Research On Enterprise Innovation And Dynamic Adjustment Of Leverage Ratio

Since 2008,listed companies in China have generally experienced the process of adding leverage.Today,high leverage is the bottleneck that most companies face when they develop.“De-leveraging” has become the main task of most companies.At the same time,in the face of accelerating technological progress and intensifying market competition,innovation and upgrading have become the main means for enterprises to seek development and enhance market competitiveness.What is the relationship between innovation and corporate leverage? Can innovation help companies reduce leverage? How does it affect the adjustment speed of leverage? The literature on the above issues is not only relatively scarce,but the research conclusions are not consistent.This paper attempts to use the 2008-2017 data of China's Shanghai and Shenzhen listed companies as a sample to construct a dynamic adjustment model of capital structure,and use the system GMM method to study the relationship between different innovation quality levels and the dynamic adjustment of leverage ratio,and further test the innovation competition and innovation risk.The results of this paper show that: First,there is a significant negative correlation between corporate innovation and leverage ratio,and compared with ordinary quality innovation,the adjustment effect of high-quality innovation to adjust the leverage ratio of enterprises is stronger;second,the more intense the innovation competition,The faster the adjustment of enterprise leverage ratio,but only high-quality innovation has the acceleration effect on enterprise leverage adjustment,ordinary quality innovation has no such acceleration effect;third,when there is innovation risk,whether it is high quality innovation or common quality Innovation will slow down the adjustment of corporate leverage,and high-quality innovation will be more sensitive to this delay effect.Based on the above research conclusion,this paper suggested two aspects from the government and enterprises,the government needs to speed up the perfect innovation incentives,pay attention to broaden the application for a patent for channels,actively guide enterprise participate in the innovation of the moderate competition,encourage positive innovation competition between enterprises,and establish and improve the innovation risk supervision and prevention mechanism.Enterprises need to clarify the relationship between innovation and debt financing,grasp the balance between innovation and leverage,actively participate in innovation competition,but also should be careful to control innovation risks.In this way,we hope to achieve the "double harvest" of innovation upgrade and debt risk reduction.