Debt Financing,Property Nature And Enterprise R&D Investment

China's economy has experienced 30 years of rapid growth,and the growth rate of GDP has gradually slowed down,entering the economic "new normal".The new transformation of economic growth rate urgently requires China to vigorously implement the strategy of innovation-driven development and promote the transformation from a "manufacturing power" to a "smart country".After years of efforts,China's manufacturing industry has taken an absolute advantage in scale,but it still faces the problem of how to transform from a manufacturing power to a "smart" manufacturing power.In the context of current economic development,if the manufacturing industry wants to continue to maintain its dominant position and realize the transformation and upgrading to intelligence,it needs to pay attention to its R&D investment,change the original extensive development mode,strengthen its R&D innovation,and take R&D innovation as the new core competitiveness of enterprise development.The enterprise needs sufficient funds to support it,if it wants to continuously expand its R&D investment and promote its own R&D innovation.When an enterprise's internal funds are insufficient to support its expanding R&D investment,it needs to conduct external financing.At present,indirect financing is still the main financing method for Chinese enterprises,and debt financing as an important external financing method will have what impact on enterprises' R&D investment? This paper will make an in-depth empirical analysis.At the same time,in China,the debt financing of enterprises will be affected by its property right nature,and the property right structure of enterprises will affect the R&D investment of enterprises through debt financing.Therefore,this paper will take the property right nature into consideration when studying the debt financing and R&D investment of enterprises.As an important way for enterprises to conduct external financing,debt financing will affect enterprises' R&D investment to a certain extent.Therefore,it is of great significance to study the relationship between them.Previous studies on the relationship between debt financing and R&D investment mainly focus on the overall scale of debt financing,but few studies have been carried out from various aspects.Therefore this paper will delve into Chinese A-share manufacturing listed companies debt financing and the relationship between the R&D from the total level,period,and source of debt financing.And according to our country enterprise the nature of the special circumstances,the property right of enterprises is also taken as an explanatory variable to compare and analyze the different influences of debt financing on R&d investment of state-owned enterprises and private enterprises.First of all,this paper classifies and sorts out relevant literature on debt financing,property right nature and R&D investment,finds the development angle and innovation points of this paper through review,then analyzes theories such as agency theory and information asymmetry theory,and puts forward four basic hypotheses on the basis of theoretical analysis.Then,the data related to the 2012-2018 financial statements of A-share manufacturing listed companies were taken as research samples.Variables were selected and empirical models were built for regression analysis to explore the impact of the overall scale,maturity and source of corporate debt financing on R&D investment.From the regression results of the model,the debt financing of A-share manufacturing listed companies will,to a certain extent,inhibit the R&D investment of enterprises;from the perspective of term structure,short-term debt financing has a greater restraining effect on enterprises' R&D investment because its short term and small amount do not match the characteristics of R&D activities such as long duration cycle and large amount of capital consumption;from the analysis of financing sources,compared with bank loans,commercial credit has a more significant impact on enterprises' R&D investment.Then the property right nature is added as a variable to the study,and the results show that compared with private enterprises,the R&D investment of state-owned enterprises is less affected by debt financing.At the end of the paper,according to the regression results of the model,policy Suggestions are proposed for enterprises and government departments respectively.Firstly,in terms of debt maturity structure and R&D investment,in accordance with the relevant information disclosure requirements of the state,the enterprise should timely and accurately disclose the recent specific situation of the enterprise,as well as the progress of research and development projects and the use of funds,so as to gradually alleviate the contradictions and conflicts caused by information asymmetry between creditors,shareholders and enterprise managers;secondly,in terms of debt sources and R&D investment,enterprises should take active measures to establish a good relationship with Banks,so as to encourage Banks to provide better financial support for enterprises' R&D activities.For the government,on the one hand,the government should provide better environmental support for enterprises to carry out R&D activities,especially somepreferential measures for small and medium-sized enterprises like private enterprises;on the other hand,the government should accelerate the innovation of the bond market and promote the establishment of industrial funds and innovation funds,so as to continuously expand the financing channels of enterprises and provide better support for enterprises in the acquisition of R&D funds.