| According to the theory of technological innovation,technological innovation by small and medium-sized enterprises can effectively improve corporate performance,but the differences in matching financing structures of different enterprises may affect enterprise innovation.Most of the existing literature focuses on the relationship between financing structure,technological innovation investment and corporate performance.Compared with large enterprises,SMEs need more funds as their innovative support for development.Choosing the appropriate financing structure can bring stable financial support to enterprises,enhance the advantages of differentiation,and ultimately achieve considerable benefits.Therefore,the financing structure is correct.The adjustment of technological innovation investment and corporate performance is worthy of a more in-depth analysis.This thesis takes the 2014-2017 GEM manufacturing enterprises as the object,combines domestic and foreign research,and combs and analyzes the financing structure,technological innovation investment and enterprise performance related theories,and on this basis,proposes financing structure and technological innovation investment.Research hypothesis on the relationship between business performance and the establishment of a multivariate regression model,based on relevant literature research,measuring the financing structure(asset ratio,bank loan financing rate,commercial credit financing rate,equity financing rate,internal financing rate),and then The factor analysis method is used to comprehensively evaluate the enterprise performance and technology innovation investment.The stratified regression analysis method and the group regression analysis method are used to verify the adjustment effect of the financing structure on the relationship between technological innovation investment and enterprise performance.The results show that:(1)corporate performance is significantly positively correlated with equity financing rate and internal financing rate,but significantly negatively correlated with asset-liability ratio and bank loan financing rate.(2)Technological innovation The input is significantly negatively correlated with the asset-liability ratio and the bank loan financing rate,and is significantly positively correlated with corporate performance and equity financing rate.(3)Asset-liability ratio and bank loan financing rate have a negative adjustment effect on technological innovation investment and enterprise performance.The internal financing rate plays a positive role in regulating technological innovation investment and enterprise performance.If enterprises want long-term development,they should choose a reasonable financing structure,minimize the proportion of debt financing,and increase the intensity of internal financing,and strive to minimize the financing cost,increase investment in technological innovation,and improve corporate performance as the final result. |
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