The Impact Of Economic Fluctuation On The Periodicity Of R&D Investment Of Listed Companies

Under the background of the globalization of the world economic development,the technology competition is more and more intense,and the demand of enterprises for technology innovation is more and more urgent.The cultivation of enterprise innovation ability is mainly based on research and development(R&D).The investment of R&D cost is a kind of investment decision-making in essence.It is not only restricted by the internal factors of the enterprise,but also inevitably influenced by the macroeconomic environment.Based on the classic model of Aghion,this paper studies the periodicity of R&D investment of listed companies from two aspects: macroeconomic fluctuation and enterprise micro periodic fluctuation.It investigates the relationship between economic fluctuation and enterprise R&D investment in the short term,and analyzes the regulatory effect of financing constraints and technological opportunities on R&D investment periodicity.This paper takes the listed companies of non-financial industries in Shanghai and Shenzhen stock market from 2007 to 2018 as the research object,constructs the short-term unbalanced panel data,and uses the fixed effect model for empirical analysis.The results of empirical analysis show that the fluctuation of macro-economy and the fluctuation of market demand faced by enterprises are significantly negatively correlated with the R&D investment intensity of listed enterprises.The R&D investment is counter cyclical,that is,in the period of rapid economic growth,enterprises tend to reduce the R & D investment,and in the period of slow economic growth or economic recession,enterprises tend to increase the R&D investment 。 Further research on the regulatory effect of financing constraints and technological opportunities in the industry on economic fluctuation and R&D investment periodicity shows that financing constraints have a negative regulatory effect on R&D investment of enterprises,but they do not fundamentally change the periodicity of R&D investment of enterprises,but only reduce the degree of counter periodicity;and technological opportunities strengthen the R&D intensity of enterprises The counter cyclical nature makes enterprises more willing to increase R&D investment in the period of economic downturn.Through the robustness test on the sub samples of manufacturing industry,the conclusion is consistent with the total samples of all A-share non-financial industry listed companies.