An Empirical Study On The Impact Of Debt Financing On R&D Investment In China's High-tech Enterprises

This article main research our country high-tech enterprise R&D input is affected by debt financing structure.China's national economy has developed rapidly in the recent 20 years,high-tech industry has become a strategic leading industry.More due to the competition between modern enterprises is the competition of technology innovation,and R&D investment is the main way that enterprises improve the core competitive advantages,therefore,strengthening the R&D input is to enhance scientific research innovation ability of enterprises to improve their core competitiveness,to carry out the important way of our country's independent innovation strategy.Enterprise R&D input is usually affected by the influence of the internal and external environment.External factors mainly include: macroeconomic policies,industry status,external governance,financing environment,etc.Internal factors mainly include: enterprise scale,enterprise internal governance structure,corporate financial status,enterprise property rights,the enterprise the management policy,etc.Existing on corporate R&D financing constraints,the majority of studies have shown that most of the high and new technology enterprise R&D input is low in our country,the main reasons of the lack of the R&D input is due to their excessive dependence on internal finance.To explore the external financing especially debt financing is how to influence the enterprise R&D input,in this paper,on the assumption that the premise of other factors unchanged,focus on high-tech enterprises financing structure of debt financing on the influence of R&D input.Select high-tech enterprises on the Shanghai and Shenzhen stock exchange as the research object,select the data from 2010-2014 year as the research sample,from the three aspects of debt financing structure,including the overall level of debt,debt time limit,the source of debt,the debt financing structure and the relationship between high technology and new technology enterprise R&D input and empirical research.Research shows that: in the whole sample,high and new technology enterprise asset ratio has a negative influence on the R&D input,and compared with the state-owned listed companies,the asset-liability ratio of private listed companies on the influence of R&D input is bigger;You distinguish between different debt time limit,short-term debt and the R&D input is significantly negative correlation,but has no effect on R&D input is long-term liabilities,and compared with the state-owned listed companies,private listed company's short-term debt to the influence of R&D input is bigger;And distinguish between different sources of debt,bank loan and commercial credit has significantly negative effect to R&D input,and compared with the state-owned listed companies,private listed companies of bank loan for the influence of R&D input is bigger.Considering there are different types of R&D input,this paper further R&D input is divided into exploratory R&D input and conventional type R&D input two types,trying to find out debt levels for different types of the influence of R&D input if there is a significant difference.Research shows that: the overall debt levels and two kinds of R&D input is a negative correlation relationship,but for exploring the influence of R&D input is more and more prominent.According to the research conclusion put forward the corresponding suggestions.