Research On The Impact Of Debt Financing On Corporate R&D Investment

The theme of technological innovation continues to support the development of the economy and the trend of the society for a hundred years.No matter the upgrading of the traditional industry or the development of new industry,the technological innovation is in the core position.In China,the status of companies as the main body of R&D investment is becoming more and more prominent,and the manufacturing industry,as the main body of the national economic development,lacks the ability of independent innovation in the real sense.(?Made in China 2025?proposes that if we wants to realize the change from manufacturing to creation and achieve the goal of creating a powerful country,we must adhere to the sustainable power of innovation,constantly improve the innovation system of manufacturing industry,and provide the mechanism guarantee for the transformation of the manufacturing industry from"big" to "strong ".There are many factors restricting companies to carry out R&D investment.The result of the studies generally considers that R&D investment has financing constraints.At present,there are many different opinions on the impact of debt financing on R&D investment,but R&D investment is usually treated as a whole,ignoring the heterogeneity of R&D investment caused by different R&D stages.Meanwhile,in China,where the system is not perfect and the "relationship" is prevalent,the informal system of financial association plays a very important role in alleviating the financing constraints of companies.The paper selects the samples of 1368 manufacturing listed companies in 2014-2016 years,and uses literature research method,comparative analysis method and regression analysis method to carry out the study.From the perspective of the heterogeneity of R&D investment,it distinguishes the exploratory innovation investment and exploitative innovation investment,and studies the influence of debt financing and debt financing term on corporate R&D investment.At the same time,the moderating effect of financial association on the above two relations is also investigated.The findings are as follows:(1)As a whole,debt financing will inhibit the R&D investment intensity.In particular,debt financing significantly inhibits the exploratory innovation investment,but has no significant impact on the exploitative innovation investment.It implies the heterogeneous influence on different types of R&D investment under the surface of debt financing inhibits R&D investment intensity.It can't be generalized as a result.(2)After the further analysis of debt financing term,short-term loans has an inhibitory effect on both exploratory and exploitative innovation investment,which is only significant in non-state-owned companies and is not significant in state-owned companies.Long-term loans has an inhibitory effect on exploratory innovation investment,but only in non-state-owned companies;it has a certain promoting effect on exploitative innovation investment,which shows in state-owned companies.This indicates that non-state-owned companies are more likely to be constrained by debt financing when launch exploratory innovation investment compared with state-owned companies.State-owned companies tend to use long-term loans to carry out exploitative innovation investment rather than exploratory innovative investment.(3)The financial association represented by personnel association does not have a significant moderating effect on the relationship between debt financing,debt financing term and R&D investment.This paper makes a theoretical analysis on the possible reasons based on three aspects of the substitution effect of other factors,the squeezing effect of the ownership association and the weakening effect of the wide range of financial association.Finally,based on the analysis of the status quo and research findings,the paper puts forward relevant suggestions to strengthen R&D information disclosure,alleviate financing constraints and promote R&D investment.