| With the gradual rise of labor costs and the exposure of overcapacity in China,the innovation-driven development strategy has become the driving force for sustained economic growth.However,there is still a certain gap between China's overall technological innovation ability and the frontier countries,and there is still a real problem that the key core technologies are "stuck".Finance,as the lifeblood of economy,aims to promote technological progress and even economic growth of the subjects through optimizing resource allocation.However,under the current bank-led financial structure in China,there are still many controversies about whether the technological innovation of enterprises can be adequately and effectively supported by financial institutions.In addition,information asymmetry in the process of financial allocation has also become a prominent problem of blocking optimization.At the same time,the development of China's next-generation IT shows a significant upward trend,which has greatly improved the information processing capacity and the efficiency of information use.Can it become a new innovation-driven engine? What role can it play in the process of financial allocation and innovation?Following these questions,this dissertation studies the direct and compound effects of financing structure and the next-generation IT on the innovation ability of enterprises through theoretical modeling and empirical test,using the data of A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2008 to 2018 and the development level of next-generation IT at provincial level and other macro indicators.Moreover,this dissertation further subdivides the financing structure,discusses the different debt maturities,sources of debt and fund ownership,and examines the heterogeneity of ownership and industrial technology.The main research conclusions of this dissertation involve three aspects:innovation input,innovation output and innovation efficiency:In terms of innovation input,debt financing has an inhibitory effect on R&D input,R&D decision and sustainable R&D decision.Relativel,equity financing is a more suitable financing channel,which can make enterprises tend to make high-input R&D decisions and sustainable high-input R&D decisions.Combined with the promoting effect of internal financing,the overall optimal financing order of enterprise R&D input is "internal financing >equity financing > debt financing ".At the same time,the next-generation IT is not sensitive to the impact of R&D input.Although it makes enterprises tend to make high-investment R&D decisions in the current period,it does not show this on continuity.Moreover,the improvement of the next-generation IT helps to positively regulate the relationship between equity financing and firm's R&D input,but has no significant effect on the relationship between debt financing and firm's R&D input,and also shows such interaction effect on firm's R&D decision and sustainable R&D decision.In addition,there are certain differences in the direct impact of different debt maturities,sources of debt or fund holdings.Among them short-term debt,long-term debt,credit financing and commercial credit financing also show inhibitory effects.However,its compound effect is consistent with the interaction effect of debt or equity financing.For ownership heterogeneity,compared with private enterprises,debt financing of state-owned enterprises does not reduce their R&D input level.For industrial technology heterogeneity,debt financing of high-tech enterprises did not weaken their R&D input level.In terms of innovation output,that debt financing can reduce the quantity of innovation output of enterprises,but certain debt financing can exert governance effect and have an "inverted U" shaped influence on the quality of innovation output of enterprises.On the other hand,equity financing has a certain uncertainty and complexity on the quantity and quality of innovation output,but it has a certain promotion effect on the quantity of high-quality innovation output.At the same time,the improvement of the level of the next-generation IT can effectively increase the quantity of enterprises' innovation output and the quantity of high-quality innovation output,but there is a U-shaped nonlinear influence on the quality of enterprises' innovation output.Moreover,the improvement of the level of the nextgeneration IT helps to positively regulate the impact of financing on enterprise innovation output.In addition,there are certain differences in the direct impact of different debt maturities,sources of debt or fund holdings.Among them long-term debt not only does not inhibit the quantity of innovation output,but also can significantly promote the quality of innovation output.However,its compound effect is consistent with the interaction effect of debt or equity financing.For ownership heterogeneity,state-owned enterprises have advantages over private enterprises in terms of the quantity of innovation output.In terms of the quality of innovation output,private enterprises outperformed state-owned ones.For industrial technological heterogeneity,debt financing of high-tech enterprises has a significant inhibiting effect on the quantity of innovation output and the quantity of highquality innovation output,while that of low-tech enterprises has no significant effect..In terms of innovation efficiency,that both debt financing and equity financing have inhibitory effects on the quantity efficiency of enterprise innovation,and equity financing also has a negative impact on the quality efficiency of enterprise innovation,while debt financing has an "inverted U" shaped effect on the quality efficiency of enterprise innovation.Therefore,except the governance effect of debt,financing is prone to "innovation inertia" at the level of efficiency.On the contrary,the next-generation IT can improve the quantity efficiency and quality efficiency of innovation.Moreover,the improvement of the nextgeneration IT helps to positively regulate the impact of financing on the innovation efficiency of enterprises,alleviating their "innovation inertia".In addition,there are certain differences in the direct impact of different debt maturities,sources of debt or fund holdings.Among them commercial credit financing can improve the quantity efficiency of innovation,long-term debt and bond financing can effectively promote the quality efficiency of innovation,and fund ownership financing does not show a inhibiting effect on innovation efficiency.However,its compound effect is consistent with the interaction effect of debt or equity financing.For ownership heterogeneity,compared with private enterprises,debt financing and equity financing of state-owned enterprises do not restrict their innovation quantity efficiency,but in terms of innovation quality efficiency,state-owned enterprises have the problem of debt governance effect weakening.For industrial technological heterogeneity,there is no significant difference in the impact of debt and equity financing,and the next-generation IT has limitations in promoting the quantitative efficiency of innovation of high-tech enterprises.This study will help expand the academia of financing structure,information technology and innovation issues related to the study of the theory of the depth,and for financial supply side structural reform in our country and the strategy of "Internet +" drive innovation development provides the certain reference and enlightenment.The possible innovation place include the three below aspects of content:(1)In the theoretical analysis part,this dissertation based on the mathematical model of Gong Qiang et al.(2014),Zhang Yilin et al.(2016)about the availability of financing involve next-generation IT into a unified logical framework,and from debt financing and equity financing to the different innovation risk "attitude",systematically constructs the mathematical model of the relationship between the financing structure,the next-generation IT and the innovation ability of enterprises.(2)Considering few literatures are related to the financing structure influence on innovation output quality and efficiency,this dissertation from the innovation input,innovation output and efficiency from three aspects,explores the direct impact of financing structure on the enterprise innovation ability.The financing structure is further subdivided,so different debt maturities,sources of debt and fund ownership are in the detailed discussion,to enrich the study of financing and innovation.(3)For the microcosmic research much utilised one-way indicators such as E-mail,the official website to evaluate the level of information technology,it is difficult to objectively reveals the level completely,and the study of how the macro information technology influences the development of micro enterprise innovation ability also slightly thin.This article through measuring regional level index of next-generation IT explore the influence of development of next-generation IT on the enterprise innovation ability,to expand the research of information technology and innovation.(4)Considering the information asymmetry in the process of the resource allocation of finance is a protruding problem to block optimization,however few studies discussed what role information technology plays through overcoming such the problem between the subjects in the financing and innovation.Therefore,this dissertaion organically combine financing and next-generation IT to explore the composite influence of the two factors on the enterprise innovation ability. |
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