Threshold Effects of Relationship Financing on R&D Investment of Innovative Enterprise——From the Perspective of Information Asymmetry Threshold and Financing Structure Threshold

Abstract

Abstract:

Based on the panel data of 192 national-level innovative listed enterprises during the period between 2010 and 2013, by estab-lishing threshold panel regression model, this paper analyzes the effect of relationship financing on R&D investment of innovative enter-prise from the perspective of information asymmetry threshold and financing structure threshold.The results show that:there is a signifi-cant threshold effect between relationship financing and R&D investment of innovative enterprise.When the enterprise information asym-metry is in a high level, the relationship financing has a significant positive effect on R&D investment of innovative enterprise, and when the enterprise information asymmetry is in a low level, the relationship financing has a significant negative effect on R&D investment of innovative enterprise.When the enterprise financing structure is in a low or middle level, the relationship financing has a significant posi-tive effect on R&D investment of innovative enterprise, and when the enterprise financing structure in a high level, the relationship finan-cing has a significant negative effect on R&D investment of innovative enterprise.

Key words: relationship financing, R&D investment, threshold effects, information asymmetry, financing structure

Guo Tao, Ren Xuejiao, Zhao Lili. Threshold Effects of Relationship Financing on R&D Investment of Innovative Enterprise——From the Perspective of Information Asymmetry Threshold and Financing Structure Threshold[J]. , 2017, 29(7): 61-69.

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