Research On Influence Of The Corporate Governance On Enterprises,R&D Investment In The Presence Of Financial Constraints

China's economy has changed from the stage of high-speed growth to the stage of high-quality development.In this critical period,innovation occupies the core position of the overall situation of national development,promoting the quality change,efficiency change,dynamic change of economic development,and improving the total factor productivity.In order to enhance our country's economic innovation ability and competitiveness,we must rely on innovation-driven to achieve.Enterprise is the main body of national innovation,and enterprise innovation is inseparable from the R & D investment of the enterprise.Often,if the enterprise wants to make the R & D investment,it needs to consider the source of funds.However,because the financing of the R & D investment has the problem of information asymmetry and principal-agent problem,so it leads to the financing constraints of R & D investment and hinders the R & D activities of enterprises.Therefore,the research of R & D investment and financing constraints has become a hot spot in the field of investment and financing management.In the process of modern enterprise research,the most important thing is to pay attention to corporate governance.Can good corporate governance increase R & D investment? What is the relationship between corporate governance and R & D investment based on the current financing constraints? This is the focus of enterprise investment and financing research.This paper mainly analyzes the three angles of financing constraint on Chinese enterprises' R & D investment,corporate governance's R & D investment and corporate governance's influence on R & D investment under financing constraint.Taking the data of Chinese listed companies from 2012-2016 as the research sample,establish the evaluation system of corporate governance.It obtains the corporate governance index of the sample company by principal component analysis,establishes the financing constraint index model by binary Logistic regression,and puts the corporate governance level and the financing constraint together with the R & D investment of the enterprise to carry on the research.This paper empirically examines the relationship between corporate governance and R & D investment,the differences in the regulatory effects of different types of financing constraints on corporate governance and R & D investment relations,and the financial constraints and their forms of expression to corporate governance and enterprises.The regulative effect of R & D investment relationship,the conclusions are as follows: corporate governance can promote R & D investment.The higher the degree of external financing constraints faced by enterprises,the greater the promotion effect of corporate governance on R & D investment,that is,external financing constraints have a significant positive regulatory effect on the relationship between corporate governance and R & D investment.The nature of state-owned property rights will weaken the positive impact of corporate governance on R & D investment.The increase of enterprise size will weaken the influence of corporate governance on R & D investment.