The Influence Of Marketization On Enterprise Innovation

In recent decades,the rapid economic development of our country has created the world's remarkable "miracle of growth".However,after a period of rapid development,the contradictions and risks of our economy,accumulated in the long run,are further highlighted:the imbalance of economic structure,overcapacity,weak economic growth and increasingly severe environmental pollution.How to transform the way of economic development,how to realize the smooth transformation of new and old energy and how to avoid falling into the Middle-Income Trap have become the practical problems facing the economic development of China.In general,the main problem of our economy is the inconsistency between the driving force of economic growth and the requirements of high quality economic development.Its outstanding performance at the enterprise level is insufficient innovation power and inefficient innovation system.According to the theory of innovation economics,enterprises' innovation activities are significantly affected by the environmental factors of enterprises.Just now,China is in a new stage of deepening market reform,in which the decisive role of market in resource allocation is increasingly prominent.On the one hand,financial easing is a prerequisite for enterprises to carry out innovative activities,and the debt maturity structure is an important part of corporate financial management,to a certain extent,reflecting the level of corporate financial management and financial easing.On the other hand,the debt maturity structure is deeply influenced by marketization factors such as the development of financial system,the strength of market in resource allocation,the level of intellectual property protection and so on.Therefore,this paper discusses the influence of the degree of marketization on the enterprise innovation from the perspective of debt maturity structure.This paper uses large sample OLS regression method and the samples of listed companies in China A shares from 2010 to 2015,empirically analyzing whether the debt maturity structure plays the role of intermediary variable in the influence of marketization on enterprise innovation ability.A preliminary approach to the impact of marketization on enterprise innovation is preliminarily explored.At the same time,because of the difference of marketization and the gap of economic development between China's eastern regions and western regions,this paper empirically analyzes,in different marketization areas,that whether there are different ways of the impact of marketization on enterprise innovation ability.The study found that the debt maturity structure plays an intermediary role in the process of marketization promoting enterprise innovation,and the mediating effect to the total effect ratio is 12.90%,which means 12.90%of the influence is achieved through the choice of corporate debt structure.At the same time,in the further empirical research,we found that the promoting effect of marketization on enterprise innovation is mainly to improve the efficiency of enterprise innovation in the eastern region,which has a high degree of marketization and economic development.However,the promoting effect is mainly to increase the investment of enterprise innovation in the central and western regions where the market is relatively weak and the economic development is relatively low.Based on the above theoretical analysis and empirical results,the following suggestions are put forward.Firstly,from the perspective of debt maturity structure,the innovators,under the premise of following the "moderate principle",should make reasonable use of the intermediary role of debt maturity structure,and promote the improvement of enterprise's innovation ability by adjusting the debt maturity structure.Secondly,from the point of marketization and economic development,the government should give appropriate support to the enterprise innovation activities in the light of local conditions.For the eastern region,the government attaches importance to supporting aspects such as talent introduction,which helps to improve efficiency of enterprise innovation,while For the central and western regions,the government pays more attention to innovation investment,such as innovation funding.Thirdly,from the perspective of market-oriented reform,the government should further release the role of market players,improve the financial development system,improve the institutional environment,strengthen the protection of intellectual property rights,and strive to build a free,safe,efficient and fair highly market-oriented economic environment.