Research On The Impact Of Small And Medium Board Manufacturing Enterprises’ Financing Methods On R&D Investment

Innovation is the main driving force for economic development,and manufacturing is the breeding base for R&D innovation.Insufficient R&D funds are one of the factors restricting the innovation and development of SMEs.Therefore,it is especially important to effectively solve the problem of R&D financing.By studying the impact of different financing methods of enterprises on R&D investment,it provides some reference for enterprises to improve financing methods and promote R&D innovation.Combining the financing theory,information asymmetry theory,principal-agent theory,the financing methods selection characteristics of SME manufacturing enterprises and the status quo of R&D investment,this paper analyzes the financing methods through four aspects:information asymmetry effect,agency cost effect,incentive effect and signal transmission effect.The financing cost acts on the impact mechanism of R&D investment.The financing paths of R&D investment are selected by the enterprise and the research hypotheses are put forward.Internal financing is beneficial to R&D investment due to less information asymmetry and low agency cost,and government subsidy is promoted under the incentive effect.The impact of equity financing and debt financing on R&D investment are more complicated.In the current capital market development,equity financing has a driving role,and debt financing has a restraining effect.The data of 520 manufacturing enterprises listed on the SME board from 2013 to 2017 are the original samples,and the R&D input intensity is taken as the explanatory variable.According to the source of funds,as an explanatory variable,the financing method was divided into internal financing,equity financing,debt financing and government subsidy.The panel data fixed effect model is used for regression analysis.The conclusions of the study are as follows:For small and medium-sized board manufacturing enterprises,the government subsidy has the greatest promotion effect on R&D investment,followed by the internal financing,followed by the equity financing,and the debt financing has a restraining effect on R&D investment.In each financing method,internal financing has a positive effect on R&D investment,but its volatility is not conducive to R&D investment.External financing has a slight smoothing effect on internal fund fluctuations;Equity financing has the effect of equity incentives.The shareholding ratio of executives is used as an intermediary variable.The mediating effect of "equity financing ratio→senior shareholding ratio→R&D investment" exists,but it is not as good as the direct effect of "equity financing ratio→R&D investment".Debt financing and R&D investment are linearly negatively correlated,and short-term debt is more restrained from R&D investment than long-term debt.In different groups,state-owned enterprise debt financing has a higher degree of inhibition on R&D investment than private enterprises.Private enterprise equity financing promotes R&D investment more than state-owned.Enterprises with high degree of financing constraints rely more on internal cash flow.The degree of suppression of corporate debt financing of enterprises with low degree of financing constraints is more significant.Therefore,enterprises can use internal financing and equity financing when they raise funds for R&D projects,and actively apply for government subsidies.