The Influence Of The Financing Structure Of Military Enterprises On Technological Innovation

The development of military enterprises is related to China's national defense construction and national security,and military industrial enterprises are also an indispensable part of our country's economic construction,which is the guarantee and support of our national defense security.The core of the development of military enterprises is technological innovation.The level of technological innovation is not only related to their own development,but also the guarantee for the renewal of our military and military weapons.If the technological innovation of military enterprises fails to keep pace with the development of society,it will not only bring great losses to enterprises,but also pose unpredictable risks to the country.And the development of technological innovation depends on the financial support of the enterprises.Therefore,it is of great practical significance to study the relationship between the financing structure and technological innovation of military industry enterprises for the development of military enterprises and the security and stability of the country.First of all,the article combed and analyzed the influence mechanism of enterprise financing structure on technology innovation,and analyzed the current situation of financing structure and technological innovation of military industry enterprises in China.Secondly,the article selected the data of the listed military enterprises and the listed companies of the manufacturing industry for 2010-2016 years as the sample,and studied the influence of the financing structure of the military industrial enterprises on the technological innovation,and explored the differences between them and the listed companies in the manufacturing industry.In addition,government subsidy,as a special source of funds for enterprises,has a certain influence on the technological innovation of the enterprise.Therefore,this paper also takes it as an explanatory variable and introduces the product interaction of government subsidies and various financing structures to explore the adjustment of government subsidies.The empirical results show that:(1)from the perspective of internal and external financing structure,the relationship between internal source financing and technological innovation is not significant,and the equity financing in foreign financing has a significant role in promoting technological innovation.Both internal and external financing of the manufacturing enterprises in the control group have a significant role in promoting technological innovation,but compared with foreign financing,endogenous financing has a stronger role in promoting technological innovation.(2)from the view of the structure of equity debt financing,there is a significant positive correlation between equity financing and technological innovation in military industrial enterprises,while the relationship between long-term debt financing and technological innovation is not significant.The equity financing and long-term debt financing of the control group have a significant positive correlation with the technological innovation,but compared to the equity financing,the long-term debt financing has a greater impact on the technological innovation.(3)from the point of government subsidy,on the one hand,the government subsidy has a direct effect on the technological innovation of military enterprises;on the other hand,the government subsidy has a "extrusion" effect on the relationship between the internal and external source financing and the technological innovation of the military enterprises.Compared with manufacturing enterprises,first,the direct promotion of government subsidies to technological innovation is greater than that of manufacturing enterprises;second,the "extrusion" regulation effect of government subsidies on the relationship between internal source financing and technological innovation of military enterprises is larger than that of manufacturing enterprises;and third,the government subsidies to the long-term debt of manufacturing enterprises.The relationship between capital and technological innovation has no moderating effect.Finally,based on the results of theoretical analysis and empirical analysis,the article puts forward policy proposals for the development of military enterprises from the aspects of standardizing corporate governance,reducing ownership concentration,developing capital market,promoting diversification of financing tools,changing the subsidy policy and promoting the active innovation of enterprises.