| At this stage,the lack of financing and technical innovation is always an important problem restricting the sustained development of Chinese enterprises,which has gradually become the focus of attention of the academic community.Debt financing as the main form of corporate external financing,Chinese enterprises are no exception.Domestic and foreign scholars have introducted the debt maturity in technological innovation for the technological innovation itself has a large amount of investment,long cycle,large uncertainty and other characteristics.Due to the research sample choice differences,Scholars at home and abroad have not reached a unanimous conclusion,formed by term matching theory and agency cost theory support of two competing conclusions.The reason may be the relationship between the two are still affected by the external environment in addition to the company's internal characteristics,especially the institutional environment.Therefore,this paper introduces the external formal institution environment to further explore the relationship between debt maturity and technological innovation capability.Using balance panel data from ZheJiang province listed companies from 2003 to 2014 as research samples,this paper analyzed empirically the relationship of formal institutional environment,debt maturity structure and the enterprise technology innovation ability.The results indicate that the debt maturity structure has significantly positive effects on the enterprise technology innovation ability,and the legal environment,financial environment and government intervention of the formal system environment plays a significant negative role in the relationship between the debt maturity structure and enterprise technological innovation ability.In view of the conclusion of this paper,this paper put forward the relevant policy suggestions combining with the current situation of our country in order to provide reference for the enterprise and the government. |
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