Business Environment?External Financing Dependence And Enterprise R&D Investment

Innovation ability is a new standard to measure the level of a country's economic development and a driving force for scientific and technological progress.In recent years,although China's innovation capacity continues to grow,the growth momentum has slowed down.More and more attention has been paid to exploring the comparative advantages of enterprises' innovation capacity from the perspective of business environment.This means that making clear the impact of the business environment on r&d investment and giving full play to the role of the business environment in promoting r&d investment is an important part of improving the business environment,enhancing innovation capacity and accelerating economic growth.At the same time,many scholars have conducted in-depth studies on the ways in which the business environment influences the r&d investment of enterprises,but they have not reached a consistent conclusion,and this paper discusses the r&d investment of enterprises from the perspective of business environment and external financing dependence,so as to explain the internal mechanism that the business environment influences the r&d investment of enterprises through external financing.This paper makes a theoretical analysis of the relationship between business environment and r&d investment,and further examines the impact of business environment and external financing dependence on r&d investment.On this basis,the a-share listed companies in Shanghai and Shenzhen from 2008 to 2017 were selected as the research objects.The multiple regression model was established to empirically test the impact of business environment on r&d investment of enterprises,and the adjustment effect was used to analyze the difference in the impact of business environment on r&d investment under different external financing dependence conditions.After the robustness test on the stability of the empirical results,the enterprises are divided into different ownership and different regions,and the regulating effect of external financing dependence on business environment and enterprise r&d investment is analyzed from multiple perspectives.The empirical results show that: first of all,the improvement of business environment helps to increase the r&d investment of enterprises.Secondly,the greater the external financing dependence is,the stronger the promotion effect of business environment on the r&d investment of enterprises,indicating that the improvement of business environment is more conducive to the r&d investment activities of enterprises with a high degree of external financing dependence.Finally,there is a certain heterogeneity in the regulatory effect of external financing dependence on business environment and r&d input of domestic enterprises,which is embodied in:First,according to the sample of ownership,theoptimization of the business environment significantly improves the r&d investment capacity of all enterprises.However,compared with state-owned enterprises,non-stateowned enterprises benefit more from the optimization of the business environment when they are highly dependent on external financing.Second,according to the regional characteristics,the samples of enterprises are divided into eastern region and central and western region,and it is found that the improvement of business environment will increase the r&d investment of enterprises in eastern region and central and western region,but it has a more significant effect on enterprises with high external financing dependence in central and western regions.Therefore,to improve and optimize the business environment in various regions of China and to build a high-quality external environment for enterprise r&d activities is the key to increase r&d investment.By giving more policy preference and attention to non-state holding enterprises and the central and western regions where the development of business environment is relatively backward,and giving reasonable guidance to enterprises to invest in r&d,it is conducive to the improvement of the country's overall innovation capacity.The contribution of this paper is as follows: the analysis of the business environment to the enterprise the influence of r&d input,and further comprehensive study business environment,dependent on external financing,the impact on the enterprise r&d input mechanism,according to corporate ownership,and has carried on the comparative analysis of regional characteristics for the business environment construction,corporate finance and r&d of related research provides a new research idea;From the perspective of business environment and external financing dependence,a series of policy Suggestions are proposed to provide reasonable Suggestions and references for relevant groups.