Financing Methods, Capitalized R & D Choice and Firm Value

Investment activities and financing activities are important financial behavior of enterprises, and good financing structure can provide better support for enterprises' investment activities, so as to create more value for enterprises. Based on 9141 listed companies in Shanghai and Shenzhen A-shares from 2009 to 2015, this paper studies the impact of financing methods on the relationship between capitalized R& D choice and firm value from the perspective of regulatory effects. The results show that (1)Overall, capitalized R& D choice is conducive to the promotion of firm value. Different financial methods will further affect the value effect of capitalized R& D choice. (2) In particular, the more endogenous financing and debt financing, the stronger the value effect of capitalized R& D choice. On the contrary, the more stock financing, the weaker the value effect of capitalized R& D choice.