| R&D investment is the key to the technological innovation of enterprises.The lack of long-term R&D investment in China has led to the impact of the domestic core competitiveness.Therefore,the analysis of factors affecting of R&D investment becomes very important.In this dissertation,the debt financing angle of external financing is selected,based on the data of Shenzhen A-share enterprises in 2011-2015 years,the debt heterogeneity are considered,the debt is divided into relational debt and transactional debt,the impact of relational debt and transactional debt on R&D investment is analyzed.In the study,the relationship between the subjects is preliminarily summarized by combing the literature.Then the characteristics of R&D investment and heterogeneity debt are analyzed,combing the literature,the research hypothesis is put forward;Finally,descriptive statistical analysis,correlation analysis,regression analysis and other methods are used to test the hypothesis,and the relationship between heterogeneity debt and R&D investment of the company is obtained,and reasonable suggestions are given.The empirical results show that the relationship between the relational type debt based on the bank loan and the transactional debt based on the enterprise bond are all negatively related to the R&D investment,but the negative effect of the relational debt on the R&D investment is stronger than the negative effect of the transaction type debt on the R&D investment.In the further analysis,according to the grouping of innovations,relational debts are significantly negatively correlated with R&D investments under explorative innovations and exploitative innovations,and the relational debt is greater constrained to the R&D investment in the explorative innovation;There is no significant relationship between transactional debt and R&D investment under explorative innovation,and transactional debt is significantly negatively correlated with R&D investment under exploitative innovation.According to the grouping of manufacturing and non manufacturing industries,the effect of heterogeneous debt on R&D investment is consistent with the total sample,but the constraints of R&D investment in manufacturing industry are smaller than those in non manufacturing industries,and the manufacturing industry pays more attention to R&D.On the basis of considering heterogeneity of debt,this dissertation discusses the effect of debt financing on enterprise R&D investment.The research can be applied to enterprise debt financing,and provide reference for the financing sources of enterprise R&D investment.The negative constraint of corporate bonds is small,enterprises should be encouraged to issue bonds,simplify bond auditing procedures,and develop direct financing. |
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