An Empirical Study On The Impact Of Financial Development On Enterprise R&D Investment

In the era of increasingly diversified consumer demand,the production and operation models of traditional enterprises no longer meet the needs of market development.How to improve the core competitiveness of enterprises,to promote enterprises to stand out in the fierce market competition,and successfully attracted a large number of entrepreneurs’ attention to R&D and innovation.However,it takes a long time from enterprise R&D investment to generating certain economic benefits,and the entire R&D process cannot do without financial support.When the company’s own funds are insufficient and the external financing capacity is limited,it will face serious financing constraints.Since financial development can improve the financing environment of enterprises and is conducive to improving the financing capabilities and financing levels of enterprises,research on the relationship between financial development and enterprise R&D investment has important practical significance.This paper combs through the relevant literature on financial development,financing constraints and corporate R&D investment,and finds that scholars have not reached consistent conclusions on the relationship between financial development and financing constraints,and the relationship between financial development and corporate R&D investment.Therefore,this paper studies in detail the mechanism of financial development affecting corporate R&D investment,and conducts an in-depth analysis of China’s financial development status and corporate R&D investment status.The results show that China’s financial resources are unevenly distributed,and corporate R&D investment varies among regions.the same.Based on this,this article introduces the intermediary variable of financing constraints,and through the establishment of an intermediary effect model,from an empirical point of view,deeply explore the relationship between financial development and corporate R&D investment.And according to administrative regions,my country is divided into eastern,central and western regions to explore whether the uneven development of regional economy can affect the effect of financial development on enterprise R&D investment.At the same time,according to the different nature of the enterprises,the sample enterprises are divided into state-owned enterprises and private enterprises to study whether the nature of the enterprises will affect the relationship between financial development and enterprise R&D investment.Research shows that,on the whole,the development of financial institutions and the bond market can help optimize the financing environment and R&D investment level of enterprises by diversifying investment risks in the market,reducing the financing costs of enterprises and the degree of information asymmetry in the market.However,from a regional perspective,only the development of financial institutions can promote the continuous improvement of their R&D investment levels by alleviating the financing constraints of enterprises in the eastern region.From the perspective of the nature of the enterprise,whether it is a state-owned enterprise or a private enterprise,the development of financial institutions can improve the level of R&D investment of enterprises by alleviating the financing constraints faced by enterprises of different natures.In this regard,this article puts forward the following suggestions from the two levels of government and enterprises.For the government,the first is to formulate preferential policies to deepen the reform of financial institutions;the second is to promote the establishment of direct financing channels and mechanisms,and to optimize financing products and financing tools;the third is to create a fair and competitive financial atmosphere and create efficient financial services;It is to firmly establish innovative ideas and comprehensively strengthen the protection of property rights.For enterprises,one is to improve the information disclosure system to reduce investment decision-making risks;the second is to rationally allocate their own assets and strengthen the management of their internal systems;the third is to enrich the sources of corporate funds and improve their R&D financing capabilities.