Research On The Correlation Between R&D Investment And Financial Risk In Manufacturing Industry

Technological innovation capability is an important means for enterprises to survive and develop steadily,but R&D innovation may also bring financial risks,which depends on the efficiency of R&D investment and whether it can produce economic value for the enterprise.Once the R&D activity fails,the large amount of human capital and financial capital invested by the enterprise will be lost,which will have a negative impact on the financial performance of the enterprise and increase the risk of the enterprise.This thesis chooses 663 manufacturing listed companies from 2013 to 2015 as the research object,and uses the panel data model to test whether the R&D investment intensity has a nonlinear effect on the financial risk of the enterprise.It also observes whether the financing constraint will affect the relationship between the two variables.The research shows that the financial risk and R&D investment intensity of listed companies in our country are increasing from 2013 to 2015,and the degree of the financing constraint is also gradually increasing.The intensity of R&D investment has no nonlinear effect on the corporate financial risk.As a positive linear relationship,the increase of the R&D investment intensity will increase the level of corporate financial risk.The positive impact of intensity of R&D investment to enterprise financial risk in private enterprises is greater than that of state-owned enterprises.The positive impact of intensity of R&D investment to enterprise financial risk in small-scale enterprises is greater than that of large-scale enterprises.The enterprise financing constraints will expand the positive impact of enterprise R&D investment intensity to enterprise financial risk,indicating that the degree of financial constraints to strengthen,will make the R&D investment capital cost higher,further increase the corporate financial risk.