Debt Financing,government Subsidies And R&D Investment Of Manufacturing Enterprises

Economic and social development is inseparable from innovation,and innovation is the first driving force for social progress.In general,China's total R&D investment has increased year by year,and its structure has been continuously optimized,However,compared with developed countries,there is still a certain gap.On this background,the Chinese government continues to play a guiding role,inspiring the whole society to increase investment in research and development innovation,especially in basic and applied research areas;continuously optimize the allocation efficiency of social resources,form a pattern that takes the enterprise as the main body and the market as the guidance;constantly exert the government's management functions and increase policy support for R&D projects;constantly strengthen the construction of legal systems to provide a good institutional environment for social scientific and technological innovation activities.Therefore,in the face of fierce international competition and the enthusiastic call of the government,it is of great practical significance to study and discuss how to increase the R&D investment of enterprises.Scholars at home and abroad have discussed the impact of government subsidies and debt financing on R&D investment from multiple perspectives.Based on the research of other scholars,and based on the priority order financing theory,information asymmetry theory,principal-agent theory and signal transmission theory,taking A-share manufacturing listed companies as research objects from 2012 to2018,this paper analyzes the impact of debt financing on the enterprises R&D investment and the moderating role of government subsidies in the relationship between them.The results of the study show that: Debt financing inhibits corporate R&D investment.Specifically,compared with state-owned enterprises,debt financing has a stronger inhibitory effect on non-state-owned enterprise R&D investment;compared with development-type innovation investment,the inhibitory effect of innovative investment is stronger.In the analysis of the adjustment effect of government subsidies,it was found in the full sample regression analysis that government subsidies negatively regulates the relationship between debt financing and enterprise R&D investment,that is,government subsidies alleviate the inhibitory effect of debt financing on enterprise R&D investment;Based on the analysis of the heterogeneity of R&D investment,government subsidies alleviate the inhibitory effectof debt financing on exploratory innovation input and development innovation input;In the two sub-groups of state-owned enterprises and non-state-owned enterprises,the relationship between government subsidy negative adjustment debt financing and enterprise R&D investment,the adjustment effect does not differ significantly due to the nature of the enterprise;This article explores the relationship between debt financing and heterogeneous R&D investment.And the adjustment effect of government subsidies on the relationship between them.According to the analysis results,the policy recommendations of this article are as follows: enterprises should strengthen the supervision and restraint mechanism and improve the internal governance system;stubbornly self-discipline and self-restraint,use government subsidies reasonably;establish strategic alliances,and establish research and development centers.The government should establish a scientific and reasonable evaluation system,strengthen the pertinence and objectivity of financial subsidy policy targets;promote financial market-oriented reforms,strengthen the construction of corporate credit systems,and improve the property rights protection system.