Research On The Interaction Between Financing Activities And Research&Innovation From The Perspective Of Corporate Ownership

China's economy is in a critical period of high growth transition to highquality development,innovation-driven enterprises as the main force of our country,and actively carry out innovative activities not only help promote China's industries to move up the value chain,more conducive to economic restructuring.Financing activities are the key factors to promote research & innovation of enterprises.At the same time,enterprises engaged in research & innovation will affect their core competitiveness,which will inevitably lead to changes in the financing capacity of enterprises,thus forming a pattern of interaction between financing activities and research & innovation.However,the current research on the interaction between corporate financing activities and research & innovation mostly focuses on the impact of financing activities on research & innovation,while the research on how research & innovation affects financing activities is controversial.Due to the different financing methods,there are different constraints,access mode and use costs,coupled with differences in the ownership of enterprises will have a different impact on financing activities and research and innovation,so how to choose the right financing activities resulting in corporate finance activities and research and innovation the formation of benign interaction has become the most important issue to carry out corporate financing activities,when faced with government policy formulation.Strategic emerging industries rely on their typical advantages such as intensive knowledge,large development space and outstanding radiation leading effects.They have become the new engine of China's economic and social science development and the new direction of technological industry transformation.Relying on innovation to continuously enhance core competitiveness is a key strategy to ensure that strategic emerging industries gain comparative advantage in global market competition.Therefore,this paper chooses strategic emerging industry listed companies as research objects to help strategic emerging industries optimize financing structure.It is of great theoretical and practical significance to realize the effective use of innovative resources and improve the ability of research and development innovation.There exists dispute on the interactive relationship between enterprise financing activities and research & innovation.Most of the researches focus on the impact of enterprise financing activities on research and innovation,but there is no unified opinion on how research and innovation affects financing activities.This paper analyzes the interaction mechanism between enterprise financing activities and research & innovation,and puts forward that the difference in ownership of enterprises is an important situational factor that leads to the heterogeneity of the interaction relationship between the two parties.Based on the mechanism,the PVAR model is constructed to analyze the sample of the listed companies in strategic emerging industries from 2011 to 2016.The findings are as follows:(1)all four kinds of financing activities have a positive impact on research and innovation,among which the internal financing has the strongest effect on research and innovation,the government subsidy is the second,and the last is debt financing and equity financing.(2)Research and innovation can effectively improve the external financing capability of enterprises,but has little effect on internal financing and government subsidies.(3)The incentive effect of internal financing and government subsidy on research and innovation of non-state-owned enterprises is higher than that of state-owned enterprises,but the influence of research and innovation on equity financing and debt financing is higher than that of non state-owned enterprises.(4)Three external financing activities have less impact on research & innovation n than internal financing.It can be inferred that the continuous expansion of research & innovation activities in China in recent years should benefit from the continuous investment of internal funds.