Research On The Influence Of Financing Constraints On R&D Investment In Strategic Emerging Industry Listed Companies

At present,China's economy has shifted from a high-speed growth stage to a high-quality development stage.Growth momentum has shifted from labor and capital to technological innovation.As is well known,innovation is inseparable from Research and Development(R&D).In recent years,China's R&D expenditure has grown rapidly and its scale is currently quite large.However,compared with the United States and Japan,the intensity of R&D in China is still significantly insufficient.Strategic emerging industries,which the state gives priority to support and develop,are based on major development needs and major technological breakthroughs,and plays an increasingly important role in enhancing China's scientific and technological strength and overall innovation level.Since the "Thirteenth Five-Year Plan" period,the scale of strategic emerging industries has continued to expand,with strong growth in key areas,continuous improvement in innovation capabilities,and outstanding development achievements.However,it also exposed some inevitable problems and challenges,such as insufficient core technical capabilities of the industry,and financing difficulty in private firms and SMEs.R&D investment is more vulnerable to financing constraints due to its characteristics of high uncertainty,high adjustment costs and lack of guaranteed collateral.Based on this,this article takes strategic emerging industry listed companies as the research object,focusing on the analysis of financing constraints and its impact on corporate R&D investment.On the basis of reviewing and summarizing previous research results,this article first examines the related theories of financing constraints and R&D investment and discusses the formation and performance of financing constraints,and the relationship between financing constraints and corporate innovation.At the same time,summarize the mechanism of financing constraints affecting R&D investment.Later,describe the current situation of R&D investment and financing environment from China's macro perspective and Strategic Emerging Industry perspective,and reveal the existing problems.Then,with the financial data of 898 strategic emerging industry listed companies from 2014 to 2018,a multivariate discriminant analysis method was used to construct financing constraint indicators(FCI)for strategic emerging industry listed companies.Taking it as explained variable,construct an empirical regression model to study the relationship between financial constraints and the scale,intensity and volatility of R&D investment,explore the impact of financing constraints and financing channels on R&D investment under different property rights.Finally,according to the empirical conclusions,propose the suggestions to alleviate the financing constraints of strategic emerging industries and improve the R&D investment level of enterprises.