The Implications of Debt Heterogeneity for R&D Investment and Firm Performance
研究认为债务并非同质，交易型债务与关系型债务对研发投资的治理作用不同，基于日本企业数据发现债务结构与研发投资匹配的企业绩效更好，且放松管制后企业更倾向于调整债务结构以匹配研发投资。
An assumption in prior research is that debt is homogeneous and provides inappropriate governance for R&D investments. We argue that debt is heterogeneous: although transactional debt does indeed impose strict contractual constraints that provide inappropriate governance for R&D investments, relational debt has very different characteristics that provide more appropriate governance. Using a sample of Japanese firms, we find that firms that align their debt structures with their R&D investments perform better than those that are misaligned. Furthermore, firms tend to align their debt structure with R&D investments, but only after deregulation permits relatively free access to various types of debt.