Property Nature,financing Structure And Enterprise R&D Investment

In 2015,the Fifth Plenary Session of the 18 th CPC Central Committee proposed to implement new development concepts such as innovation and sharing,and believed that innovation and development should be the primary driving force.The enterprise is the main body of innovation and the organizer to promote the development of innovation.Therefore,the research on the innovation performance of the enterprise is of vital significance for improving the innovation ability and strengthening the R&D investment.This paper adopts the combination of literature research and empirical analysis,and takes the two state-owned enterprises and non-state-owned enterprises as the research object,and analyzes the relationship between enterprises with different property rights when choosing debt financing methods.The study found that stateowned enterprises have a positive positive effect on the company’s asset-liability ratio due to its strong asset background,guarantee ability and repayment ability.Instead of state-owned enterprises,under the imperfect credit system,they face strict guarantees.The financing quota available for the mechanism is subject to more restrictions,the financing channels are narrow,and the financing is difficult and expensive.Therefore,compared with state-owned enterprises,the promotion effect of non-state-owned enterprises on debt financing is not significant.On the other hand,the debt financing method will have a certain inhibitory effect on the R&D capital investment and R&D personnel investment of the enterprise.Among them,the state-owned enterprises have innovative resources and innovation foundations in the context of government holding,and they bear the original innovation and social burden.Multi-objectives,rather than state-owned enterprises,due to insufficient R&D funds,insufficient self-developed research and development,and private enterprises are mostly light industry or labor-intensive industries.This does not require excessive innovation and research and development,so the main body of innovative R&D is mainly concentrated in In the state-owned enterprises in the capitalintensive or heavy industry,based on this mechanism analysis and empirical test,it is found that debt financing has a more significant inhibitory effect on R&D investment in the context of non-state-owned enterprises.This paper analyzes the differences in R&D investment between state-owned enterprises and private enterprises from the perspective of debt financing,enriches the detailed research on innovation,and provides new evidence on innovation constraints.This empirical evidence enriches relevant literature on factors affecting R&D investment of enterprises,and has a certain positive effect for creating a sound credit environment.It is also conducive to promoting enterprises to strengthen R&D investment and efficiency.