TITLE:
The Impact of Financing Capacity on R & D Investment —Empirical Analysis Based on Micro Data of Manufacturing Enterprises in Guangdong
AUTHORS:
Guansheng Wu
KEYWORDS:
Financing Capacity, R & D Investment, Manufacturing Enterprises
JOURNAL NAME:
Modern Economy,
Vol.10 No.4,
April
10,
2019
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.