Research On The Financial Factors Affecting R&D Of High-tech Enterprises

Since the 1980 s,China's high-tech enterprises have gradually developed.High-tech enterprises have some deficiencies in investment in R&D,and their ability of scientific and technological innovation is lagging behind.Based on the internal financial aspects of the company,this thesis explores the relevant financial factors affecting the R&D of high-tech enterprises.Based on the relevant financial data and R&D data of China's GEM high-tech enterprises from 2012 to 2017,this thesis carries out qualitative analysis and empirical research on high-tech enterprises based on financial factors.Through the four financial aspects of asset quality,profitability,risk level and development ability,this thesis makes a research on the high-tech enterprises in the GEM,and uses the multiple regression method in the empirical part.The results reveal that the asset liquidity of high-tech enterprises has a significant impact on current R&D investment.In addition,the reduction of risk level is conducive to current R& D investment.The impact of financial factors on R&D investment of high-tech enterprises also lags behind.The conclusion of the empirical part of this thesis is verified by robustness test.The innovative perspective of this thesis provides a new way of thinking and research direction for the follow-up research and development investment.