Research On The Relationship Between Financing Channels And R&D Investment Of Private Enterprises

R&D investment,as an important indicator of innovation ability,can not only promote the economic development of our country,but also is the key for enterprises to enhance their core competitiveness and maintain long-term development.In China's economic transition period and innovation-driven background,private enterprises will be more motivated to enhance their competitiveness through R&D activities under the pressure of the market.General Secretary Xi Jinping fully affirmed the important position of private enterprises in China's economic development at the symposium in 2018.According to relevant data,private enterprises have created about 70% of technological innovation achievements and contributed 60% of GDP.These data fully show that private enterprises are an important part of China's socialist market economy and contribute to China's innovation activities.However,due to the limitation of their own conditions,private enterprises in our country are often discriminated against by the external market,and the support of the government is far less than that of state-owned enterprises.All kinds of reasons lead to the phenomenon that private enterprises are difficult to finance and expensive,which is inconsistent with their contribution to society.Financing is the premise and guarantee for enterprises to carry out R&D activities.If we can not understand the choice of financing channels in private enterprises' R&D activities and then solve the problem of financing channels blocked,it will not be conducive to the further development of their innovative activities,but also greatly hinder the development of China's economy.Domestic academia pays less attention to R&D and financing of private enterprises,so it is of great practical significance to explore the impact of financing channels of private enterprises on R&D investment.In addition,the high-risk characteristics of R&D activities often lead to serious principal-agent problems between shareholders and managers.At this time,the phenomenon that managers can not really invest financing funds in R&D activities will occur from time to time.If the principal-agent problem can not be well solved,the funds from various financing channels can not be really used in R&D activities,that is,the situation of R&D investment will not be improved.As a micro-level governance structure,ownership concentration can improve the principal-agent problem,thus promoting managers to investin R&D activities.The degree of ownership concentration of private enterprises in China is relatively lower than that of state-owned enterprises.If the degree of ownership concentration of private enterprises can be improved and the interests of large shareholders and enterprises can be more consistent,the large shareholders will have the power to strengthen the supervision of operators,and promote operators to make more rational use of the funds raised and invest in R&D activities to maximize the value of private enterprises.This paper chooses 1046 private listed companies in China as the research object,and extracts the empirical data from 2013 to 2017 as the sample.The panel data model is used to carry out empirical tests to study the relationship between financing channels and R&D investment of private enterprises and the moderating effect of ownership concentration on the relationship between them.The empirical analysis of the sample shows that both internal financing and external financing can promote R&D investment as important financing channels for private enterprises,but the effect of internal financing on R&D investment is greater than that of external financing.In the external financing channels,equity financing has a greater effect on R&D investment than debt financing.That is,when private enterprises use various financing channels to carry out R&D activities,they will give priority to internal financing,then use equity financing,and finally debt financing,which is different from the traditional financing preferential order theory.Finally,considering the impact of ownership concentration on the relationship between financing channels and R&D investment,we draw the conclusion that the ownership concentration of private enterprises can positively regulate the relationship between financing channels and R&D investment,that is,the concentration of ownership of private enterprises can enhance the role of financing channels in promoting R&D investment.