Government Subsidies,Corporate R&D Investment And Corporate Deleveraging

The large-scale stimulation economic policy causes our country enterprise's leverage ratio to increase unceasingly,has exceeded the warning line.At the same time,whether enterprises can reduce their leverage ratio by increasing r&d investment and whether government subsidies play a role in it has been the focus of academic attention.In this paper,the data of mining and manufacturing listed companies from 2015 to 2018 in China securities regulatory commission industry classification are selected as the research samples,and the relationships among government subsidies,R&D investment and deleveraging are discussed,and take Yunnan Tin industry Co.Ltd.as an example,further explore the role of government subsidies and enterprise R&D investment on the specific impact of "deleveraging".Through empirical research,we find that R&D investment has a negative correlation with leverage ratio,that is,as enterprises increase their R&D investment,the leverage ratio will decrease.Government subsidy plays a moderating role between R&D investment and deleveraging,that is,government subsidy encourages enterprises to increase R&D innovation,further strengthens the intensity of R&D investment,and more effectively reduces the leverage ratio.At the same time,the case of Yunnan Tin Industry,is selected,it further verifies the mechanism and path of R&D investment influencing the leverage ratio of enterprises from three aspects: innovation capacity governance,profitability and financing structure.It is found that with the increase of R&D investment,the implementation of innovation-driven strategy and the increase of government subsidy,the leverage ratio of Yunnan Tin Industry is decreasing and its financial situation is getting better.Through the analysis and conclusions,we can find that government subsidy can effectively enhance the inhibition of R&D investment on firm leverage ratio.In order to effectively deleverage the highly leveraged enterprises in our country and bring into play the positive adjustment function of government subsidy,this Paper puts forward several suggestions: enterprises should strengthen R&D innovation,implement innovation-driven strategy,and deepen the reform of supply measurement structure;When carrying out government subsidy,the government should pay attention to the way of government subsidy,supervision and management,object and standardization.