The Interdependence of R&D Activity and Debt Financing of Young Firms
使用双变量Tobit模型，发现年轻企业贷款融资比例与研发强度之间存在正向相互依赖关系，且此关系主要由高研发强度或高杠杆的初创企业驱动。
We investigate the interdependence of debt financing and R&D activities of young firms.Applying a bivariate Tobit model, we find that there is a positive interdependent relationshipbetween the share of loan financing and R&D intensity. A higher share of loan financing allowsfor more R&D in young firms and, at the same time, a higher R&D intensity allows for a higherloan share. This result is mainly driven by start-ups exhibiting high values of R&D intensity orleverage. Another remarkable result of our study is that the positive relationship between R&D andloan financing can only be detected if we consider that, first, the decisions on R&D and on loanfinancing are made simultaneously and, second, the decision on R&D impacts the decision onloan financing and vice versa.