Research On The Efficiency Of R & D Investment Under Financing Constraints And The Life Cycle Of Company-a Case Study Of High-Tech Listed Companies

Innovation provides an important power for economic development, and also provides an important guarantee of national competitiveness, but in our country, the capacity for independent innovation is still inadequate. National innovation depends on the innovation of the enterprises, especially high-tech companies, in order to enhance the overall innovation of the high-tech companies, we needs to continue funding. Because the research and development activities are with high uncertainty, and the capital demand is large, besides, they are lack of mortgage assets, and the adjusting cost is high, the enterprise will suffer from the R&D financing constraints. The study of financing and development research is mostly based on the microscopic Angle, and people take it as an breakthrough point, measuring efficiency of enterprise R&D investment, through the empirical study to reveal financing constraints on the efficiency of the high-tech listed companies R&D investment, then we study from the perspective of enterprise life cycle to dynamic high-tech listed companies R&D investment behavior are investigated.This article first talk about the links between enterprise life cycle, investment efficiency, and financing constraints, it reviews the relevant literature, combined with the information asymmetry theory, the optimal sequence financing theory and relevant theory, high-tech companies are analyzed theoretically the financing difficulties they are facing with, the theory also provides the empirical test results analysis of the second part the article with a theoretical support. In this paper of the empirical test, we use the sample selection between the years of 2010 and 2014 from the Shanghai and Shenzhen stock exchange, and disclose the R&D of high-tech enterprise, firstly group the enterprises according to the degree of financing constraints, pay attention to enterprise financing sources and the relationship between the degree of financing constraints with it, and on the basis of the inspection enterprise R&D efficiency under the condition of different financing constraints, the impact on the overall division according to the enterprise life cycle on the sample, and do further research under the enterprise life cycle, the enterprise under different degree of financing constraints thus the R&D efficiency will show what kind of change, finally the results show that:(1) The group of high-tech companies in our country influenced by financing constraints is lack of internal cash flow, debt financing and equity financing than the group that financing constraints affect is less severe, financing constraints the phenomenon of investment insufficiency; (2) Enterprises in the growing period show more R&D investment insufficiency, when the enterprises grow to the mature period, decline the insufficiency of R&D investment declines, but in the next period the insufficiency keep rising.Combined with the above research conclusion, the article puts forward the following Suggestions:when the enterprise is suffering from the larger degree of financing constraints, the enterprise needs to extend financing methods, through the VC to achieve higher efficiency of R&D investment, so the case missing the higher return on investment projects will not happen; At the same time, in order to avoid problems coming from the information asymmetry, it will cause the external investors reluctant to lower cost funding, enterprises also need to strengthen the public disclosure of research and development related information.