基于新《企业会计准则》的规定,利用2008—2010年我国高新技术上市公司的非平衡面板数据,对企业的科技开发支出与其资本结构的相关性进行了回归分析。结果显示：我国高新技术上市公司的科技开发支出与其资本结构呈显著的＂U＂型非线性关系;国有高新技术上市公司的科技开发支出与其资本结构呈显著的倒＂U＂型非线性关系,非国有高新技术上市公司的科技开发支出与其资本结构呈＂U＂型非线性关系,但并不显著。要提升企业的科技开发强度,完善资本市场、拓展多层次的融资渠道以及不断优化企业的资本结构是关键。%Using the data of high-tech listed companies in China during 2008-2010,this paper analyzes the relationship between high-tech listed company＇s capitalized RD expenditures and capital structure.The results show as follows：there exists the obvious U-shaped relationship between high-tech listed company＇s capitalized RD expenditures and capital structure;the relationship between them in state-owned listed companies takes on obvious reverse U-shape;that in non-state-owned listed companies takes on the unobvious U-shape.It considers that it is the key for enhancing the scientific and technological development strength that improving capital market,and expanding financing channels and optimizing capital structure.
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