Research On R&D Investment Of High Tech Enterprises Under The Condition Of Financing Constraints

Innovation of science and technology formed the core competitiveness of enterprises,and then form the competition advantage of industry and eventually become the competitive advantage of a country.However,compared with the average level of developed countries,Chinese enterprises as a whole technical innovation ability is weak,there the problem of insufficient investment in R&D.There are many factors restricting enterprise R&D investment,this paper attempts to cut from the financing constraints,represented by high-tech enterprises,research on financing constraints of China's high-tech listing Corporation R&D investment.High-tech enterprises as the main practitioners of R&D and innovation become an important force in the economic and social development,The study of China's high-tech listed company R&D financing constraints has great practical significance to solve China's insufficient R&D investment.Based on the sufficient theoretical analysis of enterprise R&D financing constraints,the paper put forward hypotheses,build model,and then conduct empirical study with 68 high-tech listed companies samples which disclosure R&D costs continuously in Shanghai and Shenzhen stock markets from 2010 to 2014,on the one hand test whether there is problem of financing constraints in Chinese high tech listed company R&D investment,on the other hand,test the specific impact of financing constraints on R&D investment.The empirical study results show that R&D investment financing constraints do exist universally in the high tech listed companies in China;there are differences between the enterprises of different sizes on the issue of R&D investment financing constraints problem,the small scale high-tech listed companies exist more serious R&D financing constraints than large-scale high-tech listed companies;from the angle of financial factors and non-financial factors which affecting the R&D investment,The scale,profit ability,financing channels of China's high and new technology listing Corporation are restricting the enterprise's R&D input,that the larger the size of the enterprise,the stronger the profitability,the more conducive to the development of enterprises to invest R&D,from the angle of financing channels,R&D investment of high tech listed companies in China mainly rely on equity financing and has not got the strong support from debt financing.Finally,according to the above research conclusion,puts forward the corresponding countermeasures and suggestions.