Interactive Relationship Between R&D Expenditure,Capital Structure And Enterprise Value

Under the conditions of the new economy,R & D expenditures account for an increasing proportion of total corporate expenditures,providing an inexhaustible motive for enterprises to form core competitiveness and long-term development.However,R & D activities have the characteristics of high risk and high investment,which makes the relationship between R & D expenditure and enterprise value uncertain,so the relationship between the two has always been a hotspot for many scholars.R & D activities require a large amount of capital investment,and corporate capital can provide important financial support for them,and a reasonable capital structure can enhance corporate value.With the improvement of China's corporate system,the capital structure of most companies in China is becoming more and more rational and scientific,but in the actual company development,the capital structure still has some problems that restrict the long-term development of enterprises.Therefore,the research on the relationship between corporate R & D expenditure,capital structure and corporate value takes into account the current social situation and meets corporate needs.At present,most of the domestic and foreign scholars study the relationship between R& D expenditure,capital structure and enterprise value.One-way influence is considered,and the two-way relationship between factors is less studied.The article selects the panel data of the computer and communication equipment manufacturing industry from 2009 to2018 as the research object to explore the two-way impact relationship between R & D expenditure,capital structure and corporate value.This industry is a high-tech enterprise,with fast replacement speed,high technological innovation ability,and research value.First of all,from the theoretical aspect,Schumpeter's innovation theory,MM theory and corporate value maximization theory are used to provide theoretical support for the research on the two-way relationship between R & D expenditure,capital structure and corporate value.Under the guidance of theoretical research,"R & D expenses / operating income" measures the intensity of R & D expenditures,the asset-liability ratio measures the capital structure,and the total asset return rate measures the enterprise value.Using the PVAR model,Granger causality test,impulse response function and variance decomposition analysis,we explored the dynamic response between R & D expenditure,capital structure and corporate value,and quantified the influence and long-term contribution of each variable.The research results show that:(1)The short-term effect of R&D expenditure on corporate value is greater than the long-term effect.Enterprise value is beneficial to the expenditure of R&D funds in the short term,and the long-term effect is weak.Contribution rate of R&D expenditure to enterprise value is greater than the contribution rate of the latter to the former;(2)The capital structure and corporate value are unidirectional.The former has almost no effect on the latter.The latter has a restraining effect on the former.The short-term effect is obvious and the long-term effect is weakened.The contribution rate is also unidirectional.The former's contribution rate,while the former has almost no contribution rate to the latter;(3)R&D expenditure and capital structure affect each other.The former will have a restraining effect on the capital structure in both the short and long term,and the short-term effect is obvious,the long-term effect is weakened,and the initial level is restored.However,it is not as good as the contribution of corporate value to the capital structure and the capital structure.The capital structure obviously promotes R&D expenditure in the short term,and its long-term effect is negligible,and it is greater than the contribution rate of enterprise value to R&D expenditure.On this basis,from three perspectives of the government,financing institutions and enterprises,policy recommendations were made to promote enterprise R & D,improve capital structure and enhance enterprise value.Figure [3] table [12] reference [64]...