负债融资对我国生物医药上市公司研发投入的影响研究

生物医药产业已经成为最具成长性的产业之一,其长周期、高风险、技术密集的行业特征使生物医药企业较一般传统企业而言面临着更甚的融资困境。论文选取2014-2018年我国生物医药行业上市公司的样本数据,分别从负债的规模、期限和来源三个方面研究负债融资对企业R&D投入的影响,研究结果表明:负债规模、短期负债、长期负债、银行借款以及商业信用均与企业R&D投入强度显著负相关。

Research on the Impact of Debt Financing on R&D Investment of Listed Biomedical Companies in China

Biomedical industry has become one of the most growing industries in China,its long-term,high-risk,technology intensive industry characteristics make biomedical enterprises face more financing difficulties than traditional enterprises.This paper selects the sample data of listed companies in China's biomedical industry from 2014 to 2018,and studies the impact of debt financing on corporate R&D investment from three aspects:the scale,term and source of debt.The results show that the scale of debt,short-term debt,long-term debt,bank loan and commercial credit are all negatively related to the R&D investment intensity.