Study on the Relationship Between R文档格式.docx

Study on the Relationship Between R文档格式.docx

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D；

Innovationperformance

　　Chai，Y.K.，&

Gu，X.M.（2015）.StudyontheRelationshipBetweenR&

DExpenditures，CapitalStructureandEnterpriseInnovationPerformance.CanadianSocialScience，11（4），-0.Availablefrom：

http：

//

　　DOI：

//dx.doi.org/10.3968/6672

　　INTRODUCTION

　　Innovationisastrategicchoiceoftheworldtoseekdevelopment，Chinaiscommittedtobuildinganinnovativecountry，technologicalinnovationbecomesmoreimportantinnationaldevelopmentstrategies，R&

Dexpenditureisanimportantguaranteeforthepromotionofinnovation.Recently，thescaleandstrengthofR&

Dexpenditureincreasedmoreandmore，whiledrivingthecompany’sR&

Dexpenditure.ThedataaccordingtotheChinaScienceandTechnologyStatisticsshowthatourR&

Dexpenditurewas1.02984trillionyuanin2012，accountingfor1.98%ofGDP，andcorporateexpenditureswere784.22billionyuan，whichwas76.1%oftotalexpenditures.WecanseethatcompanieshavebecomethemainexpendituresofR&

Dexpenditurefunds.

　　WhileR&

DexpenditureandtheratiotoGDPofourcountrycontinuedtoincreaseeveryyear，wecanseethatthenationalemphasisonR&

Dexpenditures.R&

DexpenditureofcompaniesbecamemuchWhentheyimplementproductdifferentiationstrategy，whichbecauseofcorporateR&

Dexpenditureduetothedifferencesarisingfromthedifferentcorporatestrategy.R&

Dexpenditureisconducivetoenhancinginnovationperformance，andcapitalstructurehasasignificantimpactonthebehaviorofcorporateR&

Dexpenditures.CorporatestrategyofR&

Dexpenditureiscloselyrelatedtovaluedriverssuchascashflow，capitalcostandcompetitiveadvantage，andtherehasalong-termimpact.TheimplementationofR&

Dexpenditureneedsfinancialsupport.

　　Fromtheviewofcorporate，R&

Dexpenditureisthedrivingforceforgrowthinvalue.ThereissignificantmeaningtoresearchCapitalstructure，thevalueofcorporateR&

Dexpenditureoncorporateinnovationperformance，andtoobtainadequatesourcesoffunding，aswellasareasonablecapitalstructuretoincreasetheintensityofR&

Dexpenditurestomaximizeimproveinnovationperformance.Therehasacertainreferencevalueforsmallandmediumsizedhigh-techenterprisestoraisefundstopromoteR&

Dexpenditure，toimprovetheinnovationcapabilityandenhancecorecompetitivenessofenterprises.　　1.THEORETICALREVIEWOFDEVELOPMENT

　　1.1CapitalStructureandR&

DExpenditures

　　R&

Dexpendituresareaffectedbymanyfactors，suchassocio-culturalvaluesin?

?

macrolevelaspect，thegovernment’spoliciesforR&

Dsubsidiesandtaxrelief，andinstitutionalenvironment；

corporategovernancestructure，thenatureofownership，enterprise-scaleinmicrolevelaspectetc.；

DpersonnelandR&

Dfundinginsupplyaspect，andfinancingsourcesincludingresearchanddevelopmentfundingisthesubjectofthisstudy.Thatis，whetherthecapitalstructurehasanimpactonthestrategicchoice，especiallyforbusinessR&

Dexpenditure，andwhetherthedifferenceofproportionofdebtfinancingorequityfinancingsignificantlyaffectstheR&

Dexpenditure.

　　Wang，Thornhill（2010）foundthatR&

Dexpenditurehasapositiveeffectforequityfinancing，andaUshapedrelationshipwithconvertiblebonds，andinvertedU-shapedrelationshipwithloanfinancing，whichbasedondifferenceoftherightsbetweensourcesoffinancingandsubjectoffinancing.GustavMartinsson（2010）researchedthatBritishbusinessesinternalcashflowandexternalequityfinancingareanimportantsourceofR&

Dfunding，butbusinessincontinentalEuroperelyingsolelyoninternalfinancing.BrownandPetersen（2011）foundthatthehigh-techsectorR&

DinvestmentintheUnitedStatesdependentonpublicequityfinancingincreasedafter2004，reflectingtheinvestorsconcernedinthehigh-techsectorR&

Dincreased.Hsuetal.（2013）foundthatthedegreeofdevelopmentofthestockmarketiscriticaltocorporateR&

Dinvestment，thecorporateofdevelopedequitymarketperformancedinsurplushighlevelofR&

Dexpenditure，inaddition，R&

DexpenditureofR&

D-intensiveenterpriseshasanegativecorrelationtothedevelopmentofthecreditmarket.

