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| Impact of Debt Financing of Hightech Companies in Business Groups on R&D Investment |
| Wu Fan1,Chen Lianghua1,Zeng Xiangfei1,2 |
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Abstract Based on the empirical data of Chinese listed hightech companies in business groups, this paper firstly demonstrates that debt financing can promote R&D investment in business groups. Moreover, the internal capital market has 'winnerpicking' mediating effect under different property rights and organization structures. Finally this paper demonstrates the internal capital market has 'interrelated guarantee' moderating effect. The conclusions enrich studies on the relationship between debt financing and innovation investment in business groups.
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| Fund:江苏省社科重点基金项目（16EYA001）；江苏软科学项目（SB2017000076）；中央高校基本科研业务费专项资金项目-江苏省普通高校研究生科研创新计划项目（KYLX15_0195，KYLX16_0306） |
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