Min Deng

Under the background of the initial completion of Chinese interest rate marketization process, this paper aims to test the actual impact of interest rate marketization on micro-enterprise research and development (R&D) investments financing. Based on the current situation, we put forward the assumption that Chinese enterprises are generally facing financing constraints in R&D investment. The interest rate marketization, which reduced government intervention in fund pricing, helps alleviate financing constraints, especially for non-state-owned enterprises. This paper focuses on the moderating effect of interest rate marketization on financing constraints and R&D investments. The interest rate marketization index is constructed from three indicators: interest rate determination ways, interest rate fluctuation restrictions, and real interest rate level. We use the Euler-equation investment model to test the financing constraints of R&D investment. Based on panel data of listed firms for 2007–2016, we find that R&D investment faces wide financing constraints, and interest rate marketization alleviates financing constraints. More specifically, financing constraints are more significant for non-state-owned firms than for state-owned enterprises, and the deepening marketization of interest rates can effectively alleviate the financing constraints of non-state-owned enterprises.

The application of computer technology, especially the emergence of some statistical software and graphic presentation technology, has enabled many areas of research that require a large amount of data analysis. This paper discusses the relationship between R&D investment and corporate financial performance, and further studies the effect of environmental regulations on this relationship through these technologies. The unbalanced panel data of listed companies from 2007 to 2016 were used as a sample, and then corresponding regression modelswere established through logical reasoning. Empirical analysis has found that there is an inverted U-shaped relationship between R&D investment and company financial performance, and there is a U-shaped relationship between the intensity of environmental regulations and companies’ investment in R&D. Another finding is that the inverted U-shaped relationship between companies’ R&D investment and financial performance is moderated by environmental regulations in such a way that greater environmental regulations is associated with a lower point of maximum efficiency in the inverted U-shaped curve. This indicates that the strengthening of environmental regulations will affect a company’s resource allocation, which will lead to a reduced investment in production, R&D and so on, thus reducing the peak value of financial performance.