Financing Ecological Environment, Financing Capacity and R&D Investment: An Empirical Study on Listed Companies of New Material Industry in China

Introducing the concept of financing ecology into the research of new material enterprises’ R&D investment, and taking 203 Chinese listed companies of new material industry from 2010 to 2015 as the research objects, this paper explores the relationship between financing ecological environment, new material enterprises’ financing ability and R&D investment. The study shows that: Financing ecological environment has significant influence on new material enterprises’ R&D investment; Specifically, two sub dimensions of economics and finance have positive effects, while the sub dimension of system and honesty has negative effects; The promotion of financing capacity helps new material enterprises to increase R&D investment; Financing capability plays a positive intermediary role between financing ecological environment and R&D investment. Accordingly, new material enterprises should promote adaptive coevolution between financing ability, R&D funds allocation and financing ecology, and fully use the support of policy system.