| General Secretary Xi Jinping adhere to the five development concepts in the new era in the report of the 19 th National Congress of the Communist Party of China."Innovative development" is the first of China's five development concepts and has important strategic significance.However,the current status quo in China is insufficient investment in research and development,This will have a negative impact on the future development prospects of Chinese enterprises and China's economic development.According to statistics,more than 89% of the company's R&D investment depends on the company's own supply,and it is difficult to obtain external funds.Therefore,most of China's enterprises mainly raise funds for research and development activities through internal financing channels.Since one of the characteristics of R&D investment activities is that the R&D cycle is long,sufficient financial support is required to ensure that R&D activities are carried out normally.Moreover,R&D activities have the characteristics of high risk and information asymmetry,which causes the debtor to question the R&D of the enterprise,thus making various restrictions on the use of the company's funds,resulting in the suppression of R&D investment by the enterprise debt financing.Most of the data analysis shows that the main reason for the insufficient investment in R&D of Chinese enterprises is that enterprises are over-reliant on endogenous financing,and there are few studies on external financing of enterprises.At present,enterprises are facing the problem of financing difficulties when conducting external financing.Financing constraints are also an important factor in restraining enterprises' R&D investment,so how to solve the problem of corporate external financing constraints and promote the R&D investment of enterprises is worthy of further study.The debt financing method is an important channel for enterprises to obtain R&D funds,which affects the internal capital structure of the enterprise and can have a profound impact on the R&D investment of the enterprise.Therefore,it is research significance to analyze the relationship between debt financing and enterprise R&D investment.However,most scholars have studied the relationship between the total level of debt financing and R&D investment,and there are few studies on the relationship between debt maturity and source and R&D investment.Therefore,this paper focuses on the impact of the total amount of debt financing,term structure and debt sources of China's GEM companies on R&D investment of enterprises,and joins the growth factors of enterprises to analyze the adjustment effect of corporate growth on the relationship between debt financing and R&D investment.This article reviews the relevant literature on debt financing and R&D investment,and explains the theoretical basis of the impact of debt financing on R&D investment of enterprises.Then conduct research hypotheses and build models of enterprise R&D investment based on assumptions.Based on above,select China's GEM listed companies as research objects,select the 2014-2017 GEM listed company data as a research sample,from the analysis of the three aspects of the debt financing structure,it is the overall level of liabilities,the term structure of liabilities,the source of liabilities,and the empirical research on the relationship between debt financing structure and R&D investment of GEM enterprises,and explore the relationship between debt financing,corporate growth and R&D investment.Research shows: The debt-to-asset ratio of listed companies on the GEM has a restraining effect on its R&D investment.In the case of distinguishing the structure of different liability maturities.Short-term liabilities are significantly negatively correlated with corporate R&D investment,long-term liabilities can promote R&D investment of enterprises.But not significant.In the case of distinguishing different sources of liabilities.Bank loan and commercial credit are significantly negatively correlated with corporate R&D investment.Considering the impact of corporate growth on corporate R&D investment.Join the factor of corporate growth,and study the relationship between debt financing,corporate growth and R&D investment.The research found,Growth as a regulatory variable can alleviate the negative effect of the overall level of debt financing on corporate R&D investment.It is also able to positively adjust the relationship between the debt financing term structure and the company's R&D investment.The higher the growth rate,the more significant the long-term borrowing is to promote R&D investment.Finally,based on the analysis results,relevant policy recommendations for enterprises and governments are proposed.First enterprises should standardize R&D investment information disclosure and comply with national information disclosure standards.Alleviate information asymmetry between creditors and shareholders and reduce financing constraints;Secondly,obtain the bank's recognition of R&D investment,establish a good relationship between banks and enterprises,enable enterprises to obtain support from long-term bank loans,and promote R&D investment;The third enterprise should improve the corporate governance mechanism and improve the growth of the enterprise.On the one hand,thegovernment improves the development environment for R&D and innovation of enterprises,and builds a sound infrastructure for R&D;On the other hand,the government should reduce improper intervention and encourage enterprises to develop and innovate. |
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