A Research Into Impact Of Our Country Enterprise R&D Investment On Captial Structure

People more and more discover that autonomous innovation is the motive power of contemporary world countries economic development. Although R&D investment of Chinese enterprises has made considerable progress, but there is still a big gap between developed countries. From a financial perspective, researching the contact of R&D investment and capital structure has positive significance towards improving the company financial standing, pushing forward the finance theories study.In this paper, the problem is that R&D investment influencing on the company's capital structure, and this influence in different conditions were grouped to show the difference. This article takes the capital structure theory, enterprise growth theory's combing and summarizing as the foundation, research method using empirical analysis. The research selects in 2004-2008 China listed company as the research object, in the manufacturing industry and the information technology industry, of which removes the partial operation results cannot be truly reflect its market value, the data loss of the company, finally data on 637 companies data regression analysis. The empirical results show that R&D investment has negative influence on the capital structure, and this kind of influence in different growth, scale enterprise still exists, but high growth (or mass) enterprises and low growth (or small compared to the enterprise, this kind of influence) has no obvious difference.The content is divided into five parts. The first part is the introduction, research background, purpose and significance of the study. The second part is theory review and literature review. Theory review includes capital structure theory (MM theory, agency cost theory, signaling theory and the pecking order theory of financing) and business growth theory. The third part is research methods and design. The fourth part is the descriptive statistics, empirical results and analysis. This two-part constitutes the main content of the article, setting multivariate regression model on the basis of theoretical analysis, collecting and processing data by using statistical and econometric methods ,achieving the conclusion that R&D investment influences on the capital structure and carrying on the analysis. In the study, considering the R&D is non-mandatory disclosure of information category, currently there are still difficulties in their accurate measurement, and R & D investment will be subject to many factors, in order to data has some of the comparability, this paper takes R&D intensity as a substitute variable to regression analysis. According to empirical result, the fifth part suggest the government should actively adopt the measure to break through to equity financing channels for enterprises, improving the information disclosure system R&D, another enterprise should notice to combine with the finance policy when enterprise carries on the R&D decision.Through this writing, the author more and more deeply feels the financing bottleneck is an important factor of R&D investment lack in China. But the current financial academic, it is not enough, so this research is a challenging task.