Research On The Impact Of Financing Efficiency On R&D Expenditure Of Listed Companies On The Beijing Stock Exchange

With the increasing emphasis on enterprise innovation,the country has introduced many relevant policies to support the development of innovation-oriented enterprises in recent years.Due to the problems of low stock liquidity and unreasonable valuation system,the original "New Third Board" can no longer meet the financing needs of innovative small and medium-sized enterprises,so the Beijing Stock Exchange was established with the approval of The State Council.The significance of the establishment of Beijing Stock Exchange is to meet the financing needs of innovative small and medium-sized enterprises and "specialized and innovative" enterprises,help small and medium-sized enterprises with research and development ability to solve the financial problems,expand the scale of research and development expenditure and improve the research and development ability of enterprises,so as to meet the development requirements of high-quality economy in the new era.Therefore,the study of this content has important practical significance.In order to help the listed companies of Beijing Stock Exchange improve their R&D ability and overall technological innovation strength,this thesis will study the relationship between financing efficiency and R&D expenditure of listed companies of Beijing Stock Exchange.After sorting out and summarizing relevant literature,this thesis expounds how financing efficiency has an impact on R&D expenditure of listed companies in Beijing Stock Exchange based on efficient market theory,information asymmetry theory and agency cost theory,and tests the relationship between them through empirical analysis.This thesis selects the first batch of listed companies of Beijing Stock Exchange as the research object,and takes the data of their semi-annual reports and annual reports from Q2 2018 to Q2 2022 as the research sample.Considering the actual situation of listed companies in Beijing Stock Exchange,the definition of financing efficiency in this thesis includes financing risk factors,so the analytic hierarchy process(AHP)is used to measure the financing efficiency of the first batch of listed companies in Beijing Stock Exchange during Q2 2018-Q2 2022Q2.In the stage of empirical analysis,this thesis examines the relationship between financing efficiency and R&D expenditure of listed companies in Beijing Stock Exchange,and carries out a robustness test to confirm the stability of the conclusion.At the same time,based on the heterogeneity of industry and property rights,this thesis also analyzes the differences between sample financing efficiency and R&D expenditure of listed companies in Beijing Stock Exchange.The empirical results of this thesis show that there is a significant positive correlation between financing efficiency and the R&D expenditure of listed companies of Beijing Stock Exchange,which indicates that the improvement of financing efficiency is conducive to the expansion of the scale of R&D expenditure and the improvement of R&D capability of listed companies of Beijing Stock Exchange.This conclusion has been well confirmed in the robustness test.In addition,the positive promotion effect of financing efficiency on R&D expenditure of manufacturing companies and non-state-owned enterprises of Beijing Stock Exchange is stronger than that of service companies and state-owned enterprises of Beijing Stock Exchange.Based on the above empirical test results,and combined with the existing problems in financing and research and development of listed companies in Beijing Stock Exchange,this thesis puts forward four suggestions,including improving platform recognition,reshaping the impression of a new type of exchange,improving investor structure,introducing more individual investors,improving financing returns,improving financing efficiency,emphasizing research and development ability,and maintaining core competitiveness.Furthermore,it will help the listed companies of Beijing Stock Exchange expand the scale of research and development expenditure,improve research and development ability,and contribute to the improvement of China’s scientific and technological innovation strength.