Research On The Influence Of Financing Constraint On Innovation Of Listed Companies In China

With the acceleration of the process of global economic integration,the knowledge economy is developing rapidly.Innovation becomes a means of an enterprise or a country or a region to have core-competitiveness.Since the implementation of reform and opening up in China for 40 years,China's total economic output has been rapidly improved.Totally,this is a kind of extensive economic growth mode.excessive consumption of energy and resources,serious pollution of the ecological environment,it is a mode of unsustainable development.Companies are the main body of technological innovation.The improvement of national competitiveness and innovation ability ultimately depends on the innovation and competitiveness of companies.Compared with developed countries in Europe and the United States,the overall level of R&D investment in China is relatively low,and the improvement of R&D capacity is restricted by insufficient funds.Countries should be aware of the financing constraints,and Find a correct way to alleviate or thoroughly to solve the constraints of enterprise financing,so as to achieve the goal of sustainable development of enterprises.Therefore,by analyzing the current situation of R&D investment and financing constraints of Listed Companies in China,this paper explores whether there are financing constraints in R&D investment of Listed Companies in Shanghai and ShenZhen.This paper begins to analyze the impact of these factors on enterprises from various angles,with a view to finding a solution to alleviate the financing constraints on Innovation investment of Listed Companies in China.Based on the theory of information asymmetry and the theory of financing preferential order,this paper explores the impact mechanism of financing constraints on R&D investment of enterprises.This paper studies the panel data of Shanghai and ShenZhen listed companies in China from 2013 to 2017.The structure idea is as follows: Firstly,the model of financing constraint index is established,on this basis,the model of checking whether R&D investment of Listed Companies in China is subject to financing constraint is established,and finally,the model of financial leverage ratio is added to study its effect on this constraint.Secondly,based on the five characteristics of region,industry,whole sample,property right nature and enterprise scale,the whole sample is described and analyzed.The classification study of property right nature of enterprises shows that financing constraints are prevalent in Chinese listed companies,and there is a negative correlation between financing constraints and R&D innovation investment of enterprises.This negative correlation is more obvious in non-state-owned listed companies.According to the size of enterprises and the classification of enterprises,the degree of financing constraints on innovation of large enterprises is less than that of small and medium-sized enterprises.Through the research,this paper draws the following conclusions:(1)There are financing constraints in R&D investment of Listed Companies in Shanghai and Shen Zhen.(2)The degree of financing constraints of non-state-controlled listed companies is higher than that of state-owned listed companies.(3)The financing constraints on R&D investment of SME are higher than those of large enterprises.(4)China's manufacturing listed companies are most heavily constrained by financing.