| Technological innovation has great influence on development of human society,and enterprises are important constituent parts in the modern economic system.The level of enterprises' technological innovation is bound up with its relevant investment,which is affected by the fluctuation of financial market.What is noteworthy is that financial cycle is a good indicator of financial market fluctuation.This article has analyzed the relationship among the financial cycle,enterprises' debt risk and enterprise technology innovation investment,after that,two hypotheses were proposed: firstly,enterprise technology innovation investment has the character of procyclicalty;secondly,enterprise debt risk has mesomeric effect.And then,the paper take samples of electronic and communication device manufacturing industry and empirical test is adopted.Finally,conclusion were given:the enterprise technological innovation has procyclical effect;the components of the financial cycle have different influences on the enterprise technological innovation investment;debt risk has the conduction. |
PDF Full Text Request