Study On The Efect Of Capital Structure And R&D Intensity To Enterprise Value

Since entering the twenty-first Century,the level of productivity,science and technology have been unprecedentedly developed,especially in recent years,with the improvement and maturity of science and technology,almost all countries in the world have realized that technological innovation is very essential for the promotion of their own scientific and technological strength.R & D activities,as a key part of the technological innovation process of the economic main body,it lays a solid foundation for each economic entity to enhance its technological strength,increase its market competitiveness and drive its value promotion.And its investment is attracting more and more governments' and enterprises' attentions."The thirteenth five-year plan of national economic and social development of People's Republic of China" requires us to insist on the concepts of innovative development,harmonious development,green development,open development and sharing development.Innovative development,as one of the five important development ideas,provides important reference value for the steady improvement of the national economy and the sustainable development of enterprises.The enterprise is an important part of the national economy,as the main body to carry out research and development activities,to maximize the value of enterprises is a long-term goal of its business.And what is the impact of R & D on firm value,and what role the capital structure plays in business is a serious and in-depth study.Therefore,on the basis of previous studies,this paper selects 143 enterprises as research samples that listed on the Growth Enterprise Market before December 31,2010,extracts complete basic information and financial data from 2010-2016,applies theoretical analysis and empirical analysis methods and makes use of the establishment of regression model and statistical method in order to study the influence of capital structure and R & D intensity on the market value of enterprises.According to the research,the R & D intensity has a significant positive effect on the market value of the enterprise in GEM,and it has a lag effect,and the enterprise capital structure can also influence the market value positively.The in-depth empirical research also found that the positive effect of R & D intensity on the enterprise market value in the listed companies of coastal area was significantly higher than that in non-coastal areas.The positive effect of R & D intensity on the enterprise market value in the private enterprises listed on the Growth Enterprise Market is greater than the non-private enterprises obviously.The positive effect of R & D intensity on the enterprise market value in the non-manufacturing enterprises listed on the Growth Enterprise Market is greater than the manufacturing enterprises.According to the existing problems of capital structure and the support of R & D in current GEM listed companies,this paper puts forward feasible suggestions.In general,theoretical analysis and empirical research results in this paper can help the government and enterprises in the GEM in China scientifically and clearly understand the law of the influence of capital structure and R & D intensity on its own market value.It is of great significance to the government to make the relevant policies,make correct decisions and management for the enterprise to carry out R & D activities,and promote the promotion of the value of the enterprise.At the same time,it is of great practical value to evaluate the value and predict their potential future development for the investors in the capital market.