A Study On The Impact Of Financing Structure On The Efficiency Of Technological Innovation Of SMEs

Innovation is the soul of progress,and actively carry out innovation contributes to their own development,but also to promote social progress,in the fierce market competition,innovation allows enterprises to obtain long-term competitive strength,digging out new profit growth,innovative activities is the key to business development decisions.SMEs are active ingredients in the market economy,and also active in innovation activities.In recent years,more than half patents and proprietary technology in China,even said that the vast majority are from small and medium enterprises,SMEs have great potential for future development.But innovation as a major strategic decisions,to the huge human,material and financial investment,small and medium-sized enterprises do not have good resources that large enterprises have,in the process of innovation is facing many shackles,which is the biggest problem of financing,and if we can reasonably adjust the financing structure,ease financing difficulties,will greatly promote the level of innovation in China.Therefore,in the current context,the study of the financing structure of SMEs and the promotion of technological innovation efficiency,can be targeted to put forward reform proposals,has great practical significance.In this paper,the GEM listed companies as the research object,the GEM listed companies are mostly small and medium enterprises of science and technology,with strong innovation strength,and can also be financed through capital market,financing is more comprehensive,so use it as a sample comprehensive survey of the technological innovation efficiency of SMEs,and then analyzes the effect on innovation efficiency of different financing structure.Innovation is a process of input and output.According to the nature and characteristics of the input and output,this paper divides the technological innovation into two stages,namely,the stage of research and development and the stage of value realization,using DEA analysis method measuring has venture board enterprise technology innovation efficiency,then discussion has Enterprise capital structure on innovation efficiency of effect,Generally speaking,the internal financing and external financing are actively promoting the efficiency of technological innovation,external financing equity financing,debt financing is complementary to each other,and jointly support the gem enterprise technology innovation.Due to the characteristics of different stages of technological innovation,the optimal financing mode of the different stages of innovation are different,by dividing the stage of study,different roles can clearly grasp the financing to play in each stage in the process,encourage the gem enterprises to adopt more efficient way of financing in different stages of the technological innovation.In addition,the forms of innovation are complex and diverse,and there are great differences between different industries in the form of innovation and innovation,Therefore,this section continues to refine the type of industry,to explore the impact of the financial structure of the industry on innovation efficiency differences.The empirical analysis shows that the capital structure of manufacturing,software and information service industry in the GEM companies has different characteristics,and the effect of the different stages of the technological innovation is not the same,Therefore,the differential adjustment of capital structure can more effectively promote the gem enterprises to carry out technological innovation,improve market competitiveness.The whole study is carried out in accordance with the theoretical analysis,the current situation description,empirical analysis,the logical thinking of the conclusions and recommendations,and a further analysis of the financing structure and the status quo of technological innovation of the gem enterprises,and further study the relationship between them.Finally,according to the empirical results,the This paper puts forward some suggestions on how to improve the technological innovation ability of gem enterprises from six aspects,and comprehensively improve the gem enterprise technology innovation ability,truly improve enterprise efficiency.