Debt maturity structure and private manufacturing R&D investment: Based on the perspective of the banks-firm relationship

被引：0
|
作者：
Tang W. [1 ]
Sun C. [2 ]
Cui Y. [3 ]
机构：
[1] School of Accounting, Anhui University of Finance and Economics, Bengbu
[2] School of Economics and Management, Beihang University, Beijing
[3] School of Accounting, Capital University of Economics and Business, Beijing
来源：
Sun, Chunxing (suncx@buaa.edu.cn) | 1780年 / Systems Engineering Society of China卷 / 37期
基金：
中国国家自然科学基金;
关键词：
Executives' relationship; Financial ecological environment; Financing debt; Holdings relationship; R&D investment;
D O I：
10.12011/1000-6788(2017)07-1780-13
中图分类号：
学科分类号：
摘要：
Using the data of manufacturing private listed companies from 2008 to 2015 with the new perspective of banking connection structure, this paper studies the influence of financing debts on R&D investment. The empirical results show that the banking connection can promote companies' R&D investment and ease the predicament of enterprise's debt financing, which is more remarkable in long-term financing debt. Besides, enterprises with holdings relationship is more significant compared with that executives' relationship exists in our further research. And the impact is greater on companies that are small-sized, high-tech and in the worse financial ecological environment regional. In particular, we also find that the short-term financing debts also exist R&D governance role on small companies and high-tech companies with holdings relationship. This paper explains the important influence of banking connecting which made on private manufacturing companies' innovation. © 2017, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
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页码：1780 / 1792
页数：12
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