Empirical Study On Financing Structure And Enterprise R&D Investment

At present,China's economy has turned from high-speed growth to high-quality development,with an L-shaped economic trend.In 2016,2017 and 2018,the GDP growth rate was 6.6%,6.7% and 6.9% respectively.In this case,innovation-driven economic growth is particularly important.China has also proposed that innovation should be placed at the core position of the overall economic and social development.In addition,the supply-side structural reform has clearly put forward the requirement of "strengthening the weak board",so as to improve the independent innovation ability of enterprises.In this context,this paper focuses on whether the financing structure of Chinese listed companies will have an impact on the innovation behavior of enterprises.This paper deeply studies and analyzes the internal relationship between the financing structure of listed companies in China and the innovation ability of enterprises,so as to provide certain theoretical basis and policy reference for improving the independent innovation ability of Chinese enterprises and promoting the further development of China's capital market.Based on the empirical data of Chinese listed companies from 2011 to 2017,this paper divides the financing structure into internal financing and external financing.Among them,the internal financing is expressed as the net operation cash flow of enterprise.External financing is divided into equity financing,debt financing and government subsidies.The innovation input of the enterprise is represented by the research and development expense.The results show that the internal financing,equity financing and government subsidies of enterprises have a significant impact in promoting companies innovation investment,while the debt financing has no significant impact on the innovation investment intensity.What's more,this paper further studies the moderate effect of government subsidies on the relationship between financing structure and enterprise innovation,and finds that government subsidies can "stimulate" enterprises to use debt financing to raise enterprise innovation investment.In other words,government subsidy can effectively adjust the relationship between debt financing and enterprise innovation investment.Subsequently,this paper further studies the impact of government subsidies on high-tech enterprises and non-high-tech enterprises.The results show that government subsidies stimulate the high-tech industry more.Based on the above research conclusions,this paper proposes that to truly improve the independent innovation ability of enterprises,we should further deepen the reform of the capital market,further deepen the reform of the new third board market,improve the direct financing,and broaden the financing channels of entities.The government should also further increase the support to the entities,especially the high-tech enterprises,not only to give them appropriate subsidies,but also to provide policy support.At the same time,we need to ensure that the policies we have put in place are effective,such as financing guarantees,tax and fees reductions.