| China's economy has gone through a highly-developed phrase in the past three decades,but now China's economy has entered the “new normal”.To maintain the momentum of economic growth,China has to steadily execute the strategies of invigorating the country through science,technology and education and reinvigorating the country by use of trained personnel,and also profoundly implement the call for “mass entrepreneurship and innovation”.Our government has provided a series of policies to encourage enterprises' R&D investment,which are divided into creating innovation environment policies and preferential tax policies.Under the macro background of R&D encouragement,enterprises have consistently increased the intensity of R&D investment,and the status of enterprises act as the main body of R&D investment has been reinforced.With the increasingly fierce international competition brought by economic globalization,the capacity for independent innovation has become a critical issue that each company has to face.Nowadays,the independent innovation capacity of enterprises in China is still weak.And enterprises' independent innovation is closely linked to enterprises' R&D investment.One of constraints that enterprises' R&D activities have to face is financing constraints,and debt financing is the main source of enterprises' investment activities.What's more,the capacity of equity financing is difficult to measure,therefore this paper chose debt financing as the main independent variable to investigate the relationship between R&D investment and debt financing.China is a developing country that public ownership dominates the basic economic system,so different industry reveals strikingly different degree of product competition,thus causing different financing ability.So this paper tries to analyze the relationship between debt financing and R&D investment from the perspective of the product competition degree.It is of great practical significance to alleviate the debt financing constraints faced by enterprises' R&D investment and the policy-making of government sectors.On the basis of normative theories research,this paper makes use of the panel data of 976 A shares listed on Shanghai and Shenzhen stock exchange from 2007 to 2015,analyzing the influence of debt financing and debt maturity structure on corporate R&D investment,exploring the different degree of product competition's regulating effects on corporate R&D investment in debt financing constraints,and this paper divides the research sample into different groups according to the nature of property right,and the density of economic factor in different industries.The density of economic factor clusters the sample into labor,capital and technology intensive types.This paper adopts the multiple regression model to empirically research the relationship between debt financing and corporate R&D investment,several conclusions are as follows:(1)Corporate R&D investment and debt have significantly negative correlation;(2)Both of enterprises' short term debt and long term debt depress the R&D investment,and the depressant effect between long term debt and R&D investment is higher than short term debt;(3)The fierce product competition strengthens the negative correlation between debt financing and corporate R&D investment;(4)The negative influence caused by debt financing to corporate R&D investment is smaller to state-owned enterprises compared to non-state-owned enterprises;(5)For labor intensive industries,the negative effect between debt financing is smaller by contrast with technology,capital intensive industries.At last,based on the conclusions above,we propose suggestion and measures in terms of enterprises development and government work combined with our country's realistic situation. |
PDF Full Text Request