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| Capital Misallocation, Financing Constraint and R&D Investment of Enterprise |
| Zhang Jie1,Tang Jie2 |
| （1.School of Finance Zhongnan University of Economics and Law，Wuhan 430073，China; 2.Financial Management Department Zhongxing Telecommunication Equipment Corporation，Shenzhen 518057，China） |
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Abstract Enterprise R&D, which can promote technological progress and innovation, is the core driving force of supply-side structural reform in China. Based on the annual report data of Chinese high-tech listed companies from 2010 to 2017, this paper analysed the effects of capital misallocation and financing constraints on R&D investment of enterprises. The research results show that: capital misallocation has inhibitory effect on R&D investment, and financing constraint not only has a direct negative impact on R&D, but also strengthens the inhibitory effect of capital misallocation on R&D investment. However, these effects of financing constraints exist only in non-state-owned enterprises, but not in state-owned enterprises. Therefore, providing multi-channels financing system for different ownership enterprises, improving capital allocation efficiency and reducing corporate financing costs, are conducive to promoting the innovation of enterprises and smooth implementation of supply-side reform.
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Received: 26 March 2019
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