Research On The Impact Of Financial Flexibility On R&D Investment Of GEM Listed Companies In China

With the growing prosperity of the country,science and technology have also ushered in remarkable development,and the era of knowledge economy has come.How much investment in scientific and technological research and development has become an important driver of economic growth.For scientific research enterprises,investment activities have a profound impact on the internal cash flow of enterprises,and play an increasingly important role in the daily operation of enterprises.Good investment activities can create great value for enterprises.Therefore,whether it is for the profit at the present stage or for the future development competitiveness,enterprises are bound to increase investment in science and technology,capital investment and human investment.As an important strategy of financial management and the relationship between financial flexibility and R&D investment of high-tech enterprises,enterprises pay more and more attention to financial flexibility.Financial flexibility is a kind of management mode that refers to the uncertainty in the capital operation and financial activities of an enterprise and the dynamic implementation of financial management.The main sources are excess cash holding and relatively low financial leverage,which help enterprises quickly identify risks and grasp investment opportunities in time,so as to prevent risk impact and maximize the interests of enterprises.Throughout the existing research at home and abroad,the research on the relationship between financial flexibility and R&D investment of enterprises is very scarce.Therefore,based on the existing related theoretical research,this study further systematically combs the related literature of financial flexibility and R&D investment of enterprises,discusses the mechanism of the relationship between financial flexibility and R&D investment,and takes the financing constraints and the integration of two functions as the adjustment variables of the paper,Taking enterprise scale and ownership concentration as control variables,this paper constructs a multiple regression model,and uses STATA statistical analysis software to empirically examine the relationship between financial flexibility and R&D investment,as well as the effect of financing constraints and integration of two functions on R&D investment On the one hand,I hope to prove the important role of financial flexibility in enterprise risk management by enriching the research of financial flexibility theory;on the other hand,I hope to improve the financial flexibility reserve awareness of GEM listed companies in China,and provide new ideas for the innovation and development of gem enterprises and the promotion of enterprise value,so as to promote the better and faster development of enterprises in China.