Empirical Study On The Impact Of Financing Constraints And Different Financing Methods On R&D Investment In NEEQ Enterprises

Science and technology are the primary productive forces,and the micro carriers of scientific and technological progress are the R&D activities of enterprises.R&D activities are of great significance to increase the core competitiveness of enterprises.The China New OTC market is the domestic specialized service of innovative,entrepreneurial,small and micro enterprises in the equity market,listed company mostly for manufacturing,information technology and other high-tech industries,with a high proportion of R&D investment as an important feature.Currently three new board market liquidity shortage increased the difficulty of corporate finance,adverse impact on corporate R&D investment.This paper mainly discusses the financing constraints of the three Board Companies under different financing methods,trying to find a reasonable way of financing for enterprises.This paper first describes the current situation of the three new board market transactions with a large number of data,indicating that the market lacks liquidity,the proportion of investment in R&D cost difference and then compare the three new board listed company and listed A shares of the company,to explain the three new board market high proportion of R&D investment characteristics.Then,the paper discusses the uniqueness of R&D investment from the theoretical point of view,indicating that R&D financing is facing strong financing constraints,which proves that financing constraints will significantly affect the enterprise's R&D investment.Then analyze the capital market financing,bank credit financing and internal financing advantages from the angle of theory and Discussion on these financing options,according to the special background of R&D investment and market three new board put forward a series of hypotheses.Finally,three hypotheses are used to test these hypotheses.In the first part,the author constructs reasonable financing restriction index and verifies the rationality of Financing Restriction construction.The dividend distribution,asset liability ratio and balance of trade on the sample according to the intensity of financing constraints is divided into 5 levels,in the construction of financing constraint index,this paper established a new model of pre grouping pre grouping of financing constraints,the size of the company asset liability ratio difference,net operating cash flow ratio,financial assets relaxation,cash ratio and equity transactions financing constraint index and panel regression model ordered logistic,and to examine the financing constraints built using mature model.It is found that the financing constraints of manufacturing industry are higher than those of information technology industry,and the financing constraints are higher than those using market making transactions.The second part of empirical research is to study the impact of financing constraints on R&D investment of new three board enterprises using the financing constraints index.The empirical findings show that the financing constraints negatively affect the R&D input in the new third board market.And study the financing constraints in different industries,different regions.The third part of the empirical study further considers the choice of different financing methods under the financing constraints.Therefore,the third part of the empirical study uses the Euler investment equation to study the significance of various financing methods for R&D investment.The study found that the current variable R&D investment for the financing of regression is not significant,significant lagged variables at the same time,3 kinds of financing are significant,but the financing of capital market is minimum,that the main channel of capital market financing is not the new board of enterprise financing R&D.The study found that under different financing constraints,there is a significant difference in the R&D financing methods of the new three board enterprises.Firms with high financing constraints are more inclined to bank credit financing and internal capital financing,while firms with low financing constraints tend to capital market financing.Finally,the article on how to improve the financing environment for the new board as well as how the new board enterprises finance for their own R&D project to give relevant suggestions.