| Xi Jinping on November 10,2015,the central leading group meeting proposed a new concept that the supply side of reform,its connotation is the use of technological innovation to improve enterprise productivity,access to higher market position,thereby promoting economic growth.Rather than relying on aggregate demand to stimulate economic growth,we must have our own core technology,and enhance our core competitiveness.Then,Enterprises in the context of economic globalization can account for a seat.In order to ensure the continuous capital investment of the enterprises in R & D,enterprises should have the advantage of sustainable competition.Increasing R & D investment is an indispensable condition,which will help the enterprises to get the strategy.There are many factors that limit the R & D investment in China.The financial environment is one of the main factors,but the domestic scholars rarely pay attention to it.The financial ecological environment is one of the important issues in the research of R & D.Therefore,based on the background of financial market and the theory of financial eco-environment and technological innovation,this paper makes an in-depth study on the relationship between financial eco-environment and R & D investment from both theoretical and empirical aspects.And the paper explore the effect of the financial ecological on the R & D investment,which provide a micro evidence that the good financial ecological environment by expanding the enterprise's financing channels promote the innovation investment.In this paper,by using the data of China's A-share listed companies which continuously disclose R & D expenditure from 2010 to 2014,this paper uses empirical research method to study whether there are financing constraints in R & D investment of Chinese enterprises,whether financial environment can alleviate the financing constraints,and promote enterprise R & D investment,and whether the financial ecological environment is more conducive to promoting high financial constraints enterprise R & D investment.The financial ecological environment has positive relationship with R & D investment of enterprises,and the financial ecological environment is conducive to promoting the R & D investment of enterprises;(2)The financial ecological environment has a positive impact on the R & D investment,Compared with the low financing constraint enterprises,the optimization of the financial ecological environment has more significant effect on the R & D investment of the enterprises with high financing constraints.Compared with large-scale enterprises,the optimization of the financial ecological environment has more significant effect on the R & D investment of small-scale enterprises Compared to non-high-tech industries,the optimization of the financial ecological environment has more significant effect on the R & D investment of high-tech industry.Relative to the less investment opportunities for enterprises,the optimization of the financial ecological environment has more significant effect on the R & D investment of the enterprises with more investment opportunities.The innovation of this paper may exist in the following aspects:(1)The positive effects of financial eco-environment on economic growth have been proved by the literature,and scholars think that the important factor of economic growth is the financial ecological environment.However,how to promote economic growth through the financial ecological environment of micro-mechanism has not been well explained.Based on this,this paper tries to analyze the enterprise R & D investment from the perspective of financial ecological environment,expecting the study found that the effect of the financial environment on R & D investment is through easing the financing constraints of enterprises,optimizing the technological innovation resources allocation,which from micro perspective explains the relationship between the financial ecological environment and overall economic growth.(2)This paper explores the relationship between the financial ecological environment and the input of technological innovation,and expands the research perspective of influencing factors of R & D investment,from the perspective of financing constraints.This helps us better understand corporate governance and corporate investment behavior,and enrich the existing literature.(3)There are few literatures on the relationship between financial environment,financing constraints and R & D investment.The paper further carries out a mutual test to explore whether a good financial ecological environment can help to alleviate the financing constraints of R & D investment.And further discusses the interaction between the financial ecological environment and the size of the firm,the industry nature of the firm and the investment opportunities of the firm on R & D investment. |
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