Research On Relationship Between Capital Structure And Technology Innovation Performance Of High-tech Listed Companies

Under the background of international competition of the twenty-first century, technology innovation is becoming the cornerstone of business survive, the power of industry development, the mainstay of the national economy prosperity, the position of technology innovation performance is increasingly prominent in measuring enterprises’ technology innovation capability, and also an important comparison criterion of the level of industry competition, which have an important role in promoting the high-tech business performance.Based on summarizing the domestic and abroad research results and describing the relevant theories of capital structure and technology innovation performance. This paper token listed companies of electronic information technology and biomedical technology as the study subject and totally chosen 475 samples as study samples, then designed variables and proposed hypotheses for researching the relation of high-tech listed company’s capital structure and technology innovation performance with partial correlation analysis, regression analysis, quantile regression. The final aim is to come up to policy recommendations for optimizing the capital structure and improving technology innovation performance.The result of this study show that the overall debt level, equity balances negatively correlated with the technology innovation performance;The ratio of short-term debt and technology innovation performance turned from positive that was at the left of 0.5 quantile points to negative and the degree of impact increases; R&D input had an mesomeric impact on debt structure and technology innovation performance; Partial correlation analysis show it was positive between executive shareholding and technology innovation performance, however, regression analysis show weak correlation; correlation between state-owned shareholding, corporate shares, ownership concentration and technology innovation performance were not significant.