Research On The Effect Of Listed Company Financial Structure On Technology Innovation

Innovation is the soul of a nation and an inexhaustible source of a country's prosperity. In today's competition, in the final analysis, it is the competition of knowledge and technology strength in overall national strength. And the main point lies in the innovation of technology development.However, the technology progress depends not only on human capital but also on financial support. Since the concept of technology innovation raised by Peter, research on technology innovation emerged. Many of the existing researches focus on the macro level, emphasizing the financial system and technical innovation, while researches centralize the promoting effect of financing structure on technology innovation on microcosmic.In China, since the reform and opening up,30 years of economic development has achieved remarkable results. However when we look back, it is not hard to find the economic growth develop with high investment, high output and low consumption. But as a developing country with limited resources and a large population, we cannot blindly pursuing the high cost of development. Under the conditions of market economy, it is difficult for the traditional expansion to support business development.And only effective technological innovation can lead to the road of success. Therefore, the government put forward the development strategy of the innovation-type national construction, enhancing enterprises'independent innovation ability, speeding up the industry upgrad pace, and finally realizing the transformation of economic growth mode. In this context, research on the impact of financing structure on the technology progress, can improve enterprise's financing environment for technological innovation and better economic development and service,.It will have important practical significance.The main contents of this paper are as follows:First, we review the theory and empirical research of financial structure promotes technique innovation, illuminate the necessary of the research and introduce the frame.Second, we analyze the promotion mechanism, mode of technology innovation and financial structure. Third, we describe the state of Zhejiang manufacturing listed companies and technology. Then, we build a panel data model based on Multivariate Driving Theory of technology innovation. By model building and regression test, it is seen that financial structure can promote technology innovation in some aspect, and the efficiency of the promotion increased. Conclusions as that:Bank credit financing has significant positive effects to technology innovation, while the internal financing and government financial support have not. In addition, from this paper, the it is suitable to fund by bond for enterprise technological innovation. This is different from other scholars' research.Finally, this paper put forward some suggestions on the development of financial system.