Study on the Relationship Between R.docx

Study on the Relationship Between R.docx

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StudyontheRelationshipBetweenR

StudyontheRelationshipBetweenR&DExpenditures,CapitalStructureandEnterpriseInnovationPerformance

　　Abstract

　　StudieshaveshownthatR&Dexpendituresaffectinnovationperformance，whileR&Dexpendituresassociatedwithcapitalstructure.Inthispaper，wechooselistedcompanyinHenanProvincebyusingempiricalanalysis，foundthatR&Dintensityisinverselyproportionaltotheasset-liabilityratio，asset-liabilityratiohasnegativecorrelationwithperformance，andputforwardrelevantproposals.

　　Keywords：

Capitalstructure；R&D；Innovationperformance

　　Chai，Y.K.，&Gu，X.M.（2015）.StudyontheRelationshipBetweenR&DExpenditures，CapitalStructureandEnterpriseInnovationPerformance.CanadianSocialScience，11（4），-0.Availablefrom：

http：

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　　DOI：

http：

//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.；R&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

　　R&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