研发投资与上市公司杠杆率动态调整

Research on the Expenditure of Research and Development and the Adjustment in Leverage Ratio of Listed Companies

以中国A股1567家上市公司2001-2015年财务数据为样本,检验了创新支出对企业杠杆率(资本结构)动态调整速度的影响。研究发现:企业创新投资能够正向影响杠杆率水平向最优水平的动态收敛速度,即增加研发投资有助于企业实现杠杆率的内生治理与优化。但是,创新投资对杠杆率的动态优化作用存在显著区位差异,东部企业能够显著通过提高研发投资来加速去杠杆进程,而研发投资的增加对中西部地区企业杠杆率优化进程却不具有显著影响。

Based on financial data of 1567 listed companies in China＇s A-share market from 2001 to 2015, this paper tests the impact of innovation On the speed of capital structure dynamic adjustment. The results show that innovation investment can influence the speed of adjustment, but the ways of influence are different. In general, the impact of innovation on corporate deleveraging is effective, and firms can speed up capital restructuring by increasing innovative investment. On one hand, companies in the eastern regions can de-leverage more quickly by adding innovative investments. On the other hand, R＆D investment is not significant and effective for the downward adjustment of the capital structure to companies in non-eastern regions.