Research On The Choice Of Financing Method For R&D Expenditure Of IFLYTEK

R&D innovation is the key driving force of national technological progress and economic development,and is also the top priority of China's current supply-side reform.As the main body of national technological innovation,high-tech enterprises are increasingly investing in R & D expenditures,and their R & D projects are heavily dependent on capital supply.Financing issues are also increasingly apparent.The correct choice of financing methods for R & D expenditures may directly affect the R & D activities of high-tech enterprises.Therefore,the research on the financing methods of R& D expenditures is a topic worthy of discussion.This article is based on the actual case of IFLYTEK Xunfei's directional additional issuance,and conducts research on the financing method selection of R & D expenditure from the capital demand side.Firstly,the domestic and foreign research status of the relationship between R & D expenditure and endogenous and exogenous financing,debt financing and equity financing is reviewed,and then related concepts and theories are defined.The case analysis method was used to summarize the company profile,the current status of R & D expenditures,and the specific circumstances of the two directional additional issuances of the representative high-tech enterprise of IFLYTEK,and then to analyze and apply the financing method of R & D expenditure of IFLYTEK.The financial index analysis method analyzes the key impact of its R & D expenditure on the company,and concludes that the impact is mainly reflected in the three aspects of R& D expenditure debt service risk,profit lag and operational efficiency.Secondly,a financing method that meets the characteristics of R & D expenditure is constructed.Based on this framework,using the term matching theory,information asymmetry theory,and supervision theory to evaluate that IFLYTEK's choice of private placement as a financing method is feasible.Therefore,it is proposed that starting from the capital demand side,the "directional additional issuance" financing method should be used to solve the problem of capital demand for R & D expenditures,which has reference significance for high-tech enterprises to make financing decisions.