Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19–21, 2023, Hangzhou, China

Research Article

Research Investment, Financing Constraints, and Enterprise Competitiveness——An Empirical Research Based on High-tech Listed Companies in China

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  • @INPROCEEDINGS{10.4108/eai.19-5-2023.2334229,
        author={Jia  Zhou},
        title={Research Investment, Financing Constraints, and Enterprise Competitiveness------An Empirical Research Based on High-tech Listed Companies in China},
        proceedings={Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19--21, 2023, Hangzhou, China},
        publisher={EAI},
        proceedings_a={ICBBEM},
        year={2023},
        month={7},
        keywords={high-tech enterprises enterprise competitiveness financing constraints research in-vestment},
        doi={10.4108/eai.19-5-2023.2334229}
    }
    
  • Jia Zhou
    Year: 2023
    Research Investment, Financing Constraints, and Enterprise Competitiveness——An Empirical Research Based on High-tech Listed Companies in China
    ICBBEM
    EAI
    DOI: 10.4108/eai.19-5-2023.2334229
Jia Zhou1,*
  • 1: Guangzhou Huali College
*Contact email: amyisforeverlucky@163.com

Abstract

There is a strong driving force for high-tech enterprises in China to improve their competitiveness of enterprises for moving toward the middle and high end of the global value chain. Because of the high-risk characteristics in the initial stage, they have faced considerable investments in scientific research and severe financing constraints in China compared with western countries. Four thousand ninety-eight balanced panel data from 2016 to 2021 is constructed to conduct empirical research on financing constraints, research investment, and enterprise competitiveness. The TOPSIS method is used to calculate enterprise competitiveness. The panel fixed effect model is adopted to test the intermediary effect of research investment in the mechanism of financing constraints affecting enterprise competitiveness by the soft STATA 15. We have found that financing constraints not only impair enterprises' competitiveness but also sig-nificantly reduce research investment at the level of 1%. Furthermore, scientific re-search expenditure has an intermediary effect, accounting for 1.13% of the financing constraints affecting enterprises' competitiveness. Therefore, financing constraints have directly impacted the enterprises' competitiveness and indirectly affected it through investment in scientific research at the same time.