The Literature Review of Financial Development and Enterprise Financing Constraints on R&D

This paper systematically reviews and combs the existing research results of related scholars both at home and aboard, finding out that there are notable financing constraints on enterprise R&D, and the development of financial market can alleviate the financing constraints of R & D. However, most literatures only consider a single factor for research and analysis, and there are few literatures expound it in angles with multiple factors. This paper will analyze the diversity of enterprise financing constraints on R&D from multiple perspectives of ownership, scale, region, credit rating, and R&D tax preference, as well as analyze the mitigation effect of financial development on enterprise R & D financing constraints under the influence of different firm characteristics.