Effects Of Financial Development On Investment In R&D Intensity Of GEM Companies

This paper bases on the analysis of the current situation of companies’R&D investment. To the GEM listed companies from 2011 to 2014 as research samples, I build the model of the financial development affect the intensity of R&D investment. Examining whether the gem companies face financing constraints on one hand, on the other hand examine if financial development can relieve the financing constraints of R&D investment. And divided the samples according to scales and industries for deeper research.The research conclusion is as follows:(1)The GEM enterprise’s R&D investment intensity is sensitive to internal cash flow, there are financial constraints.(2)The financing constraints of R&D investment intensity anufacturing enterprise to a greater extent than the manufacturing enterprise, the degree of financial development on the degree of financing constraints ease manufacturing enterprise R&D thannon-manufacturing enterprises.(3)The R&D financing constraints of small and medium-sized enterprise to a greater extent than large enterprises, the level of financial development degree of small and medium-sized enterprise R&D financing constraints ease than large enterprises.(4)Financial development can reduce the financing constraint problems of the GEM enterprises’intensity of R&D investment, banks can be stronger than stocks;...