An Empirical Research On Financial Structure,Innovation Input And Corporate Performance

In 2009,chinext was officially listed in shenzhen,which implements the combination of capital with innovative and growth companies,provides a very good financing and development platform for these small and medium-sized enterprises with high risk high return characteristics.Through this financing channel,the enterprise absorbed a large amount of funds,use to get financial to support business activities,especially those activities which were difficult before.GEM enterprise tend to sustain their own survival and development through innovation,and the problem of capital demand in innovation activities is becoming more and more prominent.How to choose reasonable financing means and capital structure on the basis of maintaining the development of the enterprise,and seeking continuous and stable innovation fund is of great importance to the listed companies of gem.In view of these reasons,the paper explores the impact of capital structure and innovation input on enterprise performance of gem enterprises,and the influence of innovation input on capital structure,the adjustment function of capital structure in the relationship between innovation investment and enterprise performance are further discussed.Firstly,this paper combs the relevant literature on capital structure,innovation investment and performance of GEM enterprise,summarize the current research status at home and abroad,briefly introduce the related theories,and then,analyze the relationship between this three and put forward the research hypothesis base on the balance theory,signal transfer theory and innovation theory.First,explore the influence of capital structure,innovation input to enterprise performance,then,explore the impact of innovation investment on capital structure.Finally,explore whether the capital structure has a moderating effect on the relationship between innovation input and enterprise performance.The results show that,firstly,the asset-liability ratio has a negative correlation to corporate performance,namely,the capital structure has an negative influence on corporate performance.In terms of innovation input,innovation input has a positive impact on enterprise performance,and,enhance innovation activities can significantly improve enterprise performance.Secondly,the innovation input is negatively correlated with the capital structure,and the enterprise with large innovation input is not suitable for financing through debt.Thirdly,the capital structure plays a positive regulating role in the relationship between innovation input and enterprise performance,and the rational allocation of capital structure can effectively promote the improvement of innovation input to corporate performance.The findings above can be used as an important basis for management decision-making or management.Firstly,from the inside of the enterprise,the GEM enterprise should improve the innovation consciousness,attaching importance to and strengthen the innovation input,to configure the resources of enterprise more effectively.The enterprise should pay attention to the optimization of capital structure adjustment,continue to strengthen the innovation power and stability.Secondly,from the external level of the enterprise,on the one hand,it is necessary to strengthen the support for the research and development activities of the enterprise,so as to enhance the enthusiasm of the enterprise to carry out R&D activities.On the other hand,it can help to alleviate the financing problems of gem enterprises by broadening the bond market,reducing the quasi-bank conditions of issuing bonds and increasing the types of bonds.The possible innovation of this article is,In theory,this paper draw lessons from past research results,combined with the actual situation and characteristics of gem companies in China,mainly studies the relationship between the capital structure,innovation investment and performance of regulation,rather than simply the study of the direct relationship between the two;In practice,the paper based on the reality of our country,with the gem companies in China as the object,to help the group which is still in its infancy starting from their own actual situation,grasp the general rules in capital structure,innovation input and the enterprise performance to optimize capital structure and implement innovation strategy more effective,and promote its their core competitiveness continuously.