Analysis On The Relationship Between Financing Structure And Financial Performance Of Listed Companies In High-end Equipment Manufacturing

China is a big manufacturing country,high-end equipment manufacturing industry is an important part of manufacturing industry,but also an important engine to promote the transformation and upgrading of China industrial industry.As the main force of manufacturing industry,high-end equipment manufacturing listed companies are still facing many problems,such as financing difficulty,single channel and high financing cost and so on,while accelerating the development and optimizing the industrial structure in an all-round way.In addition,compared with the world manufacturing countries,China manufacturing industry has the characteristics of large scale and weak competitiveness,especially in the aspects of independent innovation ability,quality and efficiency,information level,industrial structure level and so on.Based on this,in order to optimize the financing structure matching R&D investment and improve the ability of technological innovation at the same time,it is very important to study the relationship between its financing structure,R&D investment and operating performance.This paper takes 129 high-end equipment manufacturing listed companies in China from 2014 to 2018 as the research sample,and analyzes the development status of high-end equipment manufacturing listed companies based on the relevant research and theory of domestic and foreign scholars,puts forward the research hypothesis and constructs the corresponding research model,and uses SPSS23.0 and Eviews10.0 statistical software to carry out multiple regression analysis,the research obtains:(1)The internal financing,government financing are positively correlated with operating performance,while debt financing,equity financing and operating performance are negatively correlated.(2)Equity financing and government financing are positively correlated with R&D investment,while endogenous financing and debt financing are negatively correlated with R&D investment.(3)The strength of R&D investment has a positive effect on business performance,the greater the intensity of R&D investment,the better the business performance;(4)R&D investment plays a partial intermediary role in financing structure and operating performance,and the intermediary effect of R&D investment on financing structure and operating performance will be more significant in the lag period.Finally,according to the research conclusions,this paper puts forward some relevant policy suggestions from two aspects:perfecting the financing strategy and promoting scientific and technological innovation,which can provide some reference for improving the financing level,innovation ability and operating performance of listed companies in high-end equipment manufacturing in China.