Study On The Effect Of Capital Structure To R&D Investment

This year is the first year of Thirteen Five,is the crucial year of building a moderately prosperous society, "innovation" on the just-concluded two sessions mentioned as many as sixty one.In the background of the society that has a strong innovative atmosphere,all the people have a tremendous passion for innovation,Chinese entrepreneurs has seen the advantage and function of innovation,Is there innovation existing in enterprises or not,that is related to their development in the future,although in recent years our consciousness has been increased,the amount of investment on R&D also has been risen,horizontal contrast,we will find that the shortages,weaknesses and shortcomings are still very obvious,inadequate investment in research and development must not bring good results.So now we urgently need to do more is in-depth studying on limiting,affecting factors of R&D investment,how to improve the R&D investment efficiency. View related literature we know that many scholars at home and abroad are by the way of non-empirical research from multiple perspectives to explore factors affecting R&D investment,lack of empirical research methods to study, and this article will explore this approach.Foreign scholars for R&D investment in relevant research fields is rich, comparatively speaking,Chinese research in related fields is very scarce,By constructing multiple regression equation using empirical research methods to research the factors affecting of R&D investment,trying to use some representatives indicators of capital structure to discuss the impact of capital structure to R&D investment.The results showed that the higher the proportion of property,R&D intensity,the higher the scale,the proportion of property and R&D intensity,the scale is positive correlation.The higher the concentration of ownership,R&D intensity,the higher the scale,that is,ownership concentration and the intensity of R&D investment,scale is positive correlation.The higher the ratio of current liabilities,R&D intensity, the lower the scale,current liabilities ratio and the R&D intensity,scale is negatively correlated,the later section of the paper by the previous conclusions will analysis,explain what kind of capital structure can play a catalytic role,how the indicator of capital structure influence the R&D,finally throw out the recommendations.