The Empirical Research Of Capital Structure Under The Influence Of Technical Innovation Ability In Innovation Board

Based on the theory analysis of the technology innovation ability, this paper focuses on the relationship between innovation ability and capital structure, and the result reflects that when measured with the quantity of patent application, the stronger the technology innovation ability is, the lower the ratio of debt to asset is, which is significant at the level of5%.So we can see that the listed companies in innovation board are in the dilemma of financing, and the debt investors do not acknowledge the value of technology innovation ability. It may be a result of lack of mortgage of fixed assets, and also the risk which lies in the activities of research and development. When measured with sales of new products, the stronger the technology innovation ability is, the higher the ratio of debt to asset is, which is significant at the level of10%.So we can see only by getting economic benefit from technology, the enterprises can get the debt investment.In practice, firstly the companies themselves should choose the right innovation strategy to enhance the ability of technology innovation to increase the cash flow and receive the debt investment to optimize the capital structure to realize the maximization of enterprise value. Secondly we should develop the channels of financing from government, banking institution, and perfect the service for the listed companies in GEM. We should increase the credit loans of the commercial banks, build the special bank for GEM, perfect the mechanism of intervention and exit of risky capital. Lastly we should build the service system of government, such as financial institution of policy and platform of guarantee for financing GEM.