Study On The Influence Of R&d Investment On Operation Efficiency Of High-tech Manufacturing Enterprises Under Financing Constraint

Along With the deepening trend of world multi-polarization and economic globalization,the economic positioning of each country or region is gradually stable.If a country or region wants to break through its development orientation,it must have core and irreplaceable competitiveness.Science and technology and innovation have increasingly become the strategic means for the country to break through the development limitations.As the "protagonist" of innovation and development,the independent research and development of enterprises is the fundamental source of power to promote a country or industry to achieve high-quality development.High-tech manufacturing enterprises,as the cornerstone of the national real economy,should pay more attention to independent research and development and innovation,achieve the improvement of operating efficiency,promote their own high-quality development,and inject vitality into the national economic upgrading.However,in reality,enterprises’ R&D activities are not immediate results.Due to the risk characteristics of R&D activities,financing constraints will adversely affect the process of R&D activities.Therefore,based on high-tech manufacturing enterprises with high demand for research and development,this paper discusses the specific mode of action of R&D investment on operational efficiency,and further analyzes the influence of financing constraints on both from micro and macro perspectives.This paper firstly reviews the previous literature,analyzes the existing research results,and draws out the corresponding hypothesis through the influence mechanism among R&D investment,financing constraints and enterprise operation efficiency.Furthermore,it combines the theory of technological innovation,resource-based view,information asymmetry theory and principal-agent theory as the theoretical support to further analyze the rationality of the hypothesis.Finally,taking the data of listed A-share high-tech manufacturing enterprises from 2016 to 2020 as samples,the total factor productivity was used to measure the enterprise operating efficiency,the SA method was used to calculate the financing constraint index,and the empirical analysis method was used to study the process of the impact of R&D input on the enterprise operating efficiency,and the model was verified to ensure the robustness of the experimental results.At the same time,it explores the influence of R&D input on enterprise operating efficiency under financing constraints,and further conducts correlation coefficient test in groups to verify the influence of financing constraints.Finally,from a macro perspective,this paper analyzes the impact of R&D input on operational efficiency under the environment of financial agglomeration,providing richer support for the research conclusions.The results show that: first,the influence of R&D input of Chinese high-tech manufacturing enterprises on enterprise operating efficiency presents a "U-shaped" effect.Most enterprises have low R&D input intensity and fail to reach the "inflection point".When the investment in independent R&D activities does not reach a certain amount of accumulation,R&D input will inhibit enterprise operating efficiency.Second,financing constraints exist in most high-tech manufacturing enterprises in our country,and this kind of financing constraints will further strengthen the negative impact of R&D investment on enterprise operating efficiency,and the easier financing environment will alleviate this negative impact.This paper enriched the research on the impact of R&D input on the operation efficiency of enterprises,made the relevant conclusions more practical,and provided powerful suggestions for the decision-making of enterprises’ R&D input activities and the government’s innovation policies.This paper discusses the relationship between the two from the perspective of financing constraints from the micro and macro perspectives,so as to provide evidence support for the government to encourage the innovation and development of enterprises,so as to improve the efficiency of enterprises and promote the steady development of the economy.