研发投入对企业零杠杆融资策略选择的影响机制研究——企业避税和融资约束的双重中介效应

An Empirical Research of R&D Investment on Zero-Leverage Financing Strategy——The Double Mediating Effect of Tax Avoidance and Financial Constraints

零杠杆融资策略作为解决资本结构问题的一种"角落方案",因其特殊性引起了学者们的广泛关注,关于这种极端融资策略使用背后的动机是学术界一直想要探索的疑惑。本文基于2012-2018年沪深两市A股上市公司财务数据,探究了研发投入对上市公司零杠杆策略选择的影响,并采用中介效应分析方法检验了研发投入影响企业极端融资选择的内在作用机制。研究发现,高研发投入的公司选择零杠杆融资策略的可能性更大,并且证明了企业避税以及融资约束在这一过程中作为传导机制,发挥着部分中介作用。研究有助于从根源上理解高研发投入上市公司选择零杠杆策略的原因,同时为企业作出这种极端融资选择提供了理论依据。

As a"corner solution"to solve the problem of capital structure,zero-leverage financing strategy has attracted extensive attention of scholars due to its particularity.The motivation behind the use of such extreme financing strategy is a puzzle that the academia has been trying to explore.This paper takes a sample of Chinese listed companies during the period of 2012-2018 to explore the influence of R&D investment on the choice of zero-leverage strategy,and uses the mediating effect analysis method to test the internal mechanism of R&D investment on extreme financing choice.We find that companies with high R&D investment are more likely to choose zero-leverage financing strategy,and prove that corporate tax avoidance and financial constraints play a part of intermediary role in this process as a transmission mechanism.The research contributes to understanding the reasons why the listed companies with high R&D investment choose zero-leverage strategy fundamentally,and provides theoretical basis for such extreme financing choice.