A Study On The Impact Of Liabilities On R&D Investment Of Listed Manufacturing Enterprises In China

Since the 1970 s,scholars have begun to link the two basic financial activities of investment and financing,to study the impact of financing structure on investment behavior.Debt is an important way of corporate financing.R & D is an important support for enterprises to defeat their competitors.In order to consolidate the status of the industry in the market competition,companies need to increase investment in research and development continuously.As R&D investment increases,more research begins to focus on the impact of listed company liabilities on R&D investment.This paper mainly studies the impact of debt financing of listed companies on R&D investment behavior.The author takes the three perspectives of R&D intensity,R&D investment model and R&D output as the dependent variables to analyze the impact of the liabilities of listed companies in China's manufacturing industry?This paper analyzes the impact of debt financing on R&D from two aspects of debt scale and debt source structure as independent variables.Based on information asymmetry theory and agency cost theory,when creditors invest in R&D projects,they will borrow less or increase the use cost of funds,thus affecting the R&D investment of enterprises.According to the enterprise accounting standards-intangible assets,the R&D practices are divided into research stage and development stage.The R&D investment in the research stage is more uncertain and risky than that in the development stage.Creditors have different evaluation on R&D projects of enterprises with different risks,which leads to different financing constraints on exploratory R&D investment and conventional R&D investment.Different levels of debt,sources of debt and debt structure will lead to blindness or caution in the selection of R&D projects,and thus show different R&D performance.It is very important for an enterprise to absorb and apply the R & D strategy to improve its performance.This paper selects the R&D investment data of listed companies in Shanghai and Shenzhen A-share manufacturing from 2009 to 2015 as a research sample.The results of this study show that:(1)Total liabilities,commercial credit and bank loans are negatively correlated with R&D investment intensity.(2)Total liabilities,commercial credit and bank loans constraint on exploratory R&D investment are greater than that on conventional R&D investment.(3)State-owned enterprises and non-high-tech enterprises are sensitive to the high capital cost of long-term liabilities and will misappropriate commercial credit with low capital cost to R&D projects.And the proportion diverted to conventional R&D projects is larger than that diverted to exploratory R&D projects.(4)Total liabilities and business credit are positively correlated with R&D performance.There is a significant negative correlation between bank loans and R&D performance.(5)The restraint effect of high-tech enterprises' liabilities on R&D investment intensity is greater than that of non-high-tech enterprises.Whether or not the state-owned enterprises have no influence on the R&D investment intensity of enterprises.(6)Operational performance has crowding-out effect on exploratory R&D investment.