Research on Commercial Credit, Financial Development and R&D Investment of Listed Companies
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R&D investment is an indispensable step in innovation activities, and how to ensure the stability of capital chain is an important problem to be solved in R&D investment. Compared with external indirect financing, commercial credit in the form of installment payment and down payment, which is directly related to commodity trading, has become one of the financing channels with low cost and high efficiency. This paper takes the listed companies from 2010 to 2020 as samples, from the perspective of R&D investment, introduces financial development into the research, and studies the impact on the commercial credit of listed companies from macro and micro levels. Furthermore, the cross-product term is introduced to empirically test the influence of different financial development levels on the relationship between R&D investment and commercial credit acquisition and provision. The results show that the higher the level of financial development, the greater the role of technological innovation investment in promoting enterprises to obtain commercial credit, and the improvement of financial development level can alleviate the reverse relationship between R&D investment and commercial credit provision.
Listed companies, Commercial credit, Financial development, R&D investment