On September 2, 2021, the Beijing Stock Exchange officially announced its establishment, providing a channel for "specialized, special and new" enterprises to quickly go public and raise funds. As an important platform for small and medium-sized innovative enterprises to conduct equity financing, the relationship between the capital structure of listed companies and their R&D investment is still lacking in practical research. This paper takes 162 companies that have successfully been listed on the Beijing Stock Exchange since its establishment, and manually collects data to establish a regression model to study the relationship between corporate debt level and R&D investment, in order to provide reference for enterprises preparing for IPO on the Beijing Stock Exchange. The results of the empirical study show that the increase in the proportion of debt in the capital structure of firms will inhibit their investment in R&D, that is, there is a negative correlation between the two. From this point of view, the establishment of the Beijing Stock Exchange will help high-tech enterprises obtain equity financing, reduce corporate financing costs, and invest more funds in the improvement of their own innovation capabilities. This paper hopes that the companies to be listed on the Beijing Stock Exchange should continue to optimize their financing structure, increase investment in scientific research, improve their scientific research teams, and continuously improve their future growth, so as to finally create a real "specialized, special and new" small giant enterprise.

Jiang Hao. Research on the Impact of Capital Structure of Listed Companies on the R&D Investment of Listed Companies on the Beijing Stock Exchange. Academic Journal of Business & Management (2023) Vol. 5, Issue 27: 170-177. https://doi.org/10.25236/AJBM.2023.052727.

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