In this paper, I examine how capital structure (relative to target) affects the financing of R&D spending. Studies on capital structure have shown that firms adjust their debt levels toward target debt levels. I show that firms with below-target debt are more likely to issue debt to finance R&D spending compared to firms that have above-target debt. The results are stronger for firms that are smaller in size and firms that do not pay dividends. I also show that firms with below-target debt are more likely to use a greater fraction of proceeds from net debt issuance to finance R&D spending (either directly or indirectly).

中文翻译：

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杠杆目标和研发支出

在本文中，我研究了资本结构（相对于目标）如何影响研发支出的融资。资本结构研究表明，企业将债务水平调整至目标债务水平。我发现，与债务高于目标的公司相比，债务低于目标的公司更有可能发行债务来资助研发支出。对于规模较小的公司和不支付股息的公司来说，结果更为强劲。我还表明，债务低于目标的公司更有可能将净债务发行收益的大部分用于资助研发支出（直接或间接）。