| Technology is a technology of listed companies of the soul, with the increasingly fierce global competition, the importance of listed companies pay more and more attention to technical, as long as the master the core technology of this industry can in the market occupies more share. Some enterprises to obtain technology has three forms: one is the introduction of technology, directly from the developed countries will take over technology, but others not the core technology to you, so this form of technology is not the most advanced; the second is imitation and innovation, refers to the enterprise through learning to imitate the first innovators, transfer, purchase or decipher first innovator’s core technology and know-how, and thus is based were improved practices. But the innovation drawback is in the passive, so such technology is the most advanced; the third is independent innovation, is defined by having independent intellectual property rights and the unique core technology based on the value of new product realization process, through independent innovation, the enterprise can obtain the most advanced technology.The source of independent innovation is R & D investment, a project R & D investment, often requires a lot of financial support, long cycle. There are two ways of financing enterprise, one is internal financing, refers to the enterprise continuously will own savings (mainly including retained earnings, depreciation and fixed liabilities) into the process of investment. Two is exogenous financing, foreign financing way including:bank loans, issuing stocks, corporate bonds, and so on. The way a listing Corporation through the financing will have an impact on R & D investment, the extent of the impact is also different. So listing Corporation in order to carry out R & D investment, how should the financing? The answer to this question is the listing Corporation for R & D investment, and even for China’s economic development has important strategic significance.In this paper, the listed companies to engage in R & D activities strong biological pharmaceutical industry as an example, in 2009-2013 China’s a shares in Shanghai and Shenzhen two city of bio pharmaceutical industry listed company disclosed the relevant data for the study sample, using panel data model, from the three aspects of enterprise debt financing structure, namely, the overall level of debt, debt maturity structure and debt source of empirical test their of corporate R & D investment effect.This paper is divided into six chapters, specific arrangements are as follows:the first chapter is a general introduction, clarify the research background and significance of the topic, review the related literature at home and abroad, introduced the research content and the research emphases and difficulties, the research mentality and the frame. Introduction of research methods. The second chapter is the theoretical review and literature review. Firstly, we define the concept of credit financing, R & D investment, technological innovation, and then review the relevant theory, analyze the mechanism of debt financing to the enterprise development.. The third chapter is the theoretical analysis of the impact mechanism of debt financing on R & D investment.. Through the theoretical analysis of debt financing through the overall level of debt, debt maturity and debt sources to affect the mechanism of development, for the empirical model to provide theoretical support. The fourth chapter is the descriptive statistical analysis of the investment of debt financing and listing Corporation development.. The development of debt financing and the status quo of the listing Corporation, as well as the status quo of R & D investment status of the. The fifth chapter is the empirical analysis of the impact of debt financing on the R & D investment of bio pharmaceutical listing Corporation..2009-2013 data, the regression of the measurement model, in-depth discussion of the impact of debt financing on R & D investment mechanism, and draw quantitative results. The sixth chapter is the conclusions and policy recommendations. Based on the previous theory and empirical analysis, summarize the conclusions and make the relevant policy recommendations.The main conclusions of this paper are as:(1) the correlation index of the structure of the financing structure of the biological science and technology listing Corporation, the asset liability ratio and the intensity of R & D investment is significantly negative. (2) in the term structure of the debt, the short-term debt ratio and the long-term debt ratio are negatively related to the R & D investment of the enterprise. Long term liability ratio and short-term debt ratio, the long-term liability ratio has a greater impact on the intensity of scientific research investment. (3) sources of debt, commercial credit ratio and bank loan ratio and research input strength between a dominant negative correlation with respect to the commercial credit, bank loans to scientific research investment has great influence on the strength.At the end of this paper, according to the empirical analysis results, Chinese bio pharmaceutical industry listed companies to better play the role of debt financing structure, so as to improve the levels of investment in research and development, and puts forward the policy recommendations in three aspects, namely:(1) pay attention to internal financial information. (2) development of short-term debt financing channels. (3) developing the bond market, the short-term financing capacity of the enterprises to enhance, cultivating commercial credit. |
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