Research On The Relationship Between Debt Financing,R&D Investment And Firm Performance Of Listed Companies On GEM

The overall level of asset-liability ratio of listed companies in the GEM is at the lowest level,but R&D investment and corporate performance are at the highest level,so there is some connection between debt financing and innovat ion investment and corporate performance.Therefore,this paper takes the balanced panel data of listed companies on GEM from 2013 to 2015 as the research sample,and based on the dual view of industry heterogeneity and debt heter ogeneity,and introduces the cost of debt financing,empirical verification of debt financing,innovation investment and the relationship between business performance and analysis of the internal mechanism of action.The following conclusions are drawn from theoretical reasoning and empirical test: 1.the overall level of debt financing of listed companies is relatively low,the debt financing ratio and business performance was significantly negative correlation,this strength of negative correlation is different in different industries,compared to non-manufacturing,manufacturing market in the company this inhibition is stronger.2.The debt financing is divided into short-term liabilities and long-term liabilities according to the term structure.The empirical results show that the short-term liabilities and long-term liabilities of the listed companies are significantly negatively correlated with the economic performance of the enterprises,but the negative correlation is stronger,long-term debt play a better governance role.The debt financing is divided into bank loans and commercial credit according to the source.The empirical results show that the bank loan and the commer cial credit have a significant negative correlation with the economic performance of the enterprise.3.There is a significant negative correlation between the debt financing ratio of the listed companies on the GEM and the innovation inv estment intensity of the enterprises.This negative correlation has a significant effect on the R&D investment in the non-manufacturing sector,and the long-term debt to the enterprise R&D investment is not significant.There is a significant negative correlation between bank loan ratio and R&D investment intensity,and the effect of commercial credit on R&D investment intensity is not signif icant.4.The cost of debt financing has a significant negative effect for R&D investment intensity of enterprises and corporate economic performance.5.to rese arch and development of the natural logarithm of the R&D investment intensity and corporate economic performance was significantly positive correlation.6.R&D investment intensity in the debt financing on the impact of corporate econ omic performance played a part of the intermediary role.The empirical results show that the debt financing level of the listed companies is low and there is room for further improvement.However,the debt financing structure is not reasonable and the proportion of long-term debt should be increased.Meanwhile,the proportion of commercial credit ratio and bank borrowing ratio of listed companies But the commercial credit management mechanism does not play,should strengthen the debt service mechanism,debt financing costs become a direct constraint on corporate R&D investment and performance improvement,the GEM listed companies R&D investment spending will promote enterprise perfor mance,But the innovation and conversion capacity is low,R&D investment eff iciency is not high,it is recommended that listed companies to adjust the debt financing structure,in strengthening the intensity of R&D investment,while avoiding blind investment,improve investment efficiency,and truly achieve the goal of innovation and profitability.