Research On The Effect Of Financial Development On Enterprises' R&D Financing Constraints

The gradual deepening of the process of global economic integration makes China's rapid economic development while also facing a severe challenge of transformation and upgrading.In his report to the 19 th national congress of the communist party of China(CPC),general secretary Xi Jinping made it clear that "innovation is the primary driving force for development and the strategic support for building a modern economic system".Enterprises are the main force to accelerate technological progress,and their own technological innovation ability and competitiveness in the industry can be reflected to some extent by R&D innovation investment,so it is of great significance to increase the R&D investment of enterprises for the rapid economic development of a country.In terms of the factors affecting the R&D investment of enterprises,in addition to the internal factors of enterprises,external financing environment factors should not be ignored.In recent years,the gradual improvement of China's financial development makes more and more scholars in China pay more attention to the impact of financial development on enterprise R&D,now to external financing environment point of view of corporate R&D activities in the face of financing constraints and financial development's influence to the enterprise R&D financing constraints,focuses on the financial development characteristics of different enterprise R&D financing constraints influence differences,to provide new ideas for enterprise development,rich financial development and R&D financing constraints related research.In order to study the relationship between financial development and enterprise R&D financing constraints in the context of China's financial market,on the basis of sorting out and referring to relevant domestic and foreign literature,this paper first defines the core concepts of financing constraints and financial development,and analyzes the status quo of enterprise R&D and financial development in China.Financial development on the basis of theoretical analysis of the impact of enterprise R&D financing constraints,based on the above theory and analysis of the hypothesized,will China's Shanghai and shenzhen A shares in 2014-2018 main board and small and medium-sized board listed companies as research samples and empiricalregression analysis with multiple linear regression model,and the research of listed companies whether R&D financing constraints problems,financial development can ease the R&D financing constraints existing in enterprise and promote enterprise R&D activities into,and focuses on financial development,respectively,with different size,different ownership,the differences of different areas of the enterprise effect,In order to alleviate the financing constraints,to ensure that enterprises have sufficient funds to support R&D innovation activities,to promote the development of enterprises.After the research,the following conclusions are drawn :(1)the research and development of enterprises in China is generally faced with financing constraints,it is difficult for enterprises to obtain external financing,which has a certain impact on the research and development of enterprises;(2)with the improvement of financial development level,the constraint problem of enterprise R&D financing can be alleviated;(3)compared with largescale enterprises,financial development can alleviate the R&D financing constraints of small and medium-sized enterprises more;(4)financial development can alleviate the constraint of R&D financing of non-state-owned enterprises,which is not obvious to the performance of state-owned enterprises;(5)the relatively higher financial development level in the eastern region makes enterprises invest more in R&D,while the relatively lower financial development level in the central and western regions has no significant impact on enterprises' R&D investment.