Financial Development, Corporate R&D Investment And High-quality Economic Developmen

Driven by the concept of high-quality economic development,the focus of China’s economic development has shifted from quantity to quality.Faced with the severe situation of the century’s changes and the century’s epidemic situation,China is still facing great downward pressure on the economy.How to promote high-quality development has become a hot topic at present.As the center of modern economy,financial development is an important way to effectively allocate funds,provide risksharing functions and reduce information asymmetry.Financial development provides enterprises with financing methods,reduces the cost of financing,broadens the channels of enterprise R&D investment,makes buyers and sellers and financial institutions more willing to participate in financing,greatly reduces the problem of enterprise financing constraints,and urges enterprises to increase R&D investment.Therefore,in the context of high-quality development,the relationship between financial development,enterprise R&D investment and high-quality economic development is a question worthy of in-depth study.This paper analyzes the relationship between financial development,enterprise R&D investment and high-quality economic development from the theoretical and empirical levels.On the theoretical level,the relevant theories of financial development,enterprise R&D investment and high-quality economic development are elaborated respectively,and the current development status and the impact mechanism between the three variables are explored.On this basis,the research hypothesis of this paper is proposed.Then,on the empirical level,select the relevant data of 30 provinces from2011 to 2020 as the research object,use the fixed time and individual two-way fixed effect model to test the impact of financial development on enterprise R&D investment,and the impact of enterprise R&D investment on high-quality economic development,and then construct the intermediary effect test with enterprise R&D investment as the intermediary variable and the scale of financial development Panel threshold regression test with structure and efficiency as threshold variables.Finally,the robustness test is used to verify the reliability of the above regression.The specific research results are as follows:(1)The scale,structure and efficiency of financial development have an obvious promotion effect on the R&D investment of enterprises,and the degree of promotion effect is in the order of financial efficiency>financial scale>financial structure(2)The R&D investment of enterprises can effectively promote high-quality economic development;(3)In the process of financial development promoting highquality economic development,enterprise R&D investment plays a crucial intermediary role;(4)Research and development of threshold effect: under different levels of financial development,R&D investment has an obvious nonlinear effect on high-quality economic development,that is,R&D investment can significantly promote high-quality economic development to a certain extent.Based on this,this paper believes that the establishment of a sound financial development system plays a very important role in improving China’s R&D investment level and promoting high-quality economic development.The government should fully consider the level of financial development before investing a large amount of R&D funds to promote high-quality economic development.In the new historical period,we should deeply combine the structural reform of the financial supply side,adjust the structure of the financial industry,optimize the layout of the financial industry,improve the investment rate of the financial industry,expand the financial investment channels,and actively carry out financial innovation,so as to improve the level of financial development and further improve the quality of economic development.