Heterogeneous Debt,Company Size and R&D Input
将关系债务引入交易成本经济学框架，理论分析研发投资与异质性债务的匹配特征及其对企业绩效的影响，并用2004-2008年中国517家上市公司数据实证检验，发现关系债务是研发投资的有效治理机制，且公司规模负向调节该关系。
By introducing the factors of relational debt into the framework of transaction cost economics,the paper researches theoretically the match characteristics of RD investments and heterogeneous debt and its effects on corporate performance,followed by empirical tests based on 517 enterprises of Chinese listed companies from 2004 to 2008.The result shows that relational debt is an effective governance mechanism for RD investments, the more RD investments are,the higher the ratio of relational debt to total debt is,which enhances the contribution of RD investments to company performance.Furthermore,company size has a negative effect on the relationship,which is more robust to small companies compared with big ones.Accordingly,the paper gives some advices on how to improve innovative capacity of different type of Chinese listed companies