Research On The Impact Of Financing Structure On The Innovation Capability Of Strategic Emerging Enterprises In Shandong Province

With the deep integration of the global economy,competition among regions is becoming increasingly fierce,and innovation capability is a key factor affecting the overall competitiveness of the country.The cultivation and development of strategic emerging enterprises are characterized by high innovation,high risk and high growth,and can quickly adapt to market diversity and individualized needs.It is an important support for building a modern economic system and a major force for improving the region's ability to innovate.The innovative and development of strategic emerging enterprises needs financial support.Due to the characteristics of innovative activities such as long Period,high risks and strong confidentiality,it is difficult for financial intermediaries and investors to accurately evaluate projects.Therefore,the actual constraints of financing channels affect the effective play of enterprise innovation capabilities.In this context,optimizing the financing structure has become a realistic choice for the company's innovation and development.However,whether the financing structure has any correlation with the innovation capability of the enterprise,and which aspects of financing will enhance the innovation capability of the enterprise has become an important issue to be solved urgently.In view of this,based on the availability of data,the listed companies in strategic emerging enterprises in Shandong Province are taken as examples to explore the impact of strategic emerging listed companies'financing structure on their innovation capabilities.Theoretically,internal financing,equity financing,and debt financing can enhance the innovation capabilities of strategic emerging companies through signal transmission,equity incentives,tax shield effects and risk diversification.In practice,it has been found that the rapid development of the "four new,one sea and one high"industry in Shandong Province has a significant supporting effect on economic transformation and upgrading and social development,but there are still problems such as the small overall scale of the industry,the lack of core technologies in some areas,and the lack of high-end products.At present,the equity financing rate of listed companies in strategic emerging industries in Shandong Province is nearly 40%,which is higher than the debt financing rate and the internal financing rate.The average asset-liability ratio is 38%,which has not vet reached the optimal asset-liability ratio.Bond financing is affected by China's imperfect capital market,and only a few companies are financing through the issuance of bonds.Using the entropy-mutation series method to measure the innovation capability of listed companies in strategic emerging industries in Shandong Province.It is found that the innovation capability of companies has steadily increased during 2013-2017,but most of the listed companies'innovation activities are low-input-low-output(L-L)area.Constructing an individual fixed-effects model for empirical analysis,it is found that internal financing,equity financing and debt financing have positive effects on the improvement of enterprise innovation capabilities;After the standardization of variables,the regression analysis shows that the impact strength of internal financing,equity financing and debt financing on the innovation capability of enterprises is 0.28,0.20,0.20,that is,the promotion effect of internal financing is better than debt financing and equity financing.According to the development status of strategic emerging enterprises in Shandong Province,combined with theoretical and empirical research,the following countermeasures are proposed for the improvement of the innovation capability of Shandong strategic emerging enterprises and the optimization of financing structure:Firstly,make full use of internal financing,reduce the cost of innovation,improve the tax incentive mechanism of enterprise innovation activities,improve the utilization rate of internal financing,and improve the innovation cooperation of production,teaching and research.Secondly,we should encourage enterprises to debt financing,increase the source of innovative funds,unobstructed the channel of enterprise's debt issuance,optimize the debt financing structure of enterprises,and promote financial product innovation;Thirdly,improve the equity financing of enterprises and enhance the sustainability of enterprise innovation.Introduce strategic investors,broaden the way of equity financing,deepen the reform of financial system,establish a capital market based on equity financing,strengthen the equity incentive mechanism,and increase the internal governance of enterprises.