本篇文章主要探討研發支出與債務成本之間的關係、並深入探討研發支出在高科技產業或正在成長的公司是否會讓兩者之間的關係不同。我們發現，研發支出與債務成本呈正相關，代表越高的研發支出導致越高的債務成本。我們的另一發現，高科技產業或在成長中的公司投入研發支出會減低債務成本，雖然此發現並不顯著。另外，研發支出的增加會讓債務成本減低。

This study investigates the relationship between R&D and cost of debt and if high-tech firms or if firms experience growing rate change the relationship between them. The found results are that R&D has a positive effect on cost of debt. Firms in high-tech industry or firms experiencing growth investing in R&D do lower cost of debt; however, the results are not robust. Moreover, an increase of R&D also makes cost of debt lower.

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