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利用我国创业板上市公司2010-2015年数据,通过建立联立方程模型,运用广义矩估计法(GMM)分析R&D投入、企业绩效和资本结构三者之间的互动关系。结果表明,企业绩效对资本结构有负向作用,资本结构反过来对绩效也有负影响;资本结构对R&D投入也有显著地负向影响,但R&D投入对资本结构的负向作用并不显著;当期R&D投入的增加会降低企业绩效,而企业绩效对R&D投入有显著正影响。通过分析146家创业板上市企业连续6年数据,结果表明资本结构、企业绩效和R&D投入三者之间存在相互的时滞效应。
Using the data of 2010-2015, the paper uses the generalized moment estimation method (GMM) to analyze the interaction between R & D investment, firm performance and capital structure through the establishment of simultaneous equations model. The results show that corporate performance has a negative effect on capital structure and capital structure on the other hand has a negative impact on performance. Capital structure also has a significant negative impact on R & D investment, but the negative effect of R & D investment on capital structure is not significant. The increase of R & D investment will reduce the enterprise performance, while the enterprise performance has a significant positive impact on the R & D investment. By analyzing the data of 146 GEM companies for six consecutive years, the results show that there is a time lag between capital structure, firm performance and R & D investment.