化工行业上市公司研发投资与融资方式关系的实证分析

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1、塑!堡竺!EMPIRICALRESEARCHoNTHERELATIoNSHIPBETWEENR&DINVESTMENTANDFINANCINGBASEDoNTHELISTEDCoM卫IANIESINTHECHEMICALINDUSTRYABSTRACTThepurposeofthispaperistoexploretherelationshipbetweenR&Dinvestmentandfinancing．PutthechemicalindustrylistedonShanghaiandShenzhenstockexchangeastherese

2、archsample．Thedatarangeisfrom2007to2011．Firstofall，accesstoinformation，studyofliterature，analysisofthepresentsituationofthedomesticandforeignresearchonrelationshipbetweenR&Dinvestmentandfinancing，andsystematicallystudytherelatedtheories．Secondly．thefinancinginstrumentsCanbediv

3、idediIltofourtypes：commonequity，convertiblesecurities，transactionaldebtandrelationaldebt，basedonthedegreeofinterventionbarriersandearningsseparationdegreebetweencapitalprovidersandthefirm．Onthisbasisputforwardthreehypotheses：thereisapositiverelationshipbetweenR&Dinvestmentsand

4、financingthroughcommonequity；thereisanegativerelationshipbetweenR&Dinvestmentsandfinancingthroughtransactionaldebt；thereisaninvertedU-shapedrelationshipbetweenR＆Dinvestmentsandfinancingthroughrelationaldebt．Last，commonequity,transactionaldebtandrelationaldebtweresetasdependent

5、variables，andR&Dinvestmentswasmadeindependentvariablemeanwhilewebroughtinthecontrolvariablesfirmsize，growth，non-debtshield,mortgageindex，profitability,Long-termdebtratio，internalcapital，ownershipconcentrationandtimedummyvariablestoestablishamultipleregressionmodel．Theresultssh

6、owthat：forlistedcompaniesinChina’Schemicalindustry,withtheincreaseoftheintensityofR&Dinvestment，equityfinancingshowsignificantpositivetrendofmatching，andtherelationaldebtfinancingshowsignificantnegativetomatchthetrend．Thereisanegativecorrelation⋯betweenR&Dinvestmentandtransact

7、ionaldebtbutwithoutsignificance．111isshowsthatR&Dinvestmenthasinfluenceonthechoiceofthewaysoffinancing．theimprovementofR&Dinvestmentintensity，greatlypromotetheuseofcommonstockfinancing，butinhibittheuseofrelationaldebtfinancing．Theseresultswillhelpenterprisessecureamorescientif

8、iclong—termdecisionwhile也eycarryouttechnologicalinnovation．KE