The Impact Of Debt Burden On Enterprise R&D Investment

With the continuous development of Chinese economy,the total economic volume has increased rapidly and has become the world's second largest economy country.However,in recent years,with the economic development entering the "new normal" stage,the traditional economic driving pattern is difficult to support long-term stable economic development,and innovation has become a new driving force for economic growth.As an important part of the innovation subject,enterprises play a key role in the overall innovation process of society.As the original guarantee of the enterprise's innovation process,the level of R& D investment is the key to ensure that the enterprise can effectively carry out innovation activities.Therefore,the research and discussion on the influencing factors of enterprises 'R & D investment have a positive significance for guaranteeing the development of enterprises' innovation activitie.In the process of enterprise innovation activities,debt financing,as an important way for enterprises to obtain funds,can guarantee the development of innovation activities to a certain extent.However,as the scale of corporate debt continues to expand,companies may face the pressure of debt servicing and repayment,and may reduce R & D investment,and the debt burden of debt financing will hinder the development of corporate innovation activities.Through combing the relevant literature on the R & D investment of existing enterprises,it is found that the existing research results are quite rich in enterprise R & D investment,including individual factors of enterprises,external market environmental factors,macro-policy factors,etc.,and there is a fairly clear system And research conclusions.In the research on the factors affecting innovation,there is a lack of research on corporate debt,and most of the discussions focus on corporate asset-liability ratio,and theimpact of debt flow burden on corporate R & D investment is rarely involved.Therefore,from the perspective of interest expenditure,this article uses the total debt to standardize the interest expenditure,measures the debt burden of the enterprise in a broad sense of debt cost,and discusses the impact of the debt burden on the R & D investment of the enterprise.Based on literature review,theoretical analysis,and empirical analysis,this paper selects2007-2018 A-share listed companies as the research object for empirical analysis,and the study finds that debt burden has an inhibitory effect on corporate innovation investment;For enterprises with more investment opportunities,the debt burden has a stronger inhibitory effect on enterprise innovation input;compared with private enterprises,the debt burden of state-owned enterprises has a more significant inhibitory effect on enterprise R & D investment;From the perspective of industry competition,the debt burden of high-competitive industries has a weaker inhibitory effect on corporate R & D investment;For companies in regions with low financial development,the debt burden has a strong inhibitory effect on corporate R & D investment.The above conclusions all passed the robustness test.In further discussions,it was also found that the debt burden may affect corporate R & D investment through soft budget constraints and cash uncertainty,and from the perspective of debt repayment ability,the increase in the ratio of interest expenditure to operating income will have an impact on corporate R & D investment.Inhibition effect,and the inhibition effect is more significant in private enterprises.Finally,based on the analysis process and empirical conclusions,this paper puts forward relevant policy suggestions on alleviate the debt burden of enterprises and promote enterprise R & D investment.