Research On The Influence Of Technical Innovation Ability Of Scuence And Technology Smes On Financing Structure

In today's society,science and technology are leading the development of the times,Technological SMEs are becoming effective carriers for accelerating the transformation of scientific and technological achievements and becoming an important supporting force for the growth of the economy because of their flexible decision-making mechanisms,low management costs,and more innovative efficiency.In recent years,Technological SMEs have experienced rapid growth both in quantity and quality.However,in fact,the survival rate of technological SMEs is still low,and one of the main reasons for the situation is the financing issue and the resulting financing structure.Therefore,it is necessary to study the financing of SMEs.The paper examines the impact of technological innovation capabilities on the financing structure,and considers the financing structure is made by the managers taking into account the actual situation within the company.One option,which in turn introduces manager risk appetite as a moderating variable,and based on the special status of technological innovation capability in technological SMEs which technological SMEs often use technological innovation capabilities as the company's core competitiveness which bring enterprises excess profits that exceed the industry average,increase the profitability of the company,and thus increase the company's retained earnings.Based on he preferential financing theory,the profitability plays an intermediary role between technological innovation capability and the financing structure,so establishing a relationship model between the technological innovation capability,manager risk appetite,profitability,and financing structure.Using the data of the GEM listed companies for 2014-2016 to conduct empirical research,the conclusions are drawn:(1)technological innovation has negative impact the financing structure measured by the equity ratio,that is,the stronger the ability of technological innovation Enterprises tend to have a lower level of debt;(2)Profitability plays an intermediary role between technological innovation capability and financing structure,and the effects are similar;(3)Manager risk appetite measures the four technological innovation capabilities The regulatory role of indicators and financing structures has been partially confirmed.Finally,according to the result the suggestions for optimizing the corporate financing structure are proposed.The research conclusions of this paper theoretically deepen the understanding of the relationship between technological innovation ability and financing structure of SMEs,and at the same time,it is of great significance for scientific and technological SMEs to choose the appropriate financing structure based on their own characteristics.