Empirical Analysis On The Impact Of Financing Factors To High-tech Companies’ R&D Investment

In the 21 st century,the level of scientific and technological development as an important symbol of national core competitiveness and comprehensive national strength has become a strategic key point with the increasing competition in the world.As the core energy of the national economic source,the effective improvement of its scientific and technological innovation performance not only promotes the development of its own play a key role,but also can effectively enhance the core competitiveness of national scientific and technological innovation.R&D investment is the starting point of enterprise scientific and technological innovation,but also the key to effectively enhance the competitiveness,although China has realized the importance of independent innovation research and development,There are many differences between developing countries and developed countries,Our corporate governance and financial markets are not perfect,which limit the development of R&D.High-tech enterprises as a typical representative of R&D investment,to explore how to effectively enhance the R&D investment intensity and performance,has a very important research value.The research shows that scholars of different countries use different research methods to apply different sample sources to verify whether firms face R&D investment constraints.The answers are yes.And the study generally agreed that the reason why corporate R&D investment is suppressed is derived from the pressure of capital financing.Therefore,over the years to explore the financing of R&D investment constraints are based on investment-cash flow sensitivity as a starting point research.In view of this foundation,this paper has carried on the thorough research to the financing factor,discusses how many kinds of financing factors of the high-tech listed company will have different influence on the enterprise R&Dinvestment,the research finds that the R&D investment of the high-tech enterprise is affected by corporate governance,financial environment,Such as the impact of the total amount of funds on the R&D of enterprises is limited,not subject to serious financing constraints,and internal and external financing,short-term,long-term financing and relationship-based financing due to the different structure and source of high-tech listed companies R&D investment Different impact mechanism.At the same time,this paper studies the relationship between financial development and corporate R&D investment in order to obtain an effective way to alleviate the problem of corporate finance constraints and promote the long-term development of R&D investment.In this paper,we use the financial data of high-tech listed companies in China from 2011 to 2015,expand the Euler dynamic investment model on the basis of BFP model,and use the system generalized moment estimation(SYS-GMM)to study the sample enterprises.The results show that R&D investment in high-tech listed companies has internal and external financing constraints,but not serious,there is a dependence on internal cash flow,long-term financing and relationship financing in external financing will inhibit the R&D investment and the effect Significant short-term financing is not obvious,and the long-term debt ratio in the empirical process than the asset-liability ratio of R&D investment to explain the stronger;the other hand,the level of financial development will be high-tech listed companies R&D investment financing Constraints form effective mitigation,the establishment of a shorter period of time and the impact of smaller enterprises is more significant.