Research on the Influence of Financing Channels on Enterprise R&D Investment
DOI:
https://doi.org/10.54097/3hdczw67Keywords:
Internal Financing, External Financing, R&D Investment, GEM-Listed Enterprises.Abstract
Enterprise innovation is the core competitiveness of national economic development, and sufficient R&D investment is the premise for enterprises to achieve innovative breakthroughs. This study focuses on GEM-listed companies (representing high-growth and innovative SMEs in China) to explore the impact of financing channels on R&D investment. Using 4,592 unbalanced panel data observations from 507 GEM-listed companies during 2012–2022, theoretical analysis and empirical tests were conducted. The results show that: 1) Internal financing and equity financing significantly promote R&D investment of GEM enterprises; 2) Debt financing (a form of external financing) has a significant negative effect on R&D investment. This research helps GEM-listed enterprises identify the impact of different financing channels, provides theoretical support for solving financing constraints of innovative enterprises, and ultimately enhances enterprises’ core competitiveness to promote national economic development.
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