Research On Financing Constrainta And Alleviation Paths Of R&d Investment Of Small And Medium-sized Enterprises In China

In 2022,Li Keqiang’s government report pointed out that "deeply implement the innovation-driven development strategy,continuously promote technological innovation,promote industrial optimization and upgrading,break through supply constraints,and rely on innovation to improve the quality of development." Highquality innovation is not only the strategic support for the country’s sustainable development,but also the most important factor for the high-quality development of small and medium-sized enterprises as the main body of market innovation.In view of the fact that the sustainability of innovation of small and medium-sized enterprises in my country is highly dependent on R&D investment,in the case of limited internal resources,external funds are an important source of R&D investment,but financing constraints have always been a "stuck" problem for small and medium-sized enterprises.In order to relieve the financial pressure of my country’s small and medium-sized enterprises,reduce the cost and risk of their R&D innovation,stimulate the vitality of independent innovation of small and medium-sized enterprises,and improve their core competitiveness,the state and local governments have made unremitting efforts in industrial policies and actively cultivated "specialized,specialized and innovative".Enterprises have given strong support in terms of funds,talents and incubation platform construction.However,there is still controversy in the industry about the effect of industrial policy on the financing constraints of SMEs’ R&D investment,especially the research on local industrial policy needs to be further explored,so this research will focus on this issue.This paper takes A-share listed SMEs as research samples,excluding ST,*ST and financial enterprises and the remaining 1088 SMEs after data missing samples as sample data,using industrial organization theory,information asymmetry theory,credit rationing theory and Signaling theory is the theoretical basis to deeply explore the relationship between financing constraints of SMEs,local industrial policies and R&D investment.Through sample analysis and empirical test,it is concluded that:(1)The financing constraints of SMEs have an inhibitory effect on their R&D investment;(2)Local industrial policies can help alleviate the inhibitory effect of financing constraints on SMEs’ R&D investment;(3)Local industrial policy mainly indirectly adjusts the inhibitory effect of financing constraints on R&D investment of SMEs through resource effects and information effects;(4)Through the heterogeneity test of enterprise property rights attributes,it is found that compared with state-owned SMEs,local SMEs are more efficient.Industrial policies play a greater role in alleviating the financing constraints on R&D investment of non-state-owned SMEs.In addition,according to the analysis of regional heterogeneity,compared with the eastern region,the central and western regions,especially the western region,have more obvious adjustment effects of local industrial policies;(5)In the heterogeneity analysis of the resource effect intermediary mechanism test,the resource effect is obtained.The mediating role of SMEs is more pronounced among non-stateowned SMEs and SMEs in the eastern and central regions.The mediating effect of the information effect is significant in non-state-owned SMEs,and the mediating effect of the information effect in the eastern region is stronger than that in the central and western regions.