　　WiththeincreaseofbusinessR&

Dexpenditureefforts，R&

Dexpenditurefortheoreticalresearchhasgraduallyincreased.Theauthoranalysestheviewofdomesticexpertsandscholarsnearlyadecadeasfollowing.WeiandLiu（2004）considersasset-liabilityratioandtechnologicalinnovationhaveasignificantpositiveimpact.Xiao（2008）examinedtherelationshipbetweenR&

Dexpendituresandinternalcashflowusingdataforlistedcompaniesfrom2001to2005，foundthatfinancingconstraintsexistedinourcorporateR&

Dexpenditure.ZhaoZiqiangandZhaoXianglian（2008）focusedontherelationshipbetweendebtfinancingandcorporateR&

D，usedlistedcompaniesinChina’smanufacturingindustryasasample，foundthatthereissignificantUrelationshipbetweendebtlevelsandR&

Dexpenditureforsamplecompanywiththetwoyeardatafrom2004to2005.Liu（2009）foundthatR&

DinvestmentfundsmainlyOriginatedfrominternalearningsandequityfinancing，debthasanegativeimpactonR&

Dinvestment；

othercommonsourcesoffundsinvestedmainlydependsequityanddebtfunds.Rao（2009）foundthatthedevelopmentoffinancialintermediationcaneffectivelyalleviatethelevelofR&

Dexpenditureoffinancingconstraints.Liu（2010）foundthatcorporatetendtotakearelativelycautiousinnovationinvestmentdecisionswithhigherdebt，andthelowerleverageratioofcorporatecapitalstructure，thebettertheinvestmentintechnicalinnovation.TangandXu（2010）foundthatR&

Dexpendituresofcompaniesshowingtheinternalfundsofover-sensitive.XieandFang（2011）foundthatthedevelopmentoffinancialpromoteR&

Dactivitiessignificantly，especiallyforprivateenterprisesandsmall-scaleenterprisesmoreobvious.Wenetal.（2011）believedthatthereisaweakrelationshiptypeoffinancingforourcorporatebankloanfinancing，anddemonstratedthataweakrelationshiplendinghasapositiveimpactonbusinessR&

Dexpenditures.Liushengqiang，Liu（2011）foundthatthereexistthe“doublenegative”typerelationshipbetweendebtlevelsoflistedcompaniesandR&

Dexpenditureinvestment.DomesticscholarsJiangandMao（2011）showedthattherehasanegativecorrelationbetweenSMEcapitalstructureandtechnologicalinnovationperformance，andtheuseofinnovativestrategiescompaniestendmorerelaxed（lowdebt）financialstructure，inordertoalleviatepressurefromcreditors.Lin（2011）foundthatthehigherratesofcorporatedebt，thelessR&

Dexpenditureitis；

WangandWei（2012）thoughtthatthereisnodirectrelationshipbetweenthetwofactors.XiaandLu（2012）analyzedtheimpactofexternalequityfinancingforbusinessR&

Dexpenditure，foundapositivecorrelationbetweenthetwofactors，andthisrelationshipismorepronouncedforsmallbusinesses.　　1.2R&

DExpenditureandInnovationPerformance

Dexpendituresimprovetheabilityofenterprisestoabsorbexistingknowledgeandinformation，andpromoteittechnologyspillover，whichcanimprovebusinessinnovationresearchanddevelopmentcapabilities.Researcherscomefromdifferentcountriesandregionshadgotasimilarresultrelevantacademicsandresearchobjectforthemarket，thatis，R&

Dexpenditureshaveapositiveeffectoncorporateperformance（Bosworth&

Rogers，2001；

Ren，2001；

Guan&

Shi，2004；

Wangetal.，2005；

Wu，2006；

Cheng，2006；

Lu&

Huang，2009；

Feng，2010；

Lin，2011；

Zhangetal.，2012）.Garner（2002）foundthattherateofinnovationisanimportantfactoraffectingthemarketvalueoftheenterprise，andcorporateR&

Dexpenditurewillaffecttherateofinnovation.Somescholarsalsoconsiderthetimefactor，R&

Dexpenditureswillhaveanimpactonoutputinthelongrun（He，2003）.Liang&

Zhang（2005）andYang&

Yuan（2013）foundthatR&

Dexpenditureandinnovationperformancehaveapositivelyrelationshipconsiderofthetimefactor，buttheoutputofR&

Dinvestmenthasasignificanteffectlag.

　　Mawencongetal.（2013）distinguishedemergingindustriesandtraditionalindustries，foundthattheformerR&

Dexpenditureintensity，intensityofinvestmentinR&

Dpersonnel，incentivepayandpersonneltraininghaveasignificantpositiveimpactoninnovationperformance；

whilethelatteronlyR&

DexpendituresandR&

Dintensityremunerationincentiveshavesignificantpositiveimpactoninnovationperformance.

　　However，therearesomeempiricalstudiesshowthattherelationshipbetweenR&

Dexpenditureandcorporateperformanceisnotnecessarilyasignificantpositivecorrelation.Forexample，theeffectoftherelationshipwasnotsignificantconsideredbyindustryfactors（Young&

Byren，2000；

Zhu&

Lun，2004；

Zhou&

Xui，2007）.

　　1.3AnalysisoftheImpactofR&

DExpenditureonInnovationPerformanceFromtheSourceoftheCapitalStructure

　　Fromtheaboveanalysis，wecanseethatcapitalstructurehasanimpactonbusinessR&

Dexpendituresandotherinnovativebehavior，whileR&

Dexpenditureisanimportantfactoraffectinginnovationperformance.R&

Dexpenditurei