Comparative Analysis On R&D Investment And Scale Investment Influencing Factors

High and New Technology Enterprise is an important entity of the Independent national innovation,and the key phases of independent innovation is R&D investment.Whereas,High and New Technology Enterprise often face the problems of the R&D underinvestment and Scale overinvestment during the process of the capital collocation,what factors influence and how does these factors influence the capital collocation? All these haven't been systematically studied in the existing literatures.With the features of the R&D investment and Scale Investment in High and New Technology Enterprise as its Starting point,combining with China's specific institutional context, based on the theory of corporate finance,institutional economics,etc.based on the visual angle of Financial Constraint and investment matching mechanism,technology spillover and internal mechanism,CEO incentive and investment choice Mechanism,using normative study and empirical study method,through comparative analysis,from macro and micro level,this paper analyses the relationship between the financing sources,subsidy policies,CEO incentives,other influencing factors and the R&D investment and Scale Investment of High and New Technology Enterprises.The study finds,the R&D investment of China's listed High and New Technology Enterprise mainly depends on inner source financing and equity financing,debt is not suitable for R&D investment.Scale investment mainly depends on equity financing and debt financing. China's listed High and New Technology Enterprise R&D investment have spillover effects on non-high-tech enterprises.The study also found,all the three types of government subsidies encourage enterprises to increase R&D investment and Government direct monetary subsidies can effectively curb excessive scale investment of the enterprise,Tax returns and income tax concessions can promote appropriate scale investment which translated form technological achievements,CEO equity-based incentives can encourage enterprises to increase R&D investment,reduce scale investment,CEO salary incentives can reduce R&D investment and increase scale investment.Furthermore,this paper finds the problems of the R&D underinvestment and Scale overinvestment of the Listed High and New Technology Enterprise in china,and analyses its institutional sources.