Innovation Investment In China's High-tech Enterprises Impact Of Performance

High-tech enterprises are the leaders in promoting the vigorous development of the economy.Studying the relationship between their innovation investment and corporate performance has a far-reaching significance for guiding enterprises to formulate independent innovation strategies,enhance independent innovation capabilities,and then promote China's transformation into an innovative country major.Innovation investment is mainly based on capital.The cultivation and development of high-tech enterprises are closely related to the support of funds.The financing channels of enterprises are relatively diversified.The resulting financing structure is very important for innovation investment and corporate performance.Regulatory effect.In view of this,the thesis selects this topic for research and analysis,and discusses the correlation between high-tech enterprise innovation input and enterprise performance,as well as the adjustment effect of financing structure on innovation input and enterprise performance.This article first reviews the relevant literature on innovation input,financing structure and corporate performance,and summarizes the current status of the research.It briefly introduces the concepts and theories involved in this article,and then based on the theory and combination of technology innovation theory and financing structure The actual situation in China analyzes the relationship between the three and proposes research hypotheses.This article takes Chinese high-tech enterprises from 2010 to 2019 as the research object,and empirically studies the direct impact of high-tech enterprises' innovation investment on corporate performance,and the regulatory effects of various financing channels on innovation investment and corporate performance.The research results mainly include the following four points:(1)Innovation investment has a positive impact on corporate performance,and strengthening innovation investment can significantly improve corporate performance.(2)The increase in endogenous financing and equity financing has a positive effect on innovation investment and corporate performance.(3)For high-tech enterprises,compared with equity financing,the increase in internal financing has a more positive effect on innovation investment and corporate performance.(4)Debt financing plays a negative regulatory effect in the relationship between innovation investment and corporate performance.(1)For high-tech enterprises,compared with loan financing,the increase in the scale of bond financing has a more significant negative adjustment effect on innovation investment and enterprise performance.(2)For high-tech enterprises,compared with commercial credit,the increase in bank loan financing scale has a more significant negative adjustment effect on innovation investment and enterprise performance.(3)For high-tech enterprises,compared with short-term loans,the increase in the scale of long-term loan financing has a more significant negative adjustment effect on innovation investment and enterprise performance.The above research can be used as an important basis for management decisionmaking and enterprise operation and management:(1)From the perspective of the enterprise,high-tech enterprises should increase their awareness of innovation,attach importance to and strengthen innovation investment,and rationally allocate resources.And more effective use of relevant resources in the enterprise;enterprises should pay attention to optimizing and adjusting the financing structure,continue to enhance the motivation and stability of innovation investment,and then improve corporate performance.(2)From the perspective of the government,the government should increase its support for the innovation activities of high-tech enterprises in order to increase their enthusiasm for innovation.In addition,the financing problem of high-tech enterprises can be alleviated by expanding the bond market,reducing the licensing conditions for issuing bonds and increasing the types of bonds.The main contributions of the paper are:(1)By analyzing the relationship between innovation investment,financing structure and corporate performance in high-tech enterprises,it can enrich related research to a certain extent.(2)According to financing channels,the corporate financing structure is divided into three types: internal financing,equity financing and debt financing.In addition,debt financing is subdivided into bond financing,long-term and short-term loans,and commercial credit.The effect of high-tech companies' financing structure on innovation input and corporate performance is examined in more detail.