NEEQ Enterprises' R&D Investment?Financing Behavior And Efficiency

This paper uses the panel data of China's NEEQ enterprise from 2011 to 2015 to test the R&D efficiency of the NEEQ enterprise,and analyzes the important factors influencing the R&D input intensity.The study shows that the economic efficiency of R&D investment in the NEEQ enterprises is worthy of recognition,but neither the issuance financing nor the pledge financing does not play a supportive effect on R&D,but it has obviously inhibited it.The main reason is that the NEEQ enterprise financing behavior for the blind expansion of the enterprise provides an opportunity to squeeze out the R&D investment.Further research found that the optimization of the institutional environment to improve,to rationally guide corporate financing behavior to support corporate R&D investment,and ultimately improve the operational performance of enterprises.