The Research Of The Influence Capital Structure Make On The Technology Innovation Base On Degree Of Marketization

Science and technical innovation ability is the important reflection of comprehensive strength of countries and regions,is the motive power that activating social economy and the most important factor that keeping competitive advantage of enterprise.Only following the progress of science and technology trends all the time,improving the independent innovation consciousness and ability of the enterprise constantly,will we always remain invincible in the rapidly changing competitive market,keep the pioneering advantages and market share of enterprise.The scientific technical innovation decision and strategic planning depend on the core decision-makers and economic foundation in company,reasonable equity structure and debt structure can provide powerful human resources support and financial support for enterprise.At the same time,the equity structure and debt structure also make positive or negative role in decision making and planning of technology research and development investment in the process of production and operation.This paper made an empirical study on the relationship between capital structure and technological innovation,and respectively investigates the regulation efect that the factors marketization degree make on the relationship between enterprise capital structure and technology innovation.Firstly,this paper tease and generalize the research results and documentations about capital structure,technical innovation and marketization degree at home and abroad,summarizes the conclusions of the correlation between all kinds of variables to capital structure and the technological innovation.Then this paper expound and analyze the theoretical basis and related notion of the research topic,based on analyzing the modern new capital structure,market structure theory and system innovation theory,studying the influencing mechanism and action mechanism of capital structure make to technical innovation in listed companies of our country nowadays,laying the foundation for the later empirical analysis.Subsequently,this paper put forward the research hypothesis according to the theoretical analysis above,empirical tests the relationship between the capital structure and technology innovation of Shanghai and shenzhen A shares listed companies in our country from 2012 to 2015 after selecting sample data and designing the variables and model.The research results show that appropriate concentration of equity has a positive significance to improve r&d investment and consciousness of independent research and development;checks and balances function from multiple large shareholders restrict and supervise the behavior of the predominant shareholders,promoting the improvement of technology innovation investment and output efficiency;control or reduce the proportion of state-owned shares of enterprises have a positive effect to the advance of technology research and development activities;Legal person share proportion has positive influence on technology innovation,but that is not significantly;Given proper equity incentive to executives is helpful to promote the independent innovation capability and core competitiveness of enterprise;Exorbitant asset-liability ratio causes an adverse impact on technology innovation;In the region of high degree marketization,there is no significant correlation between the technology innovation and ownership concentration,executives shareholding is proportional with technological innovation;In the region of low marketization degree,as the equity become concentrating,r&d input or output will be effectively increased in the enterprise,but it will affect the advance of technology innovation project when the equity concentration reaches a certain line,the relation between them is inverted U shape;the incentive effect to echnology innovation from executives shareholding is very weak.This article analysis the influence capital structure at all levels make on technology innovation,through analysis the correlation between capital structure and technological innovation,using the method of quantitative analysis to obtain evidence of direct experience,analyzing the capital structure of listed companies in our country from the degree of equity distribution,equity property and equity term.So as to adjust the capital structure and provide effective suggestions to promote the progress of technological innovation,provide possible reference about establishing wider market and long-term and stable development of the enterprise.