Research On The Influence Of Financing Structure Of High-tech Listed Companies On R&D Expenditure

From the perspective of the development process of all countries in the world,economic development and competition among countries are increasingly reflected in the level of scientific and technological innovation.If we want to make our economy develop healthily and steadily,we should improve the technological innovation ability of domestic enterprises.Under the haze of Sino US trade war,how to reduce the dependence on external science and technology and enhance the ability of independent innovation is an urgent problem for our country.In this context,it is urgent to discuss the R&D expenditure of high-tech listed companies in China.This paper studies the impact of financing structure on R&D expenditure in order to improve the level of R&D expenditure of high-tech enterprises.In order to study the impact of financing structure of high-tech listed companies on R&D expenditure,this paper first analyzes the literature at home and abroad and reviews the literature.Secondly,this paper defines the financing structure,high-tech listed companies and R&D expenditure,and systematically reviews the theory and mechanism of the impact of financing structure on R&D expenditure of enterprises.Based on the theory and previous studies,three research hypotheses are put forward to find the direction of empirical research in the future.Thirdly,this paper explores the current situation of financing structure and R&D expenditure of high-tech listed companies.Finally,this paper uses the six-year balance panel data of high-tech listed companies from 2013 to 2018,selects internal financing,equity financing and debt financing as the research objects,uses stata15 measurement software,establishes a static panel model,uses time fixed effect to analyze,empirically studies the impact of financing structure of high-tech listed companies on R&D expenditure,and uses replacement samples This paper mainly explains the data definition of variables to test the robustness of this regression.Through the above theoretical,current and empirical analysis,the three hypotheses of this paper are verified.The main conclusions are as follows: the increase of internal financing proportion of high-tech listed companies has obvious supporting effect on R&D expenditure;the increase of equity financing proportion has significant promoting effect on R&D expenditure,but not as significant as internal financing;the increase of debt financing is not conducive to R&D expenditure The increase of equity concentration of state-owned enterprises is not conducive to the growth of innovative R&D expenditure.After that,this paper puts forward some suggestions from four aspects.Finally,the paper analyzes the shortcomings of this study and prospects for future research.With a view to promoting the growth of innovation R&D expenditure of high-tech enterprises,helping the government to make reasonable decisions,promoting the improvement of innovation capacity in China,and achieving high-quality economic development.