The Influence Of R&D Intensity On Firm Growth Under Financing Constraints

Innovation serves as the foundation of a country and the “engine” of steady economic growth and increasingly enhanced comprehensive competitiveness.Enterprises constitute a significant part of creation,which in turn can enable enterprises to improve their competitiveness and develop the market pattern.The research and development of enterprises is the key to enterprise innovation,but from the overall situation of China's research and development,the intensity of enterprise research and development has made leaps and bounds but is still at a low stage.At the same time,the financing method and structure of the enterprise and the degree of financing constraints faced by the enterprise will certainly have a meaningful impact on the R&D intensity of the enterprise,which in turn affects the effects of R&D intensity on the growth of the enterprise,but there is a lack of in-depth research on this aspect in China.Therefore,the article explores the relationship between R&D intensity and firm growth from the perspective of financing constraints.The research methods used in this paper include the theoretical status analysis and empirical analysis methods,with a slight focus on the empirical analysis direction.In this paper,we conceptualize firm growth,R&D intensity,and financing constraints in turn,and analyze their relationship through theory.First,technological innovation theory is used to explain the role of R&D intensity on firm growth;second,the impact of financing constraints on enterprise R&D intensity is analyzed in conjunction with information asymmetry theory;finally,this paper applies proxy theory to provide a theoretical explanation of the relationship between R&D intensity and firm growth from the perspective of financing constraints,while combining the current situation of R&D in China and manufacturing enterprises,as well as based on the existing literature on the correlation between R&D intensity and firm growth without drawing a unified conclusion.To conduct a deeper study on the relationship between the three,this paper considers the influence of the equity nature of enterprises and industry nature factors and finally selects A-share manufacturing enterprises as a sample for the relevant empirical study during2012-2018.The empirical results show that:(?)there is a significant lag in the positive impact of R&D intensity on firm growth.The R&D intensity in the current period has a meaningful negative relationship with firm growth,while the R&D intensity in the lagged period and the failed period turns positive,and the delayed period turns hostile again.The delayed period has the mostapparent impact on firm growth.(?)Compared with the low financing constraint group,the R&D intensity of the high financing constraint group is more optimized in promoting firm growth,i.e.,the financing constraint plays a positive moderating role,while adversity is beneficial to firm growth.(?)The R&D intensity of non-state-owned enterprises(NSOEs)in the high financing constraint environment is more vigorous in promoting firm growth,while the R&D intensity of SOEs in the low financing constraint environment is more vigorous in promoting firm growth.(?)The industry heterogeneity of enterprises is not sensitive to the moderating effect of financing constraints,whether high financing or low financing constraints,the R&D intensity of advanced enterprises is significantly better than traditional enterprises in optimizing firm growth.