Empirical Study Of Capital Structure、R&D Investment And Company’s Performance

The shortage of resources,the fierce competition has become an important problem for the current enterprise’s survival and development,and the reform and opening up of the domestic capital market has come to a historic moment.The trade contacts between China and other countries are becoming more and more closely.Enterprises must face the problems of technological innovation in order to pursue long-term development and maintain the market competitiveness.In order to rely on the cost of compressing the material,change the marketing model,improve the sales volume and increase the sales volume,it can not satisfy the enterprise’s pursuit of high profit,and the promotion of scientific and technological innovation to the enterprise and the economic development has also been paid more and more attention by the governments of various countries.According to the theory of technological innovation,enterprises can evaluate market and customer needs through market investigation,and then reform production technology and production process,and put new products into the market,which can improve the competitiveness of the enterprises and increase the performance of the enterprises,and the importance of R & D activities to the business activities of enterprises can be seen.But if we want to improve the performance of enterprises through R & D activities,we need to coordinate and cooperate with each other in the competition strategy and financing strategy.Mainly reflected in: in the R & D stage,due to the uncertainty of R & D activities,enterprises need to prepare and invest a large amount of funds.Therefore,it involves the agency cost of the enterprise funds.How to choose the way of financing,the choice of equity financing or debt financing,the ratio of the two to the capital is the enterprise and the need to face.One of the important issues is that only by determining reasonable and effective capital structure can enterprises support the R & D activities of enterprises with the least cost of capital,control the R & D costs at the lowest level,and ensure the smooth expansion of the research,development and production process of high yield projects.This paper,based on information asymmetry theory,agency cost theory,trade-off theory and technology innovation theory,puts forward the research hypothesis,mainly studying the relationship between R & D investment,capital structure and enterprise performance,as well as whether the capital structure has a regulatory effect on the relationship between R & D input and enterprise performance.Yes.According to the research requirements mentioned above,this paper takes the listed companies in Shenzhen and Shanghai A shares as the research object.On the research samples,we remove the missing value,extreme value and the company data of special industries from 2010 to 2016.After screening,this paper selects 5066 observation values,and uses the asset liability ratio to measure the enterprise.The capital structure,taking the R & D input intensity as an alternative variable of R & D input,selected the net asset yield as the index to measure the enterprise performance,and tested whether the capital structure had a regulatory effect on R & D investment and enterprise performance by using these measured indicators.On the basis of reading a lot of literature,from two angles of theory and empirical test,first of all,on the basis of the theoretical basis,the relationship between the three and the previous research results,put forward the hypothesis,and then use the collected data to carry on the empirical test,and the empirical conclusion preliminarily indicates that the R & D input is positively related to the enterprise performance,The relationship between capital structure and enterprise performance is negative.According to the principle of regulation effect,the interaction of capital structure and R & D input is added to the regression model to find that the coefficient is negative and the relationship is significant.Thus,it can prove that the relationship between capital structure and R & D investment and enterprise performance has a negative regulation effect.