The Influence Of Financial Development On The Investment Intensity Of Enterprise Research And Development

Enterprises as the subjects of R&D innovation,its R&D activities are of great significance to their core competitiveness and national economic development.In particular ly,under the background of the new normal economy,how to improve enterprises’ R&D and innovation ability,so as to promote China’s economic transformation and sustainable development,has increasingly been widely concerned by the society.However,compared with fixed asset investment,R&D investment is more susceptible to f inancing constraints due to its higher degree of information asymmetry,the lack of collateral value and higher adjustment cost,etc.,and financial development has an important impact on the external financing environment of enterprises.Since the reform and opening up,China’s financial development level has been greatly improved,the financial scale continues to expand,financial structure continues to optimize,providing strong support for China’s economic development.However,in the process of the rapid development of China’s financial system,there are some problems,which cannot well match the current financing needs of enterprises.Based on this,this paper attempts to explore the impact of financial development on the R&D investment intensity of enterprises from the perspective of financing constraints.On the basis of literature review and theoretical analysis,this article selects GEM listed companies in 2010-2017 annual data as samples,the empirical analysis of sample enterprise R&D investment financing constraint conditions and the influence of financial development to the enterprise R&D investment intensity,and scale of the enterprises,regional classification research on financial development characteristics of different enterprise R&D financing constraints affect the difference.In terms of the selection of financial development indicators,this paper takes the financial development theory as the theoretical guidance,and uses the principal component analysis method to calculate the comprehensive financial development index of 31 provinces and regions in China from 2010 to 2017.As an indicator to measure the level of China’s regional financial development,this paper conducts an empirical test.The empirical results show that:(1)There are financing constraints on R&D investment of China’s GEM listed enterprises;(2)Financial development has a signif icant positive impact on the R&D investment intensity of GEM listed enterprises,with the improvement of the level of financial development,financing constraints faced by enterprises’ R&D investment are alleviated;(3)According to the group study of enterprise size,it is found that financial development has a stronger alleviating effect on R&D financing constraints of small and medium-sized listed enterprises;(4)According to the regional grouping study,it is found that financial development has a greater easing effect on R&D financing constraints of enterprises in the central and western regions than on enterprises in the eastern regions.Finally,on the basis of theoretical and empirical analysis,this paper puts forward relevant policy Suggestions for improving the R&D investment intensity of Chinese enterprises,aiming at the problems existing in the process of alleviating the financing constraints of R&D in China’s financial development.