The Influence Of Bank Loans On SMEs R&D Research

Enterprises of China, especially SMEs, prefer to debt financing indirectly, mainly from bank loans. As businesses are affected by R&D financing channels, R&D financing will restrict corporate R&D investment. When enterprises carry out research and development activities, they will be influenced by calculated fusion limit, but it can not be measured directly. However, how much proportion is the bank loan occupies in the debt financing of SMEs? How many bank loans are used to the R&D investment of enterprise? How much contribution of finance for small and medium-sized enterprise R&D investment? These problems need us study. This paper uses SMEs of Shenzhen A-share companies from 2011 to 2013 panel data to make empirical analysis to compare different financing constraints under the influence bank lending to businesses of R&D. This paper is divided into five parts. The first part is an introduction which describes the background and significance, research status, research ideas and methods as well as innovative and specialty of this article. Then through the second part, we will make some theoretical basis of the concept definition and defines the related concepts of research object, the MM theory, trade-off theory, agency cost theory, the pecking order theory are described. The third part mainly views from the theoretical analysis and research hypothesis, this part of the status quo first SME bank loans will be described, and then use the MM theory, trade-off theory, agency cost theory, the pecking order theory, discusses the impact of bank lending to the R&D Input mechanism, and put forward hypotheses on the basis of this article. The fourth part is empirical research. This paper selects the SMES of Shenzhen A-share company data from 2011 to2013 as sample, uses inductive and deductive methods in normative research, and based on the existing financing constraints and corporate R&D investment theory to explain bank loans R&D impact on the theoretical basis, analyzes and summarizes the atmosphere and the integration of the funds market size medium and small companies around the country. The last part presents the analysis results, conclusion of the improvements and proposed measures. By analyzing, it shows that development bank loans to SMEs into a negative correlation, while short-term loans and long-term loans for R&D investment is exactly the opposite effect, promoting the company’s former R&D investment, the latter of corporate R&D investment is a disincentive. Further study found that compared with the low financing constraints group, high financing constraints group bank loans (including short-term loans, long-term loans) to conduct research and development activities into effect more obvious. The conclusion shows that the current loan financing to SMEs R&D investment is not fully play a catalytic role, the State should introduce active financial policy, give full play to the positive role of science and technology to promote scientific and technological innovation finance R&D investment and small and medium enterprises, while enterprises should also selected loans according to the actual situation.