| Today, the competition of Innovation is extremely fierce, and the pace of newscience and technology revolution and global industry reform is accelerating.China has also entered the critical stage of transforming the pattern of economicdevelopment and upgrading the Industry. The communist party’s18th nationalcongress proposed the innovation drive development strategy, which put thetechnology innovation in the core position of the overall situation of nationaldevelopment. While the enterprises subject status of technology innovation in ourcountry has not been really established and the careless and incapablenessphenomenons exist in Innovation. Enterprise decision-makers insufficientlyunderstand of the innovation importance and lack of motivation, and due to limit ofseveral factors especially the funds, R&D investment is still of low strength and theability of innovation is still weak.Whether R&D investment is conducive to enhance the enterprise value, and howshould enterprises treat R&D investment correctly? Scholars have not reached aconsensus on this question.Combining the innovation theory and resource basedtheory, this article analyzed the value effect of R&D investment. In addition, becauseof the information asymmetry of R&D investment, and the Characters ofR&D investment, including the long cycle, large amount of fund needs and highuncertainty, the lack of enough collateral for loans, R&D investment faces Moreserious financial constraints than other investment projects. And then, how will thedifferent degrees of financing constraints that enterprises face will influent enterprisesR&D investment and R&D investment value effect? Domestic studies rarely involvethe research in this area. This article discussed the impact of financial constraints onR&D investment and R&D investment value effect using the resource basedtheory and agency theory.On the basis of theoretical analysis, this paper selectedChinese listed Corporation in2009-2013as the study samples. This paper constructedthe financing constraint index using logistic regression model, and then establishmultiple linear regression equation for the empirical study.This paper came to the following conclusions:(1) R&D investment cansignificantly improve the financial value and the market value of Chanese enterprise in current year the future three years, meaning that R&D investment has positivevalue effect. But this positive effect is more Significant in the first year, reflecting thatenterprise operators of our country is Short-sighted on R&D investment, tending tothe R&D project that can immediately improve the enterprise value.(2) Theenterprise R&D investment is sensitive to internal cash flow, illustrating thatChinese enterprise generally face financing constraints on R&D investment, whichconversely restrict R&D investment.(3) Financial constraints have positivemoderating effect on the value effect of R&D investment. Though financialconstraints suppress the R&D investment, it may improve the managers’consciousness of R&D investment fund management, it may also improveR&D investment managementand and supervision system, reduce agency cost,making R&D funds be better used and then improve efficiency and effect ofimplementation of R&D investment, enhanceing the value effect of R&D investment.(4) Further group empirical research found that R&D investment of Chineseenterprises facing more serious financial constrains respectively in Non state ownedenterprises, small scaled enterprises, enterprises that set up for a short time andenterprises that in places of low marketization degree. The moderating effect offinancial constraints on the value effect of R&D investment is stronger in state ownedenterprises, large scaled enterprises, enterprises that set up for a long time andenterprises that in places of low marketization degree.According to the research results, this paper puts forward related suggestions asfollows: R&D investment can promote the enterprise value, which is conducive to thelong-term development of the enterprise. So chanese enterprise should be fully awareof its importance and urgency, then increase R&D investment. And mangers shouldactively look for opportunities to broaden the financing channels to provide financialsupport to R&D project. At the same time, there are spaces to enhance value effect ofR&D investment. Operaters can strength R&D investment management, improve theincentive and supervision system to improve the efficiency and effect of R&Dinvestment. From the macroscopic angle, the government should further strengthenand improve relevant policies and measures to encourage technical innovation ofenterprises. And in addition, the government should also develop financingenvironment and establish and inprove the R&D financing system.This paper tried to innovate in the following aspects: Firstly, this paper studiedthe difference of R&D investment and its value effect under different financial constraints degrees, enrich the researchon R&D investment. Secondly, the financingconstraint index was introduced to the R&D investment and R&D investment valueeffect mode, which made the result more reliable. Thirdly, this paper made a furtherstudy by group the samples according to the different nature of property rights, scale,set up time and region marketization degrees. This study has theoretical and practicalsignificance in developing of R&D investment and financing constraints relatedresearch, improving the financing environment of R&D investment, increasingcorporate R&D investment and its value effect. |
PDF Full Text Request