| Since the reform and opening policy, Chinese government has always paid great attention to the development of science and technology. Science and technology is the main source of economic development in a country. R&D investment is important to science and technology and it makes R&D activities be carried out. R&D can optimize industrial structure upgrading and speed up the transformation of economic growth. It also can improve the national competitiveness. R&D investment is becoming more and more important for promoting economic development. In recent years research and development efforts of our country gradually increases. Policy guiding and supporting measures also gradually in place.As economic globalization is proceeding and international competition is increasingly fierce, the improvement of technology and capacity for independent innovation become a core issue that companies faced. R&D is the important embodiment of scientific and technological innovation, but at present, independent research and development ability of enterprises is still weak. R&D is indispensable for the improvement of R&D level. R&D investment is affected by many factors, among which capital constraint is an important one. One purpose of this paper is thus to investigate the relationship between debt and R&D investment intensity.Enterprise is the main body of the national R&D innovation, improve enterprise R&D investment is essential to improve the innovative vitality of the country. Venture capital is a new financing mode, in practicing, it will ease the pressure on enterprise funds and will provide the value-added services for enterprises. It has played a certain role in promoting the development of the innovation enterprise. Although there are lots of the research about R&D and venture capital, but the study on the relationship between venture capital and enterprise R&D is relatively less. Based on this, the other purpose of this paper tries to find out whether the venture capital will affect the relationship between debt and R&D.This paper chooses Chinese2009-2011GEM listed companies as the research sample. On the basis of normative research, use empirical analysis to test. The paper is divided into five chapters.In this paper, after a series of analysis and empirical study, the results are as follows:1) Debt and R&D investment intensity have significant negative correlation. Enterprise debt will become a financial pressure, influence enterprise owners/operators to carry R&D investment under the high risk to bear ability. After divided into long-term debt and short-term debt, the results showed that both of them are significant negative correlation and the long-term debt effect more obvious.2) Venture capital can indeed alleviate the impact of debt on the R&D investment intensity. In order to obtain high returns, venture capital will make full use of their own resources to help the growth of the enterprise. So the business owners/operators have great faith to sustained enterpriser R&D investment.Because of the time and research level is limited, there are still some problems not to conduct a full discussion, we think that the follow-up research can also develop from different aspects. |
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