Financial-Industrial Integration, Financing Constraints and Corporate R&D Investment

Abstract

Taking domestic A-share listed companies from 2007 to 2019 as research samples. This paper examines the relationship between financial-industrial integration, financing constraints and corporate R&D investment. The study found that the integration of industry and finance has significantly promoted R&D investment in enterprises, and financing constraints have shown a significant intermediary effect in financial-industrial integration and corporate R&D investment. Financial-industrial integration has remarkably promoted corporate R&D investment by reducing corporate financing constraints.