Research On The Impact Of R&D Investment On Enterprise Performance From The Perspective Of Financing Constraints

Under the background of using technological innovation to enhance the driving force of economic development,as the source and foundation of technological innovation,corporate research and development work not only lays the foundation for companies to create new competitive advantages and improve corporate performance,but also plays an important role in the stable growth of the national economy.In recent years,although my country’s investment intensity for overall R&D work has always maintained an upward momentum,the global R&D investment intensity is still lower than that of many high-level countries.In addition,my country’s high-tech enterprises are also faced with financing difficulties,insufficient supply of scientific and technological talents and funds,and the international environment hinders the introduction of advanced technology,which affects the efficiency and competitiveness of enterprise innovation output to a certain extent.Therefore,how to improve the R&D performance of high-tech enterprises and ease the appropriate financing constraints is the focus of my country’s high-quality economic development.Based on the above background,this article starts from a micro perspective,and selects R&D investment of high-tech enterprises as the research object.First,this article elaborates on the current status and problems of R&D investment and corporate performance under financing constraints.Through analysis,it is found that although the R&D investment intensity of high-tech enterprises is higher than that of the overall industry,there is still a large gap compared with the world’s high R&D investment countries.R&D performance needs to be improved,and the problem of high financing constraints needs to be resolved.Secondly,based on the theory of technological innovation and resource-based theory,this article conducts an in-depth analysis of the mechanism of R&D investment in promoting corporate performance and generating scale effects.At the same time,it is based on information asymmetry theory and commissioning.Agency theory provides an in-depth analysis of the adjustment mechanism of financing constraints in the process of R&D investment affecting corporate performance;then,the empirical research part of this article uses high-tech listed companies as samples,constructs a comprehensive index of financing constraints through entropy method,and uses fixed The effect model conducts regression analysis on the panel data of 50 sample companies from 2014 to 2020,further elaborates the relationship between R&D investment and corporate performance,as well as the moderating effect of financing constraints,and implements robustness and endogeneity tests.Through empirical research,two conclusions can be drawn:First,the R&D investment of high-tech enterprises can promote enterprise performance,but this performance promotion effect is different between enterprises of different asset sizes,that is,compared with small and medium-sized enterprises,large-scale enterprises R&D investment can further promote the increase of corporate performance;second,financing constraints can adjust the efficiency of R&D investment in improving corporate performance,and the adjustment curve presents an inverted U-shaped characteristic.Finally,this article proposes targeted suggestions on how to alleviate financing constraints and improve the performance of R&D investment:strengthening policy support,broadening financing channels,improving the level of R&D information disclosure,and strengthening internal management of enterprises.The innovation of this article lies in the use of entropy method to construct a comprehensive index of financing constraints,and through empirical research,it is found that financing constraints can adjust R&D investment to promote the efficiency of corporate performance,and the adjustment curve is inverted U-shaped.