Reverse Mixed Reform,Financing Constraints And R&D Investment

Private enterprises occupy half of the market economy in our country,and face difficulties in financing,expensive financing and other bottlenecks while developing rapidly.In order to support state-owned capital to make equity investment in private enterprises through various forms,and to solve the financing constraints of private enterprises,the state council issued the opinions on state-owned enterprises to develop mixed ownership economy to promote the high-quality development of private enterprises.Previous studies have shown that financing constraints will significantly affect the R&D input of enterprises.So,can reverse mixed transformation alleviate the financing constraints of private enterprises and thereby increase their research and development investment? Is there a difference in the above relationship between eastern and western China? What role has management incentives played? The exploration of these issues is beneficial for enriching the research on reverse mixed transformation and expanding the relevant path research of private enterprise R&D investment.In order to explore the above issues,this paper selects listed private enterprises with mergers and acquisitions from 2012 to 2021 as sample data,sets private enterprises with state-owned capital as the acquirer and private enterprises with non-state-owned capital as the control group,and tests the mesomeric effect of financing constraints between reverse mix reform and R&D investment.In further research,the moderating effects of monetary compensation incentives and equity incentives on the relationship between reverse mixed reform and private enterprise R&D investment were explored.The results show that:(1)Reverse mixed reform can promote private enterprises to increase R&D input,which is especially obvious in eastern China,but not significant in western China;(2)Financing constraints inhibit the R&D input of private enterprises;(3)Reverse mixed reform can alleviate financing constraints,which is especially obvious in eastern China,but not significant in western China;(4)Financing constraints play a partial mediating effect between reverse mixed reform and private enterprises’ R&D input,indicating that reverse mixed reform can increase R&D input by easing financing constraints of private enterprises.This conclusion is especially obvious in eastern China,but not in western China.(5)Both monetary compensation incentive and equity incentive have a positive moderating effect on the relationship between reverse mixed reform and R&D input of private enterprises.On the basis of the above research conclusions,this paper puts forward policy suggestions from the perspectives of enterprises and the government to alleviate the financing constraints of private enterprises and increase the investment in R&D of enterprises.