A Literature Review of Financial Development Relieving Enterprise Financing Constraints on R&D

The aim of this paper is to sort out and review the literature on the microscopic promotion of financial development and technological progress, and further summarize the research status of the financial development to relieve enterprise R&D financing constraints. It is pointed that financial development is indeed able to promote technological progress through relieving R&D financing constraints of enterprise from three different perspectives, such as financial development functions, investment-cash flow and other perspectives. Based on the systematical analysis of research achievements, the deficiencies of existing researches and prospects are provided for future researches. The contribution of this paper is not only a necessary reference for the future research in this field, but also has an important theoretical value and practical significance for the long-term sustainable development of the economy in the future.