Research On The Influence Of The Ultimate Control Structure On The Capital Structure Based On The Technological Innovation

In theory,the issue of capital structure has always been the main hotspot and difficulty in the research of corporate finance.The existing capital structure theory holds that corporate governance can influence the capital structure of company.In recent years,with the continuous evolution of corporate governance contradictions,it has become a new exploration and attempt to study the impact of corporate governance factors on capital structure from the perspective of ultimate control.The ultimate control shareholders tend to expand controllable resources,tunnel grab and pursue control private benefits through various means of infringement.The ultimate control shareholders can continue to expand their controlable financial resources through debt financing while ensuring effective control over the target control company.At the same time,the ultimate control shareholders are able to infringe on the technological innovation activities of the target control company.On the one hand,it inhibits the technological innovation activities of the target control company,on the other hand,it makes unbalanced choice of innovation mode.According to the theory of capital structure of industrial organization,technological innovation is an important factor influencing the decision-making of capital structure of a company.Then,will the ultimate control shareholders use technological innovation to influence the capital structure decision of the target control company more covertly? Will the choice of technological innovation model,which ultimately controls shareholder imbalance,also have an impact on the debt financing level of the target control company? The study of these problems is conducive to perfecting the theory of capital structure and enriching the research on the mechanism of the ultimate control shareholder influence target control company's capital structure.Since the reform and opening up,China's economy has maintained a highspeed development trend.With the change of domestic and foreign economic environment,the current stage of China's economic growth rate gradually tends to be rational,seeking the transformation of economic development mode,the implementation of innovative development strategy has become the inevitable trend of China's social and economic development.In this process,corporate governance problems inevitably have an impact on all aspects of the company.Specifically,on the one hand,the ultimate control shareholders will directly affect the decision-making of the target control company's technological innovation activities,and on the other hand,indirectly affect the decision-making of the capital structure of the target control company through the company's technological innovation activities.This will not only reduce the innovation efficiency of the target control company,but also make the ultimate control of shareholder financing infringement become more hidden and difficult to detect.Therefore,the study of the ultimate control of shareholder debt financing infringement in the process of technological innovation is the necessary guarantee to improve the protection system of small and medium-sized investors in China,optimize the corporate governance structure,improve the efficiency of enterprise innovation,and make reasonable capital structure.Based on the above theory and realistic background,this paper takes technological innovation as the starting point,and studies the problem of the mediating effect of technological innovation input on the ultimate control of shareholders influencing target control company's capital structure and the problem of the ultimate control of shareholder influencing target control company's capital structure under the heterogeneous innovation enterprise.In order to make a systematic analysis of the influence of the ultimate control shareholderon on the capital structure of the target control company in the technological innovation activity.In this paper,the combination of theoretical analysis and empirical analysis is used to study.Firstly,eviewing the theory of modern major capital structure,private benefit of the ultimate control,the ultimate control shareholders' influence on the capital structure and technological innovation of the target control company,as well as the influence of technological innovation on capital structure.Secondly,the theoretical mechanism of technological innovation and ultimate control shareholders' influence on capital structure is analyzed in depth.So it lays the theoretical foundation for some of the relevant theoretical hypotheses in the empirical case.Finally,starting from the essential characteristics of the ultimate control shareholders,taking the deviation degree of two rights as the agency index,the influence of technological innovation and ultimate control shareholders on the capital structure of China's listed companies is empirically studied.In the method,the mediating effect analysis method,the adjustment effect analysis method,the multilinear regression,the panel regression analysis,the group regression analysis and so on.First,by analyzing the adjustment effect of the innovation model on the two-power deviation influencing target control company's technological innovation input,it is found that: There is a negative relationship between the deviation of two powers and the input of technological innovation;the innovation mode has a regulating effect on the negative relationship,and the ultimate control shareholder prefers the control company to carry out exploratory technological innovation.Second,by analyzing the mediating effect of innovation input on the two-powers deviation influencing target control company's company's capital structure,it is found that: technological innovation input is indeed the ultimate mediator that the ultimate shareholders' influence on capital structure.The increase of the deviation of the two-powers will lead to the decrease of the investment of technological innovation of the target control company,which will lead to the increase of the capital structure of the target control company.Third,by analyzing the adjustment effect of innovation mode on the deviation of twopower influencing the target control company's capital structure,it is found that: the positive relationship between the deviation of two-powers and the target control company's capital structure;innovation mode has a regulatory effect,the ultimate control shareholders are reluctant to exploration innovative enterprises to raise too much debt.