Research On The Influence Of Financing Structure And Innovation Input On Enterprise Performance

Driven by technological innovation,the global economy has developed rapidly and has formed different levels of competition.In order to adapt to the global economic development and achieve industrial transformation and upgrading,China has proposed a strategic deployment of scientific and technological innovation.Among them,strategic emerging industries are emerging industries with innovation as the core,and their growth and development market prospects are better.However,China's strategic emerging industries started late,and they are now in the early stage of industrial development,and their innovation activities are long and the demand for funds is large.In order to optimize the financing structure that matches the innovation investment,this paper takes the financial data of China's 150 strategic emerging industry listed companies in 2012-2016 as a sample.Firstly,it discusses the characteristics of the financing structure of listed companies in strategic emerging industries.On this basis,it focuses on the role of innovation investment as a regulatory variable in regulating the financing structure and corporate performance.This paper explores the internal logic of the financing structure that matches the innovation input.And to a certain extent,it provides a theoretical basis and decision-making reference for the development of strategic emerging industry listed companies.The study found that both endogenous financing and external financing are important sources of financing from the perspective of the entire financing system.However,compared with foreign financing,listed companies in strategic emerging industries are more inclined to endogenous financing.From the perspective of external financing systems,listed companies in strategic emerging industries are more inclined to equity financing than debt financing.The financing structure of strategic emerging industries is in the order of internal financing,equity financing,and debt financing.It differs from China's traditional industries and may be determined by industry characteristics,such as innovation.On the basis of further research and analysis,it is found that the innovation input has a restraining effect on the performance of the current enterprise in the regression model of its innovation investment and enterprise performance.Innovative input is used as a regulatory variable,and there are differences in the role of financing structure in corporate performance.The main performance is that the interaction between internal financing and innovation input has a negative correlation with the current performance of the company.In other words,innovation investment has weakened the positive effect of endogenous financing on corporate performance.In order to eliminate the adverse impact of R&D on business performance,companies should control R&D within a certain range,such as less than 0.3179.In this way,when the internal financing is strengthened,it can provide effective support for corporate performance.The interaction between equity financing and innovation input has a positive correlation with the impact of corporate performance.It shows that equity investors pay more attention to the long-term development value of enterprises and tend to be innovative activities of enterprises.However,the interaction between debt financing and innovation input has an unrelated relationship to corporate performance.Although credit investors are generally considered to be risk-averse and unwilling to bear the risk of corporate innovation failure,creditor investment behavior will vary based on the characteristics of innovative,high-risk,and high-yield strategic emerging industries.In response to the empirical results,this paper proposes the following recommendations.First,optimize the financing structure and increase financing channels.This paper finds that compared with endogenous financing,corporate external financing has less effect on corporate performance.Enterprises should rationally optimize the financing structure according to their actual conditions,and at the same time strengthen internal capital accumulation,increase operating income,and attract more external investors.Second,attach importance to the development of scientific research innovation and grasp the law of innovation.From the research in this paper,it is found that innovation investment has a significant impact on business performance.Among them,the company's innovation activities are a long-term,short-term,low-income project,which needs to be transformed into technology,and then technology is transformed into the process of enterprise benefits,so usually there will be a negative effect in the initial stage.China's strategic emerging industries need to be improved in the transformation of innovative technologies.Third,strengthen corporate governance and optimize the financing structure that matches the investment in innovation.The financing structure that matches the innovation input is in an inefficient use state in Chinese strategic emerging industries.It needs to vigorously promote scientific research and innovation,deepen the reform of investment and financing systems,strengthen financial innovation,and stimulate the vitality of enterprise innovation.At the same time,with the national tax system as the requirements and direction,grasp the new tax incentives.In particular,policies related to major industrial projects and research results transformation projects have reduced the pressure on enterprises.At the same time,it is necessary to improve the capital market financing mechanism and establish an innovation fund,and the pilot provides financing support for enterprise innovation.