The Influence Of Financing Structure On Technological Innovation Of Enterprises

Technological innovation is the core foundation of enterprise development,and it can provide continuous dynamic support for the sustainable development of enterprises.There are generally two channels for a company to acquire a new technology.One channel is through technology introduction.However,a large number of technology import will make enterprises excessively rely on external technology.The other channel is to establish the enterprise's own research and development system and carry out independent research and development,so that enterprises can truly master the core of technology and form core competitiveness.Independent research and development for enterprises is one of the most ideal way to acquire new technology,however,the high risk and high investment of technology innovation for many enterprise when carries on the independent research and development will meet shortage of funds,the enterprise needs to obtain funds through financing support.If enterprise financing behavior is restrained will restricts the development of enterprise technology innovation ability,and the most direct factors that influence a enterprise financing behavior is the enterprise's financing structure,financing structure reflects the enterprise in raising money,through the different financing channels to raise funds by the composition and proportion relationship between reflects the enterprise's financing level and by restricting factors.This paper is A research object of 111 electronic information industry listed companies in Shanghai and shenzhen between 2012 and 2016.Papers on the definition of financing structure and technological innovation is defined,this paper expounds the related to the financing structure and technological innovation theory,summarizes the way the influence of financing structure of enterprise technology innovation,and using the panel data model to empirically enterprise financing structure on the impact of technology innovation,puts forward countermeasures and Suggestions on technical innovation for the enterprise to optimize the financing structure to reduce the cost of financing and pointed out the direction of improving the efficiency of innovation.Paper think different financing structure of enterprise technology innovation is different,the influence of equity financing in the financing structure of a significantnegative correlation with the enterprise technology,the higher the equity financing rate,the bigger the inhibitory effect of technology innovation of the enterprise;Financing structure of the creditor's rights financing and bank credit financing and trade credit financing,bank credit financing and enterprise technology innovation is significantly related to the commercial credit financing and enterprise technology innovation and the significant negative correlation,and relative to the commercial credit financing,bank credit financing more influence to the enterprise technology innovation.Therefore,reduce the level of equity financing in the financing structure is proposed in this paper,at the same time,improve the level of bank credit financing and debt financing in appropriate reduce the level of trade credit financing,Suggestions to optimize the financing structure.