Research On The Impact Of Debt Financing On The Performance Of Internet Listed Companies

With the development trend of economic globalization,technological innovation has become a new force driving the industrial revolution.And enterprises play a major role in this revolution.Under the impetus of this revolution,the development of enterprises needs to shift from resource-dependent,factor-driven,and investment-scale-driven to innovation-driven development.As a typical high-tech and intelligence-intensive enterprise,Internet companies can only obtain good economic benefits and continue to gain a foothold in this revolution only by continuously strengthening R & D and innovation to form their own core competitiveness.Internet companies belong to the asset-light industry,lacking fixed assets for turnover,and require large amounts of funds to maintain operations and R & D investment.Therefore,financing in the capital market has become cautious.On the one hand,the development of high-tech technology and policy guidance has led to its development Bring unlimited possibilities.On the other hand,due to the short establishment time and relatively immature development,the large uncertainty in operating performance has brought huge challenges.Based on these two perspectives,it is particularly important to study whether the two indicators of debt financing and R & D investment for Internet companies have brought corresponding performance to the company.This article takes Internet listed companies as the research object,selects panel data from 2012 to 2018 for seven consecutive years as a research sample,and analyzes the direct impact of debt financing on corporate performance an the indirect impact of debt financing on corporate performance through R & D investment,and makes assumptions Introduce equity financing,cash flow,enterprise size,and company growth as control variables in empirical research,and draw the following conclusions through empirical tests:(1)The overall level of debt financing of Internet-listed companies is low,and the debt financing rate has a negative correlation with corporate performance.(2)Internet listed companies have greater R&D investment intensity,while debt financing has a restraining effect on R&D investment intensity.(3)The R&D investment intensity of listed Internet companies has a significant negative correlation with corporate performance.(4)The strength of R&D investment of listed companies on the Internet is a shadow effect in the mechanism of debt financing's impact on corporate performance.The empirical results are roughly consistent with the research hypotheses.Only the negative correlation between the strength of R&D investment and corporate performance is contrary to the research hypotheses.The main reasons are the lack of independent research and development spirit,weak innovation transformation ability,and low R&D investment efficiency.The high degree of uncertainty in R&D investment activities has resulted in a lot of submerged costs.At the same time,the high cost of R&D investment in Internet companies has a direct impact on current profits.According to the conclusion of the study,the external debt financing environment of Internet-listed companies has been blocked,which has resulted in a low overall debt financing rate.The debt financing cost of listed companies on the Internet is higher than the governance effect formed,which has a negative effect on corporate performance.At the same time,the financial risks brought by debt financing to enterprises,the threat of bankruptcy,and the liquidity run caused by high costs also have an inhibitory effect on enterprises' R&D investment.Finally,it is concluded that the internal mechanism of debt financing on the performance of Internet listed companies: the direct effect of debt financing on corporate performance and the indirect effect of R&D investment on performance have opposite effects,and the indirect effect has a positive effect on corporate performance,that is,the enterprise At the same time,increasing(decreasing)debt financing and R&D investment have a positive impact on corporate performance.At the same time,the direct effect of debt financing on corporate performance is strengthened under the influence of R&D investment.This is the hidden effect of R&D investment in the impact of debt financing on corporate performance In this regard,the state should improve the capital market,optimize the financing environment,and provide a better market environment for small and medium-sized high-tech enterprises.Actively guide enterprises to strengthen R&D innovation through policies,but they should pay moreattention to R&D investment efficiency and innovation transformation,and must not invest blindly to achieve true innovation-driven development.