Research On Enterprise Financing Structure,Innovation Input And Enterprise Performance

With the establishment and improvement of the multi-level capital market system in China,how the financing structure affects the performance of listed companies has become a core topic of in the field of corporate governance.The financing structure of enterprises is not only directly related to the use cost of financial resources,but also causes the change of corporate governance structure,which has an impact on performance.At the same time,the financing structure of enterprises will directly affect the level of independent innovation of enterprises.Insufficient financial resources of enterprises may lead to the lack of motivation to engage in scientific research and innovation activities,resulting in the lack of overall innovation capability of enterprises,and thus negative impact on enterprise performance.On the basis of previous studies,this study takes 339 GEM listed companies in China from 2012 to 2017 as the research object,uses regression analysis to empirically examine the direct effect of financing structure of GEM listed companies on enterprise performance formation,and uses intermediary effect analysis model to examine the financing structure of GEM listed companies on the basis of enterprise innovation investment on enterprise performance form.The conclusions of this study are as follows:(1)The financing structure of GEM listed companies is the core factor affecting corporate performance.Among them,the scale of internal financing,the proportion of long-term borrowing and the concentration of equity of enterprises listed on the GEM promote the performance of enterprises;the scale of debt financing、equity financing and the proportion of short-term borrowing of enterprises listed on the GEM inhibit the performance of enterprises.(2)Innovation investment is the intermediary mechanism that the financing structure of GEM listed enterprises affects the performance of enterprises.Specifically,first of all,the financing structure of GEM listed companies will significantly affect the innovation investment of enterprises,and the expansion of the internal financing scale of GEM listed companies will enhance the innovation investment;the increase of debt financing scale,equity financing scale,long-term loan proportion,short-term loan proportion and equity concentration of GEM listed companies will inhibit the innovation investment.Then,the innovation investment of GEM listed companies can effectivelyimprove the performance of enterprises.The contributions of this paper are as follows:(1)Based on the heterogeneity of enterprise nature and industry,the analysis of the financing structure,innovation investment and the logical relationship between enterprise performance of GEM listed companies can enrich the relevant domestic research to a certain extent.(2)This paper divides the financing structure of enterprises into three categories: internal financing,debt financing and equity financing according to financing channels,and divides debt financing into long-term borrowing proportion and short-term borrowing proportion according to the heterogeneity of debt maturity.According to the concentration of equity,this paper analyses the internal structure of equity financing,and examines the relationship between the financing structure of GEM listed companies and their performance in more detail.