Research On The Impact Of Financing Methods On SMEs' R&D Investment

Schumpeter,the representative of modern innovation theory,pointed out in his innovation theory that the interruption of the economic cycle process represents economic development,that is,innovation is realized,and the essential provision of economic development is innovation.In today's world,the ability to enhance research and development has more and more turn into a major mean of enhancing international competitiveness.China's innovation activities have received widespread attention in recent decades,and innovation spending is also rising.In recent years,corporate R&D investment expenditure has shown a rapid growth.By 2017,China's R&D expenditure reached 176.61 billion yuan,ranking second in the world,up 1.7% year-on-year.The annual net increase is higher than the total OECD member countries.In addition,China's R&D/GDP has reached a record high of 2.13%.It can be seen that in recent years,China's R&D investment growth rate is leading the world,and the gap between R&D investment in developed countries is also shrinking.Chinese enterprises have contributed to this process.As one of the important components of China's economy,the majority of SMEs have their unique flexibility and adaptability,and have achieved results that cannot be ignored in technological innovation and independent research and development.SMEs from various industries have provided most of the patent inventions,innovative services and new business models for China,which is one of the key points for the improvement of China's innovation capability.In view of the important role of SMEs in innovation,research on independent innovation of SMEs is particularly necessary.This paper takes the financing method of SME R&D investment as the core,and makes a systematic review of related research at home and abroad.It discusses the overall situation and R&D status of SMEs in China,and compares the relevant theories and basic concepts of corporate financing.Detailed analysis.The financing methods of GEM listed companies are divided to try to explore the impact of different financing methods on R&D investment of GEM listed companies.The target of the GEM market service is mainly small and medium-sized enterprises and some emerging industry companies.They are mainly engaged in technology businessand high level of research and development.However,due to their own conditions,they are temporarily unable to list on the main board.The GEM market has provided funds for these companies.Financing channels.For these reasons,the status of the GEM market is more important and is seen as an effective complement to the main board market.This paper takes the financing method of SME R&D investment as the research object,and takes the GEM listed company as the research sample,and conducts theoretical and empirical analysis based on the research of Chinese and foreign scholars,in order to better understand the financing method and the R&D investment of SMEs.relationship.In the empirical stage,this paper uses 187 GEM listed companies as the research sample.From 2014 to 2017 as the research interval,the dynamic panel generalized moment estimation(GMM)is used to analyze the model.Through the descriptive statistical analysis and regression analysis of the sample,the paper explores the impact of different financing methods(equity financing,debt financing,and internal financing)on??SME research and development financing,and draws conclusions:(1)R&D of SMEs Investment is generally faced with financing constraints.(2)Three financing methods of internal financing,equity financing and debt financing have a positive impact on the R&D investment of SMEs.