The Research On The Impact Of Financing Constraints On The High-tech R&D Investment And Performance

Nowadays, as the competition in the market is more and more intense, scientificand technological innovation has become a powerful factor to enhance thecompetitiveness for every company and even for the country. Research anddevelopment cannot be ignored. As an innovative way to promote businessdevelopment, technological progress and economic growth in the country, R&D hasplayed a crucial role. However, compared with various countries, China’s corporateR&D investment level is far below the average standard. Among these, the shortageof funds and their sources is undoubtedly a crucial factor. Accordingly, this thesisattempted to explore the development of Chinese enterprises underinvestmentproblem from the perspective of financing constraints, and took a further step to studythe impact of financing constraints on R&D investment in high-tech enterprises andcorporate performance.For the start, the thesis sorted the related literature on financing constraints, R&Dinvestment and performance, to determine the direction and the argument. Thendefine the related concepts, and make a further step to explore the characteristics ofR&D investment, and the status of the high-tech R&D investment and financingsystem, as a background supporting the theory of financing constraints. Then based onasymmetric information theory, resource-based theory and agency theory, the thesisanalyzed the mechanism that financing constraints affect R&D investment andperformance, and design the corresponding model as well. Finally, based on ourmarket environment, select112high-tech enterprises listed in Shanghai and Shenzhen,a total of six years of observation data at2008-2013, to make empirical analysis. Andpropose some corresponding countermeasures and suggestions in the end.The results show: Firstly, China’s high-tech listed companies’ R&D investmenthas a strong internal cash flow dependency, which means a financing constraintsexisting. Secondly, R&D investment and financing constraints index was significantlynegatively correlated, indicating that the issue of financing constraints faced byhigh-tech enterprises weakened its R&D investment enthusiasm. Thirdly, enterprisespromote R&D investment can improve corporate performance, but its earnings havelag. And compared to the corporate of low financing constraints, the corporate withhigh financing constraints gets a more significant performance from R&D investment and is outbreak well. In addition, when the enterprises with lower degree of financingconstraint launch R&D investment, even though corporate performance would haveimproved to some extent, but the effect is effective slow and not steady; while theenterprises with higher degree of financing constraints conduct R&D investment, thecorporate performance has obvious short-sighted and does not last long.