The Influence Of Financing Structure On Enterprise Innovation Invest

In the report of the 19th National Congress,China's innovation ability was weak,economic growth is slow.And it emphasizes the need to improve innovation and puts forward to accelerate the establishment of an innovative country.Enterprises are the main body of my country's innovation activities.It is of great significance to the research of enterprise innovation.The level of innovation of the company is not strong,and it is largely related to innovation investment.The increase of innovation investment plays an important role in improving the innovation ability of enterprises,and the financing of enterprises directly affects the innovation investment of enterprises.Therefore,it is of great significance to explore how the financing structure affects the innovation investment of enterprises.In addition,the main body of Chinese companies is small and medium-sized companies,but most of the previous research on the relationship between financing structure and innovation investment has focused on the manufacturing field or large and medium-sized listed companies.Therefore,it is very necessary to study the impact of the financing structure of SMEs on innovation investment in my country.At the theoretical level,the article studies the effects of different financing methods on SMEs' innovation investment,and enriches the financing theory of enterprise innovation.On the practical level,on the one hand,it helps SME managers fully understand the effect of financing structure on enterprise innovation in put,which is conducive to optimizing enterprise financing structure and increasing enterprise innovation input.On the other hand,it is also convenient for the relevant departments to rationally design and arrange innovative financing systems and measures for SMEs,and to promote the improvement of my country's innovation capacity and the development of economic level.The article generalizes the related notion and theories of corporate innovation and financing structure,and summarizes the research status of domestic and foreign scholars on the impact of financing structure on corporate innovation input.According to the theoretical analysis,four research hypotheses are proposed,the panel data of Chinese listed companies on the GEM from 2014 to 2017 are selected,and the relevant variable indicators are selected.Establish a regression model in which the financing structure affects corporate innovation and R&D investment.After controlling for variables such as equity concentration and product market competitiveness,perform descriptive statistics,correlation analysis,and use panel data to establish a fixed effect model regression.Compare the different effects of endogenous financing,equity financing and debt financing on R&D investment of GEM listed companies,and discuss the different effects of financing structure on enterprise innovation input for different enterprise sizes and ages.Finally,the interactive items of various financing methods and government subsidies are used to test the role of government subsidies in the impact of financing structure on enterprise innovation input.The empirical results show that:(1)Both endogenous financing and equity financing have a positive promotion effect on corporate innovation and R&D investment,and the positive promotion effect of endogenous financing is more obvious than equity financing,while debt financing has an effect on enterprise innovat ion input.(2)Facing different ages and scales of enterprises,the impact of financing structure on innovation and R&D investment of GEM listed companies varies.The regression results of relatively small enterprises are consistent with the full sample regression results.The impact of large-scale enterprises' endogenous financing and debt financing is consistent with the full sample regression results,but equity financing has a negative impact on the company's innovation R&D in vestment,and the larger-scale enterprise's internal financing has a positive impact on the innovation input The effect is more obvious.For GEM companies of different company ages,the research results of younger companies and more mature companies are consistent with the study of full sample data,and the positive effeet of more mature companies' endogenous financing on innovation investment is more obvious.(3)The interactive items of endogenous financing,equity financing,debt financing and government subsidies all play a significant role in promoting the innovative R&D investment of GEM listed companies.In response to the above conclusions,this article makes the following suggestions:(1)Improve the company's own profitability and ensure the stable growth of internal funds.(2)Improve the capital market based on equity financing and build a multi-level equity financing chain.(3)Innovate financial instruments and strengthen innovative financing information disclosure mechanism.(4)Increase government support and improve the efficiency of the use of financial subsidies.