Research On The Impact Mechanism Of Financing Structure On R&D Efficiency Of Advanced Manufacturing Enterprise

During the transformation and upgrading of China’s manufacturing industry,enterprises need to vigorously carry out research and development activities,and research and development funding is an important guarantee for such activities.Its sources include internal financing,equity financing,debt financing,government subsidies,etc.In order to explore how these financing methods affect the R&D efficiency of advanced manufacturing enterprises,a sample of A-share listed advanced manufacturing enterprises from 2015 to 2021 was selected.Based on the SFA model for measuring R&D efficiency,by setting the distribution form of the technical inefficiency term in the model and introducing different financing structure variables such as internal financing,debt financing,equity financing,and government subsidies,the impact mechanisms of these variables on the R&D efficiency of advanced manufacturing enterprises were studied.Considering the strong heterogeneity of debt itself,further analysis was done on how long-term debt and short-term debt,bank loans and commercial credit respectively affect the R&D efficiency of advanced manufacturing enterprises from the perspectives of maturity and source.As prior research has suggested a nonlinear relationship between debt,government subsidies,and R&D activities,the "U-shaped" or "inverted U-shaped" relationship between bank loans,commercial credit,government subsidies and the R&D efficiency of advanced manufacturing enterprises were also examined.The conclusions are as follows: First,in terms of R&D efficiency,the average performance of China’s advanced manufacturing enterprises’ R&D efficiency fluctuates between 0.297 and 0.340 from 2015 to 2021,and there is a slight downward trend.The R&D efficiency of the top 10% of enterprises fluctuates between 0.597 and 0.674,while the R&D efficiency of the bottom 10% of enterprises fluctuates between 0.063 and 0.093,and the R&D efficiency volatility of the top 10% of enterprises is successively higher than the average level and the bottom 10% of enterprises.Second,the financing structure has a significant impact on the R&D efficiency of China’s advanced manufacturing enterprises.Among several external financing methods,internal financing suppresses R&D efficiency.Regarding debt,commercial credit promotes R&D efficiency,while bank loans suppress R&D efficiency;in terms of maturity,short-term debt promotes R&D efficiency,while long-term debt suppresses R&D efficiency.Equity financing suppresses R&D efficiency.Government subsidies have an "inverted U-shaped" impact on the R&D efficiency of advanced manufacturing enterprises.Finally,several suggestions are proposed regarding the current situation and trends of China’s advanced manufacturing enterprises’ R&D efficiency and the impact mechanisms of financing structure on R&D efficiency.These suggestions are helpful for companies to choose financing methods that are suitable for themselves more scientifically,optimize financing structures,improve R&D efficiency,further promote China’s manufacturing industry’s transformation and upgrading,and become a manufacturing powerhouse.