Abstract
Under the background of the rapid expansion of R & D investment of industrial enterprises in China, this paper based on the 2005-2007 China Industrial Enterprise Database, conducted research on manufacturing enterprises in Guangdong Province, and used the micro-data at the enterprise level to empirically study the impact of financing capacity on R & D investment. It is found that the financing ability of enterprises has a significant positive effect on their R & D investment. Among them, with the expansion of the scale of enterprises, the promotion of corporate financing capacity to its R & D investment has gradually increased; the financing capacity has also significantly affected the R & D investment of all types of enterprises, and for state-owned enterprises, foreign-funded enterprises and Hong Kong, Macao and Taiwanese investment enterprises. The impact is significantly stronger than that of the private sector. Its promoting effect is not affected by regional differences. Finally, based on the results of the quantitative analysis and the actual situation in Guangdong Province, the author has put forward some countermeasures and suggestions.
Highlights
Under the background of the rapid expansion of R & D investment of industrial enterprises in China, this paper based on the 2005-2007 China Industrial Enterprise Database, conducted research on manufacturing enterprises in Guangdong Province, and used the micro-data at the enterprise level to empirically study the impact of financing capacity on R & D investment
This paper is based on the industrial enterprise database and selects the manufacturing enterprises in Guangdong Province to empirically study the impact of financing capacity on R & D investment of enterprises, and Further research and analysis were carried out on the manufacturing enterprises in Guangdong by region, enterprise scale and ownership type
By constructing the econometric model and using Stata13.0 software for quantitative analysis, the paper studies the impact of financing ability on R & D investment
Summary
Since the implementation of reform and opening up in China, with the gradual establishment of the household contract responsibility system and the socialist market economic system, China’s economy has achieved. Lu Xin et al [4] took high-tech listed companies as research objects and found through research that corporate cash flow will promote the R & D investment intensity of enterprises. Sun Xiaohua et al [6] based on the research results of large and medium-sized industrial enterprises show that there is a significant positive correlation between firm R & D intensity and internal cash flow. This paper is based on the industrial enterprise database and selects the manufacturing enterprises in Guangdong Province to empirically study the impact of financing capacity on R & D investment of enterprises, and Further research and analysis were carried out on the manufacturing enterprises in Guangdong by region, enterprise scale and ownership type. We draw some conclusions and put forward several suggestions
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