Research On The Influence Of Financial Flexibility On Enterprise R&D Investment

As the main body of scientific and technological innovation,innovation vitality and innovation ability of the enterprises are a direct result of the overall quality of economic development.R&D investment is an important way for enterprises to improve their core competitiveness and obtain sustainable competitive advantage.In the uncertain environment where the market plays a key role in the allocation of resources,enterprises may face numerous risks in the course of operation,especially financial risks.With the rapid advance of technology and the huge space of industrial upgrading and integration,Chinese economy seems to have a lot of investment opportunities.Therefore,fiscal flexibility is related to the financing constraint and financing behavior,and then affects the enterprise investment behavior based on financing.How to rationally allocate financial resources of enterprises to deal with the uncertainty of the economic environment under the new normal state of the economy has become a problem that enterprises and academia are thinking about.In view of the actual situation of the Chinese capital market,this paper put forward the conclusions and policy recommendations from theoretical analysis to empirical analysis.In this paper,14792 samples in Cathay Security database from 2010-2017 were selected for descriptive statistics,and the current situation of R&D investment was analyzed.Finally,13853 samples were selected for empirical research.The conclusions of this paper were as follows:first,for the whole sample,the flexible monetary reserve can promote the investment of R&D activities.Second,the nature of equity can affect the relationship between budgetary flexibility and R&D investment.Compared with state-owned enterprises,fiscal flexibility in non-state-owned enterprises had a stronger role in promoting R&D investment.Thirdly,regional factors can affect the relationship between enterprise financial flexibility and R&D investment,and the financial flexibility of listed companies in developed(i.e.eastern)areas was more sensitive to the influence of R&D investment.Fourth,the nature of the industry will affect the relationship between fiscal flexibility and R&D investment.Compared with non-high-tech enterprises,financial flexibility played a more significant role in promoting R&D investment.Finally,on the basis of the conclusions of the study,this paper put forward several policy recommendations:first,to enhance the awareness of flexible financial management of enterprises,especially to solve the financing difficulties of small and medium-sized enterprises will also have a certain contribution;second,Optimize the allocation of enterprise financial flexible resources,suggest the government to give the opportunity of enterprise equity flexible reserve;third,perfect the internal control supervision mechanism and salary incentive examination mechanism of state-owned enterprise,prevent the management of state-owned enterprise from making use of the improper behavior of financial flexibility;Fourth,the government should combine science and technology with finance to provide financial support for scientific and technological innovation and increase bank financing channels.Fifthly,according to the enterprise's own situation,it should rationally formulate the enterprise's R&D strategy and determine the R&D investment funds.