债务期限结构与企业研发投资——以安徽省为例

Debt Maturity Structure and R&D Investment of Enterprises:Taking Anhui Province as an Example

以安徽省2015—2019年在A股上市的公司为研究样本,探究债务期限结构与企业研发投资的关系,研究表明:安徽省民营上市公司的债务期限结构与研发投资呈倒“U”型关系,并且这种倒“U”型关系只存在于安徽省民营企业中,国有企业不存在这种相关关系。据此提出相应的建议,以期为企业提高自主创新能力提供借鉴。

This paper took the A-share listed companies in Anhui province from the year of 2015 to 2019 as the research sample,and explored the relationship between the debt maturity structure and the R&D investment of enterprises.The results show that there is an inverted“U”relationship between the debt maturity structure of private listed companies with R&D investment in Anhui province;this inverted“U”relationship only exists in private enterprises of Anhui province,and there is no such correlation in state-owned enterprises.Based on this,corresponding suggestions are put forward in order to provide reference for enterprises to improve their independent innovation capabilities.