| The existence of financing constraints is a very important aspect of enterprise financial decision-making, the adequacy of capital affects enterprise investment decision-making, operational management, budget arrangements and many other aspects. Good financing plan not only can make the enterprise to avoid the capital chain rupture, but also seize the opportunities in time.With the increasing prosperity of internet technology and innovation technology, high-tech enterprises are not similar to the characteristics of other industries, the research and development technology as the cornerstone of the survival and development of enterprises, is a kind of performance of the industry competitiveness. The strategic construction of high-tech enterprises cannot be separated from the support of R&D technology. However, China is not the same with the developed countries in science and technology, while the capital market mechanism is not perfect, the financial system is not complete and the relevant laws and regulations are incomplete, the enterprise cannot be free to finance in the capital market. In addition, the special nature of high-tech enterprises, the requirements of R&D activities in huge cash investment, research and development of the uncertainty of the risk, the long development cycle makes the capital cannot be short-term recovery, which lead to high-tech enterprises are facing financing constraints.The article includes the following six parts:The first part, introduction. This paper introduces the background and significance of this topic, defines the important concepts, and then puts forward the research ideas, methods and the innovation points of this paper.Second part, literature review. Review the literature on the relationship between financing constraints and R&D expenses, corporate governance and corporate R&D financing constraints in domestic and foreign high-tech enterprises.In the third part, Theoretical analysis and assumptions. In this paper, the theory of information asymmetry and agency theory is analyzed, and the mitigation effect of corporate governance on financing constraints is stated.The fourth part is the design and analysis of the empirical research. Firstly, this paper describes how to select the sample, data sources, how to define the explanatory variables and explained variables, and then according to the third part of the hypothesis, establish four models:relationship between R&D spending and cash flow, the existence condition of R&D financing constraints in high-tech enterprise, and the rest of the three models from different view of corporate governance to verify the mitigation effect of corporate governance on financing constraints.The fifth part carries on the empirical test and the result analysis. In this paper, the OLS mixed estimation, fixed effect model, GMM model is analyzed, and compare these three methods.The sixth part is the conclusion and suggestion. Firstly, the empirical results of this paper are analyzed and summarized, and then put forward the relevant recommendations, and finally pointed out the shortcomings of the study.In this paper, we select the Shanghai and Shenzhen A shares 336 high-tech enterprises as the research sample, coming to the following conclusions:(1) China’s high-tech listed companies are generally facing R&D financing constraints (2) corporate governance has a mitigation effect on R&D financing constraints. |
