R&D Investment and Debt Financing of High-Tech Firms in Emerging Economies: The Role of Patents and State Ownership
Substantial R&D investment can increase high-tech firms' potential to establish long-term competitive advantages. Yet it can also cause high levels of transaction costs that may be an obstacle to accessing debt financing. In this article, we examine the influence of R&D investment on fi...
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| Veröffentlicht in: | IEEE transactions on engineering management 2024, Vol.71, p.753-770 |
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| creator | Wei, Haixiao Xie, En Gao, Jingzhe |
| description | Substantial R&D investment can increase high-tech firms' potential to establish long-term competitive advantages. Yet it can also cause high levels of transaction costs that may be an obstacle to accessing debt financing. In this article, we examine the influence of R&D investment on firms' debt financing in emerging economies. Then, we explore how a firm's patents and state ownership alter this influence. Leveraging a panel dataset comprising 1084 Chinese high-tech manufacturing firms during a 12-year period from 2007 to 2018, we find that R&D investment has a direct negative effect on a firm's debt financing, which may be mediated by a firm's patents. Explicitly, R&D investment increases a firm's likelihood of having a patent, which in turn facilitates access to debt financing, because the patent acts as a signal. State ownership makes the negative direct influence of R&D investment more salient as a moderator, whereas it also moderates the positive influence of patents on debt financing in an inverted U-shaped pattern. Thus, our article not only reveals that R&D-intensive firms do face financing constraints in emerging economies but also indicates how patents and state ownership can relax or tighten the constraints. |
| doi_str_mv | 10.1109/TEM.2021.3133330 |
| format | Article |
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Yet it can also cause high levels of transaction costs that may be an obstacle to accessing debt financing. In this article, we examine the influence of R&D investment on firms' debt financing in emerging economies. Then, we explore how a firm's patents and state ownership alter this influence. Leveraging a panel dataset comprising 1084 Chinese high-tech manufacturing firms during a 12-year period from 2007 to 2018, we find that R&D investment has a direct negative effect on a firm's debt financing, which may be mediated by a firm's patents. Explicitly, R&D investment increases a firm's likelihood of having a patent, which in turn facilitates access to debt financing, because the patent acts as a signal. State ownership makes the negative direct influence of R&D investment more salient as a moderator, whereas it also moderates the positive influence of patents on debt financing in an inverted U-shaped pattern. Thus, our article not only reveals that R&D-intensive firms do face financing constraints in emerging economies but also indicates how patents and state ownership can relax or tighten the constraints.]]></description><identifier>ISSN: 0018-9391</identifier><identifier>EISSN: 1558-0040</identifier><identifier>DOI: 10.1109/TEM.2021.3133330</identifier><identifier>CODEN: IEEMA4</identifier><language>eng</language><publisher>New York: IEEE</publisher><subject>China ; Competitive advantage ; Costs ; Debt financing ; Emerging markets ; Financing ; Government ; Investment ; Manufacturing ; Nationalization ; R&D ; Research & development ; Research and development ; state ownership ; Technological innovation ; Transaction costs ; Uncertainty</subject><ispartof>IEEE transactions on engineering management, 2024, Vol.71, p.753-770</ispartof><rights>Copyright The Institute of Electrical and Electronics Engineers, Inc. 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Yet it can also cause high levels of transaction costs that may be an obstacle to accessing debt financing. In this article, we examine the influence of R&D investment on firms' debt financing in emerging economies. Then, we explore how a firm's patents and state ownership alter this influence. Leveraging a panel dataset comprising 1084 Chinese high-tech manufacturing firms during a 12-year period from 2007 to 2018, we find that R&D investment has a direct negative effect on a firm's debt financing, which may be mediated by a firm's patents. Explicitly, R&D investment increases a firm's likelihood of having a patent, which in turn facilitates access to debt financing, because the patent acts as a signal. State ownership makes the negative direct influence of R&D investment more salient as a moderator, whereas it also moderates the positive influence of patents on debt financing in an inverted U-shaped pattern. Thus, our article not only reveals that R&D-intensive firms do face financing constraints in emerging economies but also indicates how patents and state ownership can relax or tighten the constraints.]]></description><subject>China</subject><subject>Competitive advantage</subject><subject>Costs</subject><subject>Debt financing</subject><subject>Emerging markets</subject><subject>Financing</subject><subject>Government</subject><subject>Investment</subject><subject>Manufacturing</subject><subject>Nationalization</subject><subject>R&D</subject><subject>Research & development</subject><subject>Research and development</subject><subject>state ownership</subject><subject>Technological innovation</subject><subject>Transaction costs</subject><subject>Uncertainty</subject><issn>0018-9391</issn><issn>1558-0040</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2024</creationdate><recordtype>article</recordtype><sourceid>RIE</sourceid><recordid>eNo9UMFKw0AQXUTBWr0LXhYEb6mz2SRNvEmb2kKlUuM5bDazTUqzqbup4t-7scW5DG_mvTfMI-SWwYgxSB6z9HXkg89GnHFXcEYGLAxjDyCAczIAYLGX8IRdkitrtw4GoQ8DYtcPU7rQX2i7BnVHhS7pFIuOzmottKz1hraKzutN5WUoKzc2jaW1pmmDZtOvU9nqtqnRPtGsQrpud9hL3kTn_Oyf4XvnAF19azS2qvfX5EKJncWbUx-Sj1maTebecvWymDwvPeknrPPUGOMAElFAVEIMQpQRBIyLoIASuRQhV4opZFKUKiqCokxkyWQBLIpLIUPkQ3J_9N2b9vPgPsy37cFodzL34yQCPwp54FhwZEnTWmtQ5XtTN8L85AzyPtrcRZv30eanaJ3k7iipEfGfnkTjIOYh_wVeMnUI</recordid><startdate>2024</startdate><enddate>2024</enddate><creator>Wei, Haixiao</creator><creator>Xie, En</creator><creator>Gao, Jingzhe</creator><general>IEEE</general><general>The Institute of Electrical and Electronics Engineers, Inc. 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Yet it can also cause high levels of transaction costs that may be an obstacle to accessing debt financing. In this article, we examine the influence of R&D investment on firms' debt financing in emerging economies. Then, we explore how a firm's patents and state ownership alter this influence. Leveraging a panel dataset comprising 1084 Chinese high-tech manufacturing firms during a 12-year period from 2007 to 2018, we find that R&D investment has a direct negative effect on a firm's debt financing, which may be mediated by a firm's patents. Explicitly, R&D investment increases a firm's likelihood of having a patent, which in turn facilitates access to debt financing, because the patent acts as a signal. State ownership makes the negative direct influence of R&D investment more salient as a moderator, whereas it also moderates the positive influence of patents on debt financing in an inverted U-shaped pattern. Thus, our article not only reveals that R&D-intensive firms do face financing constraints in emerging economies but also indicates how patents and state ownership can relax or tighten the constraints.]]></abstract><cop>New York</cop><pub>IEEE</pub><doi>10.1109/TEM.2021.3133330</doi><tpages>18</tpages><orcidid>https://orcid.org/0000-0003-0119-5295</orcidid><orcidid>https://orcid.org/0000-0002-9038-7151</orcidid></addata></record> |
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| source | IEEE Electronic Library (IEL) |
| subjects | China Competitive advantage Costs Debt financing Emerging markets Financing Government Investment Manufacturing Nationalization R&D Research & development Research and development state ownership Technological innovation Transaction costs Uncertainty |
| title | R&D Investment and Debt Financing of High-Tech Firms in Emerging Economies: The Role of Patents and State Ownership |
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