The Influence Of Managerial Power And Debt Structure On The Corporate Technological Innovation Investment

In recent years,due to the implementation of innovation-driven development strategies in our country,technological innovation has become a hot topic in academia.Enterprises undertake most of the task of technological innovation.Technological innovation will affect the future development of the company.Scholars are trying to find out all the factors that affect the level of technological innovation.Due to the improvement and perfection of the modern enterprise management system,The actual ownership and the right of management of the company have been gradually separated.So in the process of running a business,The senior manager is the real business controller of the company.At present,There are many studies on the influence of board size on technological innovation,the influence of management's tenure on technological innovation,the influence of management holdings on technological innovation,and the influence of Shareholding concentration on technological innovation.But these indicators can be reflected in the size of managerial power.However,there are not many studies on the impact of managerial power on technological innovation.At the same time,considering that enterprises need plenty of capital input to guide their innovation,the debt structure of the enterprise affects the level of investment in technology innovation.so the third variable was introduced.By reading the literature and carrying out theoretical analysis,this paper proposes theoretical hypotheses.In this paper,2014-2016 years of manufacturing listed companies are selected as research samples.Based on the basis of literature and theory,Several regression models were built.The six dimensions of managerial power were reduced to dimension,then a comprehensive index of managerial power was obtained.Finally,according to these multiple regression models,the relationship between managerial power and technological innovation investment,the relationship between debt structure and technological innovation investment,and the the moderation effect of debt structure between managerial power and technological innovation investment were explored.The empirical results show that:(1)Management power has a positive impact on technological innovation investment.(2)The overall structure of debt has a negative impact on the technological innovation investment.(3)The debt maturity structure has a negative impact on the technological innovation investment.(4)The bank loan ratio is negatively related to technological innovation investment and Commercial credit debt ratio is positively related to technological innovation investment.(5)The overall structure of debt has a significant negative regulation for the positive correlation between managerial power and technological innovation investment.(6)The debt maturity structure has a significant negative regulation for the positive correlation between managerial power and technological innovation investment.(7)The debt source structure has a significant negative regulation for the positive correlation between managerial power and technological innovation investment.According to the results of the study,Some suggestions are as follows:(1)Giving greater organizational authority to the general manager;setting up the size of the board properly;rewarding management with stock right;Preventing the appearance of the only big shareholder;avoiding the resignation of the management;hiring managers with higher education;training management of enterprises themselves.(2)The owner of an enterprise should increase its investment;The debtor of an enterprise should become a business owner with debt to equity swap;Enterprises should reduce the ratio of short term liabilities;Enterprises should strengthen cooperation with banks to get more longterm financial support;The government should encourage banks to lend by subsidizing banks;Enterprises should choose suppliers who can offer credit and purchasers who can collect money in advance;Enterprises should establish good trust relationship with suppliers.