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| Does the Combination of Industry and Finance Have the Dualdirectional Regulation Effect on the R&D Investment of Manufacturing Enterprises |
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Abstract The high return of R&D investment attracts manufacturing enterprises to expand their investment scale, while the high risk of R&D investment further strengthens the financing constraints of manufacturing enterprises.Can the combination of industry and finance reduce the R&D investment of manufacturing enterprises and restrain excessive investment? Based on the data of China’s manufacturinglisted companies listed on Shanghai and Shenzhen Ashare from 2007 to 2016, this paper show that the combination of industry and finance has a oneway regulating effect on the R&D investment of manufacturing enterprises, which can alleviate the shortage of R&D investment and aggravate the overinvestment of R&D investment.The paper further analyzes the mechanism of the combination of industry and integration to effectively alleviate the deficiency of R&D investment and aggravate R&D investment, putting forward some suggestions on how to make effective investment in manufacturing enterprises.
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