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《R&D Management》 2018-03
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Impact of R&D Alliance on Debt Maturity Structure of High-tech Firms——Evidence from the Listed Firms in the ChiNext

HUANG Yi-xiang;YAO Zheng;School of Management,Zhejiang University;  
Based on the resource dependence theory and network resource theory,it discussed the impact of RD alliance on debt maturity structure of high-tech firms from the perspectives of certification effect and resource effect. Using the sample of listed firms in Chi Next from 2009 to 2015,it finds that the high-tech firms with RD alliance have higher ratios of long-term debt or long-term loan compared to those without RD alliance. In addition,the level of marketization has a positive moderation effect on the relation between RD alliance and debt maturity structure. Further analysis shows that the political ties and RD alliance has a substitutive effect on debt maturity structure,and RD alliance facilitates the long-term debt being used to RD investment.
【Fund】: 国家自然科学基金资助项目“社会网络增进小微企业贷款可得性作用机理研究”(71472168)
【CateGory Index】: F273.1;F275;F276.44;F832.51
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