| The level of the manufacturing industry symbolized the comprehensive strength of a country in science and technology,process design,materials,processing and manufacturing,as well as the economic and technological strength.Manufacturing industry makes the country prosperous,strong and rich.Since the founding of People’s Republic of China,the country has always attached great importance to the development of manufacturing industry.The Fifth Plenary Session of the 19 th CPC Central Committee clearly put forward that we should adhere to focusing on the development of the real economy,and unswervingly build a strong manufacturing country.With the implementation of a series of national innovationsupporting strategies in recent years,e.g.,"smart manufacturing","innovationdriven" and "mass entrepreneurship and innovation",government policies on R&D subsidies and tax incentives for enterprises are gradually systematized and institutionalized,which has effectively promoted the growth of R&D investment and stimulated the endogenous power of enterprise development.In recent times of innovation-driven economy,the manufacturing industry is the most dynamic innovation force,and innovation is the inexhaustible driven force of the development of manufacturing industry.The basis of innovation is the investment in R&D,and a large amount of funding for R&D is an important guarantee for its continuity.The source of funds depends on the financing mode,which,together with the utilization of limited funds,are the main concerns of entrepreneurs.Based on the purpose of the study,the questions of which financing mode is beneficial to the company,how to give full play to the value of limited funds and improve the efficiency of the enterprise’s use of funds,and how to examine the dynamic process of the source and use of funds have been empirically answered.In this study,we collected and compiled financial data from 1916 listed manufacturing enterprises for the period of 2010-2020,and finally obtained 21076 observable values,and discussed the issue of "how different financing models affect the efficiency of capital use".Firstly,the overall capital use efficiency of manufacturing industry is measured as well as the trend changes in recent years.Secondly,the impact of different financing methods on capital use efficiency is compared and analyzed.Again,the mediating role of R&D intensity on the two is focused on.Finally,the moderating role of the nature of enterprise property rights is explored.The empirical results of this study are as follows:(1)In recent years,the capital use efficiency of domestic manufacturing listed enterprises is low and shows a declining trend.(2)From the difference of financing modes,internal financing helps to improve the capital use efficiency of listed enterprises in domestic manufacturing industry.Debt financing and equity financing,on the other hand,are negatively related to the capital use efficiency of our domestic manufacturing industry,and the negative impact of debt financing is stronger.Therefore,for domestic manufacturing enterprises,the order of financing that could be considered is: internal financing is considered first,followed by equity financing,and finally debt financing.(3)By comparing the effects of the three types of financing on R&D intensity,it is clear that internal financing is the most unfavorable to the improvement of R&D intensity.Equity financing has a stronger positive effect on R&D intensity than debt financing.(4)R&D intensity has a significant inhibitory effect on capital use efficiency in manufacturing,and R&D intensity has the strongest inhibitory effect on capital use efficiency in the current period,and the inhibitory effect gradually weakens as the number of lag periods increases.(5)There is a partial mediating effect of R&D intensity between different financing modes and capital use efficiency.That is,R&D intensity will weaken the positive effect of internal financing mode on capital use efficiency,and also weaken the negative effect of debt financing and equity financing mode on capital use efficiency,and the mediating effect of R&D intensity weakening is more obvious under equity financing mode.(6)Heterogeneity of property rights has a moderating effect between different financing modes and capital use efficiency.Relative to state-owned manufacturing enterprises,internal financing has a stronger positive impact on the capital use efficiency of non-stateowned enterprises;debt financing and equity financing both have a negative impact on the capital use efficiency of enterprises.Relative to state-owned enterprises,debt financing and equity financing have stronger negative effects on the capital use efficiency of non-state-owned enterprises.Finally,in conjunction with the empirical findings of this study,the following recommendations are made.(1)Focus on the economic interests brought to the enterprise by internal financing.(2)Strengthen the technical breakthroughs brought by technology research and development to enterprises.(3)Encourage demandoriented financing and eliminate R&D manipulation.(4)Pay attention to the impact of heterogeneity of property rights on the efficiency of capital use. |
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