| In recent years,due to various domestic and international constraints,the growth rate of traditional manufacturing in China has gradually slowed down.In this difficult situation,it is crucial to find new development directions.The innovation-driven development strategy put forward by the 18 th National Congress of the CPC is the guiding principle for solving this problem,that is,technological innovation is regarded as a new driving force for the development of China's manufacturing industry.The premise of improving technological innovation is R & D investment,and the manpower and capital within the company are closely related to R & D investment.At present,the research and development level of domestic enterprises is still in a relatively backward stage in the global industrial environment.As one of the pillar industries of the domestic manufacturing industry,the automotive industry has invested a lot of money in research and development.In the context of the rapid development of various natural resources and the rapid development of artificial intelligence technology,the intensity and depth of research and development have also increased year by year.The development of the automotive industry is inseparable from the replacement of technology.Enterprises with strong innovation power will certainly help them survive and develop in the industry for a long time.Generally speaking,companies develop new technologies through R & D projects.So whether the company's corporate value will increase with the increase of R & D investment is a topic worthy of study.This is also the starting point of the subsequent research and analysis of this article.This paper selects 144 listed companies in the A-share stock market of the Shanghai and Shenzhen stock markets from 2005 to 2018 as research samples,and uses STATA software to process and analyze the collected data.First,the impact of the R & D investment of listed companies in the automotive industry on the company's value Measurement model,and conducted a preliminary regression analysis.In addition,because the R & D investment of enterprises is affected by the source channel of funds,this article has made further research from two new perspectives,namely the regulatory effects of the two factors of financing constraints and government subsidies.This paper first summarizes the research conclusions of relevant literature at home and abroad,and then elaborate the relevant theories and concepts of R & D investment,company value and financing constraints,government subsidies,on this basis,the research hypothesis of this article is derived,and two groups are established based on the hypothesis Corresponding to the model,the collected A-share auto industry listed company data is used for empirical testing and a conclusion is drawn.Through research,it is found that the impact of R & D investment on the company's value is positive.This preliminary conclusion is in line with the research conclusions of most scholars in the past.In further analysis,it is also found that this effect is also different in companies with different levels of financing constraints: The R & D investment is significant in the group with high financing constraints;the R & D investment is not significant in the group with low financing constraints.It shows that in enterprises with higher financing constraints,R & D investment has a greater role in promoting company value.In addition,from the analysis of government subsidies,it is concluded that the more government subsidies,the greater the impact of R & D investment on enterprise value.After comparing the adjustment effects of direct subsidies and indirect subsidies,it is concluded that the more direct subsidies,the greater the impact of R & D investment on corporate value.At the end of the article,this article provides some ideas to improve and solve the problems for the listed companies in the domestic automobile industry in terms of research propositions,and also summarizes the shortcomings in this article. |
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