Research On The Impact Of R & D Investment On Sustainable Development Ability From The Perspective Of Financing Constraints

Innovative technology is an important key to whether enterprises can survive and sustain development in an increasingly fierce market competition.Enterprise innovation needs to formulate research and development strategies,and requires continuous research and development capital injection.Internal and external financing can be said that enterprises can sustain long-term research and development activities.The basic conditions.This paper will study the relationship between R&D investment and sustainable development capability under the condition of financing constraints.What is the impact of R&D investment on a company's sustainable development capability? How much impact is there? There is still a lot of controversy at the moment.This paper mainly discusses whether R&D investment has an impact on sustainable development capability.What is the impact? Is there hysteresis? Is there a difference in the relationship between R&D investment and sustainable development capability under different financing constraints? What is the specific difference?Through analysis and summary of domestic and foreign research on corporate financing constraints,R&D investment,corporate sustainability and technology innovation theory,information asymmetry theory,principal-agent theory and other relevant scientific research results,preliminary exploration of corporate financing constraints,R&D investment,sustainable The close relationship between development capabilities and the important role and mechanism of corporate financing constraints to improve the relationship between R&D investment and corporate sustainability.The relevant index data of listed companies in China from 2012 to 2017 were selected as experimental samples,and descriptive statistical analysis and correlation analysis were carried out on relevant experimental variables.Secondly,according to the logistic regression method,the financing constraint index is calculated,and the financing constraint factor is introduced.The empirical financing constraint regulates the relationship between R&D investment and the sustainable development capability of the enterprise.Analysis and use of experimental statistics can be used to show that the overall R&D project investment financing intensity and the company's sustainable development economic capacity are inverted U-shaped,and the enterprise R&D investment has a certain development lag on the actual impact of the company's sustainable development capability.Different financing constraints have positive adjustment effects on the relationship between R&D investment and corporate sustainability,and other experimental analysis conclusions.The innovation of this paper is mainly reflected in three aspects: First,this paper explores the relationship between R&D investment and sustainable development capacity under different levels of financing constraints through the regulation of financing constraints,and widens the research scope.Secondly,this paper uses five indicators to form a financial constraint index FCI to measure the strength of financial constraints,which avoids the one-sided single variable indicators,can more accurately measure the level of financial constraints,and further improves the accuracy of the research.Third,most of the scholars have come to the conclusion that R&D investment has a positive effect on sustainable development capacity,and few people have proposed that there is an inverted U-shaped relationship between them.