Study On The Relationship Among Debt Financing,R&D Investment And Enterprise Performance Of Gem Listed Companies

China's economic development has changed from high-speed growth to high-quality development at this stage.At this time,China is facing the transformation of development mode,optimization of economic structure and transformation of growth power.It is in the period of economic revolution that enterprises are facing a series of problems,such as shortage of resources and fierce competition,which are even more prominent,and China's foreign trade is becoming more and more frequently,so to enhance the competitiveness of enterprises,the pursuit of long-term development,only by compressing method such as costs and change the sales model has been unable to adapt to the development of the enterprise,is required by reforming production technology and processes to make enterprises to pursue more profits,therefore,it can be seen that innovation is crucial for the long-term development of the enterprise.But r&d investment with a long cycle and more commonly,brings to the enterprise investment cost is high,and the enterprise internal funds and government subsidies is limited,so the enterprise to improve innovation ability,requires from external financing,and according to the optimal sequence financing theory,debt financing is the preferred way of external financing,therefore,you need to consider how the debt financing to influence research and development activities,in turn,influences the performance of the enterprise,and the debt financing structure is reasonable,can reasonably arrange the financing structure,it helps enterprises to enhance r&d and improve business performance.In addition,gem listed companies are mostly some emerging science and technology industries,but also the epitome of China's overall innovation level,so it is necessary to select gem listed companies as the research object.Through normative research methods,this paper reviews and sorts out the literature on the relationship between debt financing,r&d investment and enterprise performance and the use of agency cost theory,signaling theory,balance theory and innovation theory as the theoretical basis,and then choose the gem listed company the balance of the five years in 2013-2017 panel data as the research sample,gem listed company debt financing is studied through empirical study,research and development investment and enterprise performance of the three internal mechanism,and through the combination of qualitative and quantitative method is analyzed,the followingconclusions: First,the asset-liability ratio of gem listed companies is generally at a low level,and the total scale of debt financing will have an inhibitory effect on enterprise performance.Different sources of debt financing have different effects on corporate performance.Both bank loan financing and commercial credit financing have an inhibitory effect on corporate performance,but commercial credit financing has a stronger inhibitory effect.Second,the total scale of debt financing of gem listed companies will have an inhibitory effect on the r&d input intensity.Both bank loan financing and commercial credit financing will inhibit the r&d input of enterprises,but the inhibitory effect of commercial credit is stronger.Third,r&d investment intensity will promote the improvement of enterprise performance.Fourthly,the research and development investment of gem listed companies plays an intermediary role.The above conclusions show that gem listed companies still have great room for progress in debt financing,and the governance mechanism of debt financing for enterprises has not been brought into play.Enterprises should strengthen their debt repayment guarantee mechanism and adjust the debt financing structure.At the same time,enterprises should also pay attention to investment efficiency and avoid blind investment when enhancing r&d investment,so as to achieve the purpose of innovation-driven development.