| As a large and energetic economic group,small and medium-sized enterprises play an important role in promoting economic innovation and development,expanding social employment and injecting a long-term impetus for the development of economy.However,accompanied by high growth rate,there is also a high mortality and elimination rate.As an important strategic index of enterprises,sustainable development rate is the key to the survival and development of small and medium-sized enterprises.Guided by sustainable growth,small and medium-sized enterprises can make reasonable plans for their long-term development.R&D innovation can help enterprises improve their resource allocation capabilities,optimize production efficiency,and form a unique core competitiveness.However,the contradiction between the rapid development of small and medium-sized enterprises and the harsh financing environment is very fierce.Under the background of innovation-driven development,the company's innovative financing requirements have intensified the financing difficulty of the company.In the direction of sustainable development of enterprises,seeking financing structures that are compatible with the actual situation of the company and providing solid financial support for innovation are urgently needed to be solved.Based on the related financing theory and endogenous growth theory,this article explores the relationship among financing structure,R&D investment and corporate sustainable growth.After summarizing the research status at home and abroad,the research hypothesis are proposed and a panel data model are constructed.Secondly,the descriptive statistics method is used to analyze the financing structure,R&D investment and sustainable growth of small and medium-sized enterprises in China.Finally,empirical analysis shows that:(1)Debt financing is negatively correlated with sustainable growth of enterprises;equity financing is positively correlated with sustainable growth of enterprises;endogenous financing is positively correlated with sustainable growth of enterprises.(2)Debt financing is negatively correlated with R&D investment;equity financing is positively correlated with R&D investment;internal financing is positively correlated with R&D investment.(3)R&D investment has a positive impact on the sustainability of the company,and it has a certain lag.(4)The financing structure will indirectly affect the sustainable growth of the company through R&D investment.Based on the above conclusions,this paper puts forward the following suggestions:(1)Increase the optimization and adjustment of the financing structure of SMEs and ensure the continuous and stable development of innovation funds.(2)Accelerate the reform of the debt financing market,especially reduce the SMEs' innovative financing constraints.(3)Deepen the improvement of equity financing market and improve the efficiency of the enterprise's innovative financing.(4)Strengthen measures to encourage SMEs' innovation and accelerate the process of R&D valuation. |
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