首页>
外文OA文献
>Structure financière et dépenses de Ramp;D
【2h】
Structure financière et dépenses de Ramp;D
展开▼
机译:财务结构和研发支出
展开▼
免费
页面导航
摘要
著录项
相似文献
相关主题
摘要
This article offers a dynamic analysis of the debt ratio of a broad panel of French firms , incorporating R & D activity and using the system GMM estimation method. The results show that R & D intensity (ratio of R & D expenditures to sales) has a negative influence on the ratios of bank debt to total resources and to total debt. Profitability also has a negative impact on these ratios, even as small businesses and listed firms have a higher proportion of bank debt. Lastly, these effects prove robust to the introduction of additional explanatory variables, several of which are found to be significant. For instance, the use of bank debt increases with loan guarantees and decreases with financing by the enterprise group.
展开▼