Financing Constraints?R&D Investment And Corporate Performance

In the historical process of cultural system reform,our country has strengthened the cultural construction,the cultural industry has developed rapidly and changed a lot.At the same time,our country's economy has entered a stage of high-quality development,the progress of Internet and science technology has promoted the integration of culture,finance and technology,as well as the transformation and upgrading of cultural industry.Traditional cultural industry relies on technology progress to become a strategic emerging industry in China.Which has set new requirements for the construction of cultural industries in the new era,and its future development tends to be technological and integrated.The proportion of cultural industries in the national economy also increases.Culture is a guaranteed part of a country's mind.The prosperity of Chinese culture is the key to enhancing the comprehensive national strength of our country.In such a new situation,the cultural industry establishes its own competitive advantage through R&D activities.In this way,the quality of technological innovation will be improved.R&D investment funds are the guarantee for R&D activities.As financing problems arises in the process of raising funds,it is necessary to study the financing constraints and R&D investment of listed companies in the cultural industry.This paper uses literature research and normative research methods.With the use of combining information asymmetry theory,principal-agent theory,technology innovation theory,core competence theory,as well as existing research results and present situation of cultural industry.Which raised four questions;the existence of internal financing constraints in cultural industry,the impact of cultural industry financing constraints on R&D investment,whether the cultural industry R&D investment can promote corporate performances,and last but not least,the impact of R&D investments on corporate performance when the cultural industry are in financing constraints.Based on these four questions,the research hypothesis of this paper is proposed.Using empirical research methods,the selected data(s)of listed companies in the cultural industry are the research objects.With the use of descriptive statistics,correlation analysis,multiple linear regression,group regression and robustness test,the measurement of the financial limitation by the SA index are extracted.This paper draws the following conclusions:(1)Internal cash flow is positively correlated with R&Dinvestment,R&D investment depends on internal funds,and listed companies in the cultural industry facing financing constraints is universal;(2)Financing constraints are negatively correlated with R&D investment.Financing constraints will inhibit the R&D investment of listed companies in the cultural industry;(3)R&D investment is positively correlated with corporate performance.The R&D investment of listed companies in the cultural industry is conducive to enhancing corporate performance,and this effect has a lag period;(4)Among the listed companies in the cultural industry with high financing constraints,R&D investment have a stronger positive correlation with corporate performance,in other words,financing constraints will strengthen the positive correlation of R&D investment on corporate performance.Based on the above conclusions,a few recommendations have been drawn in the following.This paper proposes a policy recommendations to improve the financing environment of the cultural industry,standardization of R&D information disclosure system and encourage companies to conduct R&D activities and innovation.In addition,this proposal makes the construction of Chinese capital market that performs financing needs of the cultural industry,increase the market transparency of the companies and promote technological innovation ability and corporate performance.Furthermore,this raises some suggestions for the survival and development of companies,which will provide direction for the healthy development of macro-economy and the promotion of comprehensive national strength in China.