| With the disappearance of the demographic dividend and the increase of factor costs,the development force driven by factor-driven and investment in the past has shown that the stamina is insufficient.The innovation-driven development approach has been recognized by the public,and innovation needs to rely on long-term independent research and Development(R&D).The listed companies are an important force in Chinese economic development and a representative of Chinese high-quality enterprises.The competitiveness of these enterprises can largely represent Chinese overall competitiveness.Therefore,enterprises' R&D investment is a worthy of attention.R&D investment is different from other investments of enterprises.It has the characteristics of long recycling period,high risk and strong confidentiality.It relies heavily on internal financing of enterprises.Cash dividends can only be derived from internal funds.There may be competition between R&D investment and cash dividends for internal cash flows,which should be more pronounced in firms with financing constraints.When companies need to provide external financing for R&D investment,equity financing that represents ownership is more suitable for the nature of R&D investment than debt financing.However,in order to protect the interests of investors,the regulatory authorities have strictly regulated the refinancing qualifications of enterprises and linked them with the cash dividends of enterprises.This may lead to deliberate increase in dividend payout rates in order to obtain refinancing qualifications.R&D investment can enable companies to establish competitive advantages and enhance corporate value,but whether this promotion will continue to exist remains to be tested.According to the above analysis,this paper first studies the competitive relationship between R&D investment and cash dividends on internal funds,and re-tests under financing constraints.Then it studies the change of R&D investment's demand for equity refinancing in external financing,and then combines the “semi-compulsory dividend” policy that Chinese regulatory authorities have linked refinancing qualifications and cash dividends to study whether the policy reverses the relationship between R&D investment and cashdividends.Finally,the paper also studies the enterprise value that the capital market most concerned,and verifies the impact of R&D investment and cash dividends on enterprise value.In this paper,the author used the data of A-share listed companies from 2007 to 2017 for 11 years,and adopted the fixed effect model,Tobin model,double difference model and other regression methods to test the above problems.It is found that R&D investment has a restraining effect on dividend distribution among enterprises with higher R&D investment;while R&D investment can promote the distribution of cash dividends in enterprises with lower R&D investment.This phenomenon can be explained by financial elasticity hypothesis and reputation theory.Financing constraints not only have an inhibitory effect on the distribution of cash dividends,but also further increase the inhibition of cash dividends by R&D investment.At the same time,the paper also found that the company's R&D activities will increase the possibility of equity refinancing,but the R&D amount is not significantly related to the refinancing amount.Despite the “semi-forced dividend” policy,the effect of the policy is not significant from the results of the regression of the double difference model.R&D investment will increase the current value of the company,but it will not significantly improve the future value of the company.This paper can provide some enlightenment for the investment of enterprise R&D activities and the formulation of dividend policy.On the one hand,it is necessary to encourage enterprises to invest in R&D,on the other hand,we must also pay attention to controlling risks and avoid excessive investment and invalid investment.What's more,this paper can remind us thinking about the“semi-mandatory dividend” policy,in the case that the effect is not very significant,it may be more reasonable to reduce the intervention on the dividend policy of listed companies and speed up the marketization process. |
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