)The debt financing is further divided,and it is found that neither bank loans nor commercial credit can promote the growth of R&D investment,but commercial credit It is more restrictive than bank loans to corporate R&D investment;(3)From the perspective of corporate life cycle,it is found that most of the listed companies on the GEM are concentrated in the growth period and maturity period.Rely on internal financing for R&D and innovation.For companies in the growth stage,debt financing has a significant inhibitory effect on corporate R&D investment,while equity financing has no significant impact on corporate R&D investment.Contrary to growth-stage enterprises,mature enterprises rely on equity financing for R&D investment,while debt financing has no significant inhibitory effect on corporate R&D investment;(4)The effect of financing structure of GEM listed companies in different industries on R&D investment Smaller.Based on the perspective of the enterprise life cycle,this paper reveals the mechanism of the impact of financing structure on R&D investment,and enriches the mechanism of financing structure on R&D investment.It has certain theoretical value.The research in this paper also has considerable application value:(1)The state should introduce policies to encourage enterprises to pay more attention to endogenous financing in R & D investment,enhance endogenous financing capabilities,and reduce debt risks;(2)The state should establish a platform to promote bank-enterprise cooperation to reduce information Symmetry,innovative risk investment models of banks and informal financial institutions;(3)Relevant government departments need to improve the risk management mechanism for the capital market,build platforms,develop angel financing,etc.in order to encourage more venture capital to enter the enterprise R&D investment to provide power and so on.