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| Research on the Interaction between Financing Activities and Research &Innovation from the Perspective of Corporate Ownership |
| Wang Jinfu,Zhang Yaoting |
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Abstract There exists dispute on the interactive relationship between enterprise financing activities and research & innovation.Most of the researches focus on the impact of enterprise financing activities on research and innovation,but there is no unified opinion on how research and innovation affects financing activities.This paper analyzes the interaction mechanism between enterprise financing activities and research & innovation,and puts forward that the difference in ownership of enterprises is an important situational factor that leads to the heterogeneity of the interaction relationship between the two parties.Based on the mechanism,the PVAR model is constructed to analyze the sample of the listed companies in strategic emerging industries from 2011 to 2016.The findings are as follows:①all four kinds of financing activities have a positive impact on research and innovation,among which the internal financing has the strongest effect on research and innovation,the government subsidy is the second,and the last is debt financing and equity financing;②research and innovation can effectively improve the external financing capability of enterprises,but has little effect on internal financing and government subsidies;③the incentive effect of internal financing and government subsidy on research and innovation of nonstateowned enterprises is higher than that of stateowned enterprises,but the influence of research and innovation on equity financing and debt financing is higher than that of non stateowned enterprises.
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