The financing constraint, R&D input and enterprise performance for the fixed effects panel data model: Based on the data of China's listed manufacturing enterprises from 2015 to 2019

Basing the microdata of Chinese listed manufacturing enterprises from 2015 to 2019, this study utilizes a mathematical model to construct the financing constraint index. Then, a combination method of the fixed-effects panel data model and regulatory action mechanism is utilized to discuss the reason causing insufficient R&D input, test the effects of R&D input on operating performance and enterprise value, and explore the moderating effect of financing constraint in these influence processes from the perspective of financing constraint. The result shows that, first, insufficient R&D input of listed manufacturing enterprises involves fund scarcity. Second, there is a negative correlation between current R&D input and operating performance, but the lagged effect exists between these two variables. Third, R&D input positively influences enterprise value. Finally, the financing constraint significantly affects R&D performance and plays the role of “amplifier” in the effect of R&D input on operating performance, influencing long term R&D performance positively and significantly.