资本结构、非债务税盾与企业研发投入——基于创业板上市公司的经验证据

Capital Structure, Non-debt Tax Shield and Enterprise R&D Investment based on the Empirical Evidence of GEM Listed Companies

基于相关学者的研究,提出两种假设,中小型创业企业资本结构与研发投入显著负相关;非债务税盾对企业资本结构与研发投入之间具有调节作用。以我国2014-2015年披露研发投入信息的创业板上市公司为样本,采用实证的方法研究资本结构对创业板上市公司研发投入的影响,并分析非债务税盾与资本结构的交互作用从而影响研发投入。研究结论基本验证了两种假设,资产负债率与研发投入存在显著的负相关关系,高负债水平公司研发投入较低,而非债务税盾与资本结构的交互影响显著,从而通过优化资本结构促进企业研发投入。该研究对于优化创业板上市公司资本结构与投融资决策,促进研发投入具有一定的意义。

Based on the research of relevant scholars, two hypotheses were proposed. Capital structure of small and medium-sized entrepreneurial enterprises was significantly negatively correlated with RD investment. The non-debt tax shield can adjust the capital structure and RD investment. Taking the GEM listed companies that disclosed RD investment information in China from 2014 to 2015 as samples, the empirical method is adopted to study the impact of capital structure on the RD investment of GEM listed companies, and the interaction between non-debt tax shield and capital structure is analyzed to influence the RD investment.The conclusion basically verifies two hypotheses. There is a significant negative correlation between the asset-liability ratio and RD investment. The company＇s RD investment at a high level of debt is relatively low, while the interaction between non-debt tax shield and capital structure is significant. This research is of certain significance for optimizing capital structure and investment and financing decisions of GEM listed companies and promoting RD investment.