| Today’s market environment is complex and changeable.Enterprises need to enhance their own strength and cultivate competitive advantages,they must master the cutting-edge technology,continue to reform and practice.The reports of the 18 th and 19 th National Congress of the Communist Party of China put forward that China adheres to the development strategy of an innovative country,builds a strong country with scientific and technological innovation,and attaches great importance to innovation.This is because innovation can generate advanced technology for enterprises,promote national economic growth,and enhance the country’s comprehensive strength.The government,enterprise managers and investors attach great importance to the innovation activities of enterprises.According to the analysis of the current market economic environment,there is still a certain gap in China’s research and development(R&D)investment compared with some developed countries,mainly because China’s small and medium-sized enterprises have the problems in financing,and these phenomena are more serious in high-tech enterprises.However,high-tech enterprises are the main body of innovation and R&D activities of Chinese enterprises,and their financing constraints have become a "stumbling block" in the adjustment and upgrading of China’s industrial structure.Therefore,it is of great significance to study how financing constraints affect the R&D investment of high-tech enterprises to improve their innovation performance and enhance their comprehensive national strength.This paper takes beacon communication company as an example to conduct a systematic empirical study.First,by understanding the current policy environment and economic development in China,it leads to the macro background and significance of the issues studied in this paper.Then,it analyzes the existing research literature at home and abroad on financing constraints,enterprise R&D investment and the relationship between the two.Then,according to the empirical theoretical analysis method,This paper uses multiple discriminant analysis to establish the financing constraint index of high-tech enterprises in China.It is found that this index has a negative correlation with the asset liability ratio,and a positive correlation with the return on net assets,Tobin Q value,net working capital and dividend payout rate.Among them,the two indicators of asset liability ratio and return on net assets have a greater impact on the financing constraint.Then it studies the current financing situation and development situation of Fiberhome communications,and analyzes the degree of financing constraints.Subsequently,the multiple linear regression is carried out for the financing constraints and R&D investment level of Fiberhome communications.The results show that there is a significant negative correlation between the financing constraints and the R&D investment level;Government subsidies can ease financing constraints and promote R& D input and output the decision-making recommendations for the R&D investment of Fiberhome communications are put forward.Through the research and analysis of the typical case of beacon communication company,it reflects that there are financing constraints within China’s high-tech companies,which make the investment level cannot be improved.Based on the above research,the paper focuses on the measures and suggestions at the government departments,capital markets and corporate levels.First,the government should give full play to the function of financial subsidies,further broaden the source of funds,and increase government support;Secondly,we must speed up the formation of a diversified capital market,and improve the enterprise information release and sharing system;Finally,small and medium-sized enterprises must focus on accelerating capital accumulation,ease the degree of financing constraints by improving the asset liability ratio,enhance their R&D and innovation strength,and optimize the financing structure. |
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