| Fund raising and fund use are two core contents of financial activities of modern enterprises. It is an issue of concern for corporate financing decision-making to consider how to raise sufficient funds for corporate investment activities, while how to effectively allocate raised funds is a difficult issue for corporate investment decision-making. Therefore, given the background of low investment efficiency of small and medium-sized innovative enterprises in China, it is of practical significance to study the relationship between its financing structure and the investment activities.In this paper, research literature on the relevant investment and financing theories in China and other countries are reviewed. Based on that. the enterprise data of SME Board of Shenzhen Stock Exchange between2007and2010are selected as the sample, from which sci-tech SMEs with innovative features are selected to establish the linear regression model. The analytical methods of multiple linear regression and unitary linear regression are adopted to respectively analyze the influence of the financing structures formed by internal-source financing ratio and debt ratio on the investment activities of innovative enterprises and to analyze the influence of risk investment fund on its investment activities in the stage of growth stage of innovative enterprises. Regression results show that the influence effects of different funds in the financing structure on corporate investment activities are different. That is to say, the increase of debt financing will restrict the investment activities of enterprises, while the increase of internal-source financing will promote the corporate investment activities. The influences of risk financing funds on the investment activities of innovative SMEs are complex; they may promote investment as well as somehow restrict investment activities. However, as a whole, when risk investment funds increase, the investment activities of enterprises increase to a certain degree. Based on the results of positivist research, in this paper, starting with the practical background of scientific innovation of China, such methods as improving SMEs" financing environment, supporting sci-tech business-starting, increasing governmental help and creating a good environment for development of innovative enterprises are proposed to raise the survival rate of innovative enterprises. |
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