【摘要】 以2007～2011年披露了R&D支出的42家中国A股上市公司为样本,实证分析了企业R&D投入对股东及债权人之间利益关系的影响。研究结果表明:在高违约风险企业中,R&D投入与企业下一年债券风险溢价显著负相关。并且,股东利用资产替代行为侵害债权人利益;在低违约风险的企业中,影响并不显著。更多还原

【Abstract】 This paper empirical tests the the R&D investment effect of companies on the interest between shareholders and creditors based on 2007-2011 R&D expenditure data of 42 listed companies in Chinese A-share market. Study results show that: For firms with high default risk, R&D expenditure have a significant negative impact on bond risk premium next year; shareholders use an asset substitution behavior to transfer wealth from bondholders. Neither of these results is found in firms with low default risk.更多还原