Research On The R&D Investment Intensity Of Enterprises From The Perspective Of Private Placement Financing

With the development of economy,the trend of globalization is becoming more and more serious,and innovation has become the only way for enterprises to achieve long-term development.However,comp ared with developed countries,China’s innovative inputs and outputs are still at a low level.The reason is that financing is still an important obstacle to enterprise innovation,and the agency problem is an important reason to restrict innovation.Taking the 2007-2018 financial data of A-share listed companies in Shanghai and Shenzhen stock markets as research samples,under the guidance of financing constraint theory and agency theory,this paper uses regression analysis and other methods to empirically study the relationship between private placement financing,major shareholder control rights and R& D investment of enterprises.The conclusion shows that: the financing scale of private placement has a significant promoting e ffect on the R&D investment intensity of enterprises;the different shareholding ratio of large shareholders after participating in private placement has different influence on the R&D investment decision;when the shareholding ratio of large shareholders is in the low control group,it will weaken the promoting effect of private placement on the R&D investment of listed companies;the shareholding ratio of large shareholders is in the high control group At the same time,it will strengthen the role of private placement in promoting the R&D investment of listed companies.In addition,considering the impact of industry and company size,the whole sample is divided into labor-intensive,capital intensive and technology intensive industries,as well as large-scale companies and small-scale companies for further analysis.It is found that the private placement financing plays the st rongest role in promoting the R& D investment intensity of enterprises in technology intensive industries,which is more significant in small-scale companies,which is not significant in large-scale companies.For the first time,this paper studies the financing constraints and agency problems faced by enterprise innovation from the perspective of capital flow,which enriches the research results of financing and en terprise innovation.At the same time,the research conclusions of this paper have important reference significance for listed companies to effectively use the financing decision of private placement and improve the corporate governance structure.The dissertation has 1 figure,10 tables and 112 references.