An Empirical Study Of The Impact Of Financial Development On The Intensity Of R&D Investment In Enterprises

Hi-tech innovation capacity is one of most significant method to evaluate one firm's competitiveness.It is also the main engine to motivate the development of the society and economy.Firms can organize a large number of R&D activities to improve its hi-tech innovation capacity.In China,the government has put the aim of "increasing R&D input and building an innovation-oriented nation" into "The Thirteenth Five-Year Project".The government hopes this policy can help to correct the market failure in R&D activities,and to promote the enterprise to conduct more R&D activity.This essay aims to analyze the relationship between the financial development and the high-tech enterpriser's R&D,choosing the high-tech firms from the main board in China as the sample.The data last from 2009 to 2015.This essay empirically analyzed the situation of samples' overall financial constraints,the impact of the region's financial development on the enterprises' R&D and the effect differences of the region's financial development between the internal and external financial constraints.Further,the essay classified the samples according to the differences of equity,location,and industry,then we study the impact of region's financial development on the Enterprises' R&D respectively.The main results are as follows:(1)R&D expenditure has a positive effect on the enterprise's R&D expenditure(2)Different types of industry lead to different results.The aerospace industry and information and electronics Industry benefit most.(3)In terms of enterprise property,private enterprise benefit most.(4)In terms of location,the financial development has a positive effect on the enterprise's R&D expenditure for those located in the east area.