An Empirical Analysis Of The Impact Of Financing Structure On Chinese Manufacturing Enterprise Innovation Capability

Innovation has become the core of enterprise development,is the key to the healthy development of the enterprises to enhance market competitiveness and sustainability.At the same time,innovation is the guarantee of corporate response to innovative national construction and is the guarantee of their transformation and upgrading.But the uneven development of China's manufacturing industry's innovation ability and the present situation of the whole innovation ability is not high,has always been the main problems affecting the development of manufacturing industry listed companies.Enterprise innovation activities,need to the corresponding personnel support and investment.However,the influence of different source of capital to the enterprise innovation ability level is the same? If not,enterprises should be able to choose the best financing way to enhance the innovative capability according to their own situation,which is of great strategic significance to improve the overall innovation capability of manufacturing.China's economy has entered a period of new normal,the slowdown in economic growth,making difficult structural adjustments,and absorbing the effects of previous economic stimulus policies.Therefore,it is of great practical significance to study the influence of financing structure on enterprise innovation ability.This paper first reviews the theoretical basis of the impact of financing structure on the innovation ability of enterprises,constructs the variables index of enterprise innovation ability according to the existing research results,and measures the innovation ability of enterprises through factor analysis.According to the different factors of enterprises,the paper can divide the manufacturing industry into the premise of technology-intensive enterprises,labor-intensive enterprises and capital-intensive enterprises.The paper studies the impact of corporate financing on the innovation ability of manufacturing full sample and three types of enterprises,in order to obtain a more targeted study of the results for the enterprise and make effective advice.The regression results using the fixed effect model showed that: For the whole sample of manufacturing,internal financing,equity financing and government subsidies have a positive effect on the enterprise's innovation ability.Among them,the impact of government subsidies is most significant;Debt financing has a significant inhibitory effect on the innovation ability of enterprises.Technology-intensive enterprises,the influence of financing structure on innovation ability is similar to that of manufacturing whole sample and but the influence of internal financing is relatively large.Labor-intensive enterprises,internal financing and equity financing have a positive effect on the innovation ability of enterprises and debt financing and government subsidies have an inhibitory effect on their innovation ability.Capital-intensive enterprises,the impact of financing on the ability of enterprise innovation is relatively weak,debt financing has a negative impact on the ability of innovation.