Research on Financial Development, Financial Constraints and R&D Investment Efficiency of Hi-tech Enterprises
ZHAI Shu-ping1, GU Qun2
(1.School of Statistics, Tianjin University of Finance and Economics, Tianjin 300222, China;(2.Business School, Tianjin University of Finance and Economics, Tianjin 300222, China)
Abstract：
On the base of establishing financial development index and its structural indices, this paper empirically tests the impacts of financial development on releasing the financial constraints of hi-tech enterprises and their R&D investment efficiency. The result shows that financial constraints exist widely in China’s hi-tech enterprises. Financial development can release the financial constraints of hi-tech enterprises, and further promote the increase of their R&D investment efficiency. But the impacts of financial intermediary development are significantly higher than that of the stock market development. In addition, the effects of financial development on state-owned hi-tech enterprises are more significant in terms of releasing financial constraints and promoting R&D investment efficiency. It concludes that it's beneficial to improve the financial environment and optimize the capital allocation by improving the policy environment of financial constraints and developing multi-level capital markets.
2013 
