Study On Relationship Between R & D Spending And Financial Policy Of Firms

Researches about enterprise investment decision theory and financing decision theory are also very mature meanwhile investment and financing endogenous function relation theory has achieved considerable achievements. Based on the background of China's economic system, this paper chooses R&D investment which is a unique investment, manufacturing listed companies and listed companies of information technology industry as our researching objects to analyze and explain investment behavior and financing policy. Combined with related investment and financing of interaction between capital policy theory, this paper empirically inspects the interaction between investment and financing to explore the real relationship between investment and financing under the background of China's economic system.In this paper, choosing the transaction cost theory, agency cost theory, information asymmetry theory and the asset specificity as the breakthrough points. From several aspects,it explores company financial theory about the interaction relationship between enterprise investment and financing. It briefly introduces simultaneous equations model of interaction between investment and financing. Using descriptive statistics, correlation analysis, simultaneous equations to inspect methods between investments and financing of endogenous relationship. Using two stages least-square method tests equation model.This paper chooses manufacturing listed companies and listed companies of information technology industry from Shanghai stock exchange and Shenzhen stock exchange as research objects, basing on the transaction cost theory, agency cost theory and asymmetric information theory, tectonic simultaneous equations model of interaction between R&D investment and financing policy. With R&D intensity as R&D investment agency variables and with asset-liability ratio of financing decisions as proxy variable, it puts forward the basic assumptions which is that there are interactive relationship between R&D intensity and the asset-liability ratio and financing decisions on R&D of enterprises are more than R&D of enterprises on financing decisions according to the current situation of the China's capital market. Through verification, it comes to the conclusions. It exists the interaction relationship between R&D investment and financing structure in Manufacturing listed companies and listed companies in the information technology industry. Under the background of China's economic system, R&D intensity negatively related to the asset-liability ratio but no significant correlation while asset-liability ratio has a significant negative correlation with R&D intensity. In the classification of financing structure, R&D intensity significantly differs between the higher asset-liability ratio company and the lower asset-liability ratio company.Finally, combining with the empirical research results in manufacturing and information technology industry between investments and financing status, it proposes some suggestions to guide enterprises investing and financing practice.