化工行业上市公司研发投资与融资方式关系的实证分析.pdf

塑!堡竺! EMPIRICAL RESEARCHoNTHERELATIoNSHIP BETWEEN RDINVESTMENTANDFINANCING BASEDoNTHE LISTEDCoM卫IANIESINTHE CHEMICAL INDUSTRY ABSTRACT The ofthis isto the betweenRD purpose paper explorerelationship investmentand the chemical listedon and financing．Put industry Shanghai Shenzhenstock astheresearch data isfrom2007 exchange sample．Therange to2011．Firstof to of ofthe all，access information，studyliterature，analysis situationofthedomesticand researchon between present foreign relationship RDinvestmentand therelatedtheories． financing，andsystematicallystudy instrumentsCanbedividediIltofour Secondly．thefinancing types：common debtandrelational on equity，convertiblesecurities，transactionaldebt，based the ofinterventionbarriersand between degree degree earningsseparation andthefirm．Onthisbasis forwardthree capital hypotheses： providers put thereisa betweenRDinvestmentsand positiverelationship financing common isa betweenRD through equity；therenegativerelationship investmentsand transactional isaninverted