Research On Financial Development,Enterprise Financing Ability And R&D Investment

With the intensification of the current international competition situation,technological innovation has gradually become the core driver of China’s economic development.To achieve sustainable development,enterprises must have core technology to create unique competitive advantages.R&D investment,as the basis of innovation output,is the key to the formation of enterprise core technology.In the "new normal" period of economic and industrial restructuring and upgrading,how to increase R&D investment and accelerate the improvement of independent innovation capability of enterprises has attracted wide attention from academia and practitioners.In addition to the impact of internal factors on R&D investment,external factors such as macro-environment will also affect R&D decision-making,and the impact of external financing environment can not be ignored.In recent years,with the continuous improvement of China’s financial development level,domestic scholars began to pay attention to the impact of financial development on the behavior of micro-enterprises,which also leads to a core problem to be solved urgently:how does financial development affect the R&D decision-making of enterprises?This paper focuses on the financing ability of enterprises,trying to confirm the existence of the transmission path of "external financial environment enterprise financing ability enterprise R&D investment".At the same time,in order to accurately depict the three relationships,this paper expands the financing capacity into internal and external levels,and divides R&D activities into exploratory and conventional ones from the perspective of heterogeneity,in order to fully explore the specific impact of external financial environment on R&D investment of enterprises.In terms of research content,this paper firstly redefines the concepts of financial development,enterprise financing ability,conventional R&D investment and exploratory R&D investment around the relationship chain of financial development,enterprise financing ability and R&D investment.It combs the economic consequences of financial development and enterprise financing ability at home and abroad in detail,and annotates financial development and enterprise financing ability.The relationship between power and R&D investment;then,by using the theories of principal-agent theory,information asymmetry theory,resource-based theory,MM theory,priority-order financing theory and Static Trade-off theory,the paper explores the impact mechanism and effect of financial development and enterprise financing capacity on R&D investment by literature review and deductive reasoning;finally,the paper discusses the impact mechanism and effect of financial development and enterprise financing capacity on R&D investment by 2007-2017.The sample data of A-share in 2001 are taken as the research object,and the relationship between financial development,enterprise financing ability and R&D investment is empirically tested.On the basis of theoretical analysis and empirical test,this paper puts forward the following main conclusions:Firstly,the improvement of financial development level is conducive to promoting enterprises’ R&D investment,and compared with conventional R&D investment,financial development plays a more significant role in promoting exploratory R&D investment;at the same time,financial environment has a certain external governance role,which is reflected in the promotion of financial development for exploratory R&D investment mainly in enterprises and people with low agency cost It is more significant in business enterprises.Secondly,the improvement of financing ability is conducive to the enhancement of R&D investment of enterprises,and the conclusion remains stable after controlling the possible endogenous problems;compared with conventional R&D investment,financing ability has a more obvious impact on exploratory R&D investment;in addition,compared with internal financing ability,external financing ability has a more prominent role in promoting exploratory R&D investmentThirdly,financial development is conducive to improving the financing ability of enterprises,especially the influence of external financing ability is more significant;the financing ability plays an intermediary effect in the promotion of financial development on the exploratory R&D investment of enterprises,and the intermediary effect is only more significant in the enterprises with lower agency cost and private enterprises;further research finds that enterprises caused by financial development The increase of R&D investment will bring positive economic consequences,which is reflected in the improvement of innovation efficiency of enterprises.The conclusion of this paper enriches the literature of research and development of enterprises,expands the research on the economic consequences of financial environment on micro-enterprises,and provides policy basis for financial services to the real economy and accelerating the promotion of independent innovation capability of enterprises.The innovation of this paper is mainly embodied in:This paper makes a theoretical analysis of the correlation among the three,which makes up for the research paradigm of separating financial development,enterprise financing ability and R&D investment for a long time,and further improves and enriches the theory of financial development,capital structure and R&D innovation.Firstly,in the aspect of theoretical research,this paper embeds the financing ability into the research on the impact of financial development on R&D investment,analyzes the path of external financial environment on Enterprise R&D,provides incremental contribution for better understanding of the influencing factors of R&D investment,enriches the relevant theories of corporate governance and corporate investment and financing behavior to a certain extent,and further studies in the future It provides theoretical basis and data support.Secondly,empirical evidence examines the impact of financial development and financing capacity on R&D investment,especially the difference between conventional R&D investment and exploratory R&D investment.Thirdly,from the perspective of China’s special institutional environment,from the perspective of the different property rights of state-owned enterprises and private enterprises,this paper further analyzes the impact of financial development and financing capabilities on conventional R&D investment and exploratory R&D investment,which provides a unique perspective for the research on the economic consequences of financial development,and at the same time,to solve the problems in China’s capital market.Industry financing,R&D investment and other issues provide direct empirical evidence.