Research On The Impact Of Debts Defined By Heterogeneous Sources On R&D Investment

In the economic transformation period when China vigorously promotes the supply side structural reform,technological innovation has become an important way to change the mode of economic development,build a national innovation system and enhance national competitiveness at the macro level,and an important way for enterprises to obtain sustainable competitiveness at the micro level.In this context,enterprise R&D investment has become an important micro subject.In China’s immature market environment,debt is one of the main external capital sources of enterprises.Exploring the impact mechanism of heterogeneous debt on enterprise technological innovation is of great practical significance in the current stage of economic development and transformation.The existing literature mostly studies its impact effects from the aspects of total debt,debt structure and term structure,ignoring the heterogeneity of debt sources.Therefore,this paper attempts to explore the impact of heterogeneous debt sources on enterprise technological innovation from the perspective of heterogeneity of debt sources,based on information asymmetry theory and signal transmission theory.As an important group in the senior management team,female executives are significantly different from male executives in making technological innovation decisions.From the perspective of risk aversion,this paper explores the decision-making preferences of female executives when participating in technological innovation.Further,from the perspective of team decision-making theory and occupational segregation theory,this paper analyzes the regulatory mechanism of female executives on the relationship between source heterogeneous debt and R&D investment.Taking the A-share listed companies on China’s main board from 2009 to 2018 as the research object,the data comes from the enterprise annual reports disclosed by CSMAR and manual collection.Through the screening and sorting of the data,a total of 15680 unbalanced panel data of 3113 listed companies are finally obtained.Descriptive statistics,correlation analysis and multicollinearity analysis are used to further ensure the reliability of the sample data.Based on SPSS23.0 and STATA14.0 as the data analysis tool,we carried out multiple regression,robustness test and endogenous test based on propensity matching score method,residual term estimation and other methods,and finally came to the conclusion of this paper:(1)Bank loans and bonds inhibit R&D investment,while commercial credit significantly improves the level of R&D investment;(2)Female executive participation strengthens the negative effect of bank loans on R&D investment,weakens the positive effect of commercial credit on R&D investment,and has no significant regulatory effect on the relationship between bonds and R&D investment;(3)Bank loans and bonds have a negative impact on exploratory innovation and development innovation,while commercial credit has a significant positive impact on the two innovations,which is consistent with the direction of R&D investment.(4)Different from ordinary female executives,female CEOs can significantly strengthen the positive correlation between business credit and R&D investment.(5)Both long-term debt and short-term debt have a significant negative impact on R&D investment.Female executives will strengthen the negative correlation between short-term debt and R&D investment,but have no regulatory effect on the relationship between long-term debt and R&D investment.(6)Different from female executives of A-share listed companies,the participation of female executives on the gem has a significant positive effect on the level of R&D investment.From the perspective of debt heterogeneity,this paper systematically discusses the impact of source heterogeneous debt on technological innovation,empirically tests the impact effect and internal mechanism of source heterogeneous debt on R&D investment,enriches the relevant research content of the influencing factors of R&D investment,and expands the research boundary of R&D investment.At the same time,breaking the original perspective of absolute effect,confirming the right nature of the relationship between debt and R&D investment,from the perspective of the interaction process between female executives and creditors and the internal characteristics of different and male executives,this paper explores the regulatory effect of female executives’ participation on the relationship between source heterogeneous debt and technological innovation,and refines the existing research content.In addition,it puts forward useful suggestions for the practice of corporate governance and the development of female executives from the aspects of enterprises,female executives themselves and the government.