Research On The Impact Of Financial Development And Financing Channels On R&D Investment Of China's Listed High-tech Enterprises

In the face of increasingly fierce international competition and the transformation of our country's economic development mode,innovation will become a new driving force to drive China's economic growth.In 2016 China's "13th Five-Year" plan "also suggested that innovation is the first power to lead the development of the core position,must be placed in the overall national development innovation.In this process,as the main body of technological innovation,the development of high-tech enterprises has become the focus of attention of all parties,and its motive force for maintaining innovation and development is continuous R&D investment.However,studies have shown that financing constraints have become a key factor restricting R&D input,and China's regional financial development has been uneven.Therefore,in the current stage of research,Whether the investment and financing decision of China's enterprises will be affected by the financial development,whether there are differences between different regions,and different means of financing,Which is of great significance for the government departments to deepen the reform of the financial system and to improve the allocation of resources for the R&D project.Based on the research at home and abroad,this paper selects data from Chinese high-tech listed companies as research samples,and investigates the relationship between financial development level and financing channels on R&D input.The study found that Chinese listed high-tech enterprises facing financing constraints in R & D activities significantly,financial development can effectively alleviate the financing constraints to promote its R&D investment;secondly,under the supervision of the creditors more bank loans hindered enterprise R&D investment,but by less supervision of commercial credit financing for the enterprise R&D investment has no effect.In addition,the financial development of the eastern region has significantly promoted the R&D investment of the enterprises,while there is no significant relationship between the central and western regions,and the regional differences are obvious.In addition,there is a significant correlation between the level of financial development and the R&D investment in the state-owned enterprises.Finally,based on the above conclusions,this paper puts forward some suggestions on deepening the reform of the financial system and improving the information disclosure system of enterprise R & D from two aspects of macro and micro aspects.