1、 XXX 本 科本 科 毕 业 论 文 外 文 资 料 翻 译毕 业 论 文 外 文 资 料 翻 译 系系 别别： 经济系经济系 专专 业：业： 会计学会计学 姓姓 名：名： XXXXXX 学学 号：号： XXXXXX 外文原文 The Impact of Debt Financing on Corporate R & D Investment Behavior Abstract Base on panel data of manufacturing and high-tech industry companies which discoursed R & D expenditure in f
2、inancial statements from 2004 to 2011， this paper studies the relationship between debt financing and corporate R & D expenditure under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed in 2007. The results show that there is not a “increasing first， decreas
3、ing later“ non-linear relationship but a “double negative“ relationship between debt level and corporate R & D expenditure. And the “double negative“ relationship has a different mechanism in different growth companies. 1. Introduction With the rise of the knowledge economy and the global economy co
4、ntinued to accelerate the process of integration， innovation is a business as well as a core of national competitiveness. As technological innovation of enterprises， their R & D （Research & Development， referred to as R & D） behavior is undoubtedly the key to innovation. However， the International Institute for Management Development in Lausanne， Switzerland recently released “2009 international competitiveness annual report“ shows that ，
