Research On Capital Structure, Profitability And R & D Capability Of Listed Companies

As the reforms of sci-tech system going continuesly deepen, enterprises gradually become the micro main body of R&D activity. Strong R&D ability is crucial to enterprises’ survival and development. For a long time, R&D ability of Shanxi listed enterprises is weak; this has become a factor restricting the economic development in Shanxi. R&D ability is not only related to external factors like market and industrial competition, but to internal factors like capital structure and profitability. Shanxi and other central and neighboring provinces have similar geographical location, industrial foundation and development opportunities, this research choose listed enterprises from these provinces as the research object. Because the increase of R&D ability can be resolved by increasing R&D input and R&D efficiency, therefore, on one hand, construct the interaction model of capital structure and R&D input, profitability and R&D input, on the other hand, measure R&D efficiency of different R&D input and output situations, construct the relational model of capital structure, profitability and R&D efficiency. Also put forward the new concept of technical director and add variable of technical director in the models contructed above. On the basis of descriptive statistics and correlation analysis, do regression analysis to the models constructed above. The research has shown that:(1) Capital structure and profitability can influence each other. High debt ratio has the constraining effect on the input of R&D investment, has a certain role in promoting the input of technical personnel. Enerprises having high R&D investment favor low debt ratio, the input of technical personnel has a certain positive influence on debt ratio.(2) Profitability and R&D input can promote each other. The stronger the profitability is, the stronger the ability of increasing the input of R&D investment and technical personnel; Increasing the input of R&D investment and technical personnel can promote profitability as well. The influences are all positive and have a lag.(3) Capital structure has very little constraint on R&D efficiency. Profitability has a positive influence on R&D efficiency.(4) Techical directors can promote the input of R&D investment and technical personnel, and can bring down the debt ratio and current year’s profitability, do not have the effect of improving R&D efficiency. In the end, put forward countermeasures and suggestions according to the results of the research. This research can help Shanxi listed enterprises choose appropriate capital structure, improve profitability and R&D ability, and has some practical significance.