Research On The Impact Of Financing Cost On Innovation Performance Of High-tech Enterprises From The Perspective Of Growth

Innovation is the core of the development of high-tech enterprises.However,in the innovation activities,the funds of enterprises are occupied in large quantities,which makes enterprises have to meet their own needs for funds through equity financing and debt financing.Therefore,how to meet the demand for funds while improving the efficiency of capital innovation has become a major problem faced by high-tech enterprises.Since financing cost accounts for an important part of the enterprise’s capital use cost,the effect of financing cost cannot be ignored when paying attention to the enterprise’s innovation performance.Starting from the perspective of growth,this paper combines the financial contract theory,principal-agent theory,financing priority theory and core competitiveness theory,combines 135 high-tech enterprises and 1175 observed data from 2010 to 2018 in China,and empirically analyzes the effect of financing cost on innovation performance of high-tech enterprises from the two directions of debt financing cost and equity financing cost through theoretical analysis,research hypothesis and regression model construction.According to the comprehensive score of growth level,the samples are divided into groups and compared to explore the effect of growth level on financing cost and innovation performance.The results show that increasing the total cost of debt financing for high-tech enterprises will have a positive impact on improving innovation performance,while increasing the total cost of equity financing will have a negative impact on improving innovation performance.The growth level of high-tech enterprises is positively related to innovation performance.The growth level of high-tech enterprises plays a positive linkage regulating role between the total cost of debt financing and innovation performance,the total cost of equity financing and innovation performance.Finally,according to the above conclusions,this paper puts forward suggestions from the enterprise level and the social level to lay the foundation for future high-tech enterprises to adjust financing methods and improve innovation performance according to their own growth characteristics.