Research On The Impact Of Financing Structure Of Listed Companies In High-end Equipment Manufacturing Industry On Investment In Technological Innovation

The high-end equipment manufacturing industry is one of the strategic emerging industries,and its development requires a high level of technology and technological innovation,and it has certain risks-The high-end equipment manufacturing industry is also a key force in the process of promoting China’s industrial transformation and upgrading.The improvement of its technological innovation capability will further enhance the weight of China’s high-end equipment manufacturing industry in economic and social development At the same time,the high-end equipment manufacturing industry is an important part of China’s strategic emerging industries,and the development of technological innovation capabilities will inevitably require a large amount of capital support.The resulting problems such as information asymmetry make it difficult for financing intermediaries and investors to accurately complete the project evaluation work,and the reality of investment channels also restricts the investment of corporate innovation funds.Under this background,optimizing the financing structure of enterprises will become a realistic choice for the technological innovation and development of Chinese enterprises,and what kind of financing structure will improve the innovation investment level of Chinese enterprises has become a key issue to be solved urgently.It is for this reason that this article,based on the availability of data,takes the main listed companies in China’s high-end equipment manufacturing industry as an example,and discusses the impact of changes in the financing structure of high-end equipment manufacturing enterprises on their investment in technological innovation.In theory,both endogenous financing and exogenous financing can affect the technological innovation investment of high-end equipment manufacturing industry through financing sequence and signal transmission.After analysis,it is found that internal financing will increase the innovation investment of enterprises.Among external financing,equity financing,government subsidies and financial leasing will increase the innovation investment of enterprises,while debt financing will reduce the innovation investment of enterprises.It is beneficial to increase the investment of high-end equipment production enterprises in the promotion of innovation investment.If enterprises receive more government subsidies for investment,enterprises will use more funds in innovation.Based on the data of 137 high-end equipment manufacturing listed companies across the country from 2015 to 2020,it is found that China’s high-end equipment manufacturing enterprises have grown rapidly in the past six years,which is of great significance to promoting the transformation and upgrading of China’s national economy and economic and social development.The scale is small,the technical foundation of some industries is lacking,and the high-end technical products still need to be further developed.At this stage,the debt financing level of China’s high-end equipment manufacturing enterprises is higher than that of equity financing and endogenous financing,and the asset-liability ratio is basically within the range of the world’s best asset-liability ratio.Debt financing is mainly affected by China’s currently imperfect financing channels,and the number of Chinese high-end equipment manufacturing companies that raise funds through debt issuance is still relatively small.In the past six years,the absolute scale of technological innovation investment has gradually increased,and the intensity of technological innovation investment has also increased steadily,indicating that my country’s promotion of innovation drive in the high-end equipment manufacturing industry has shown a certain effect.Through the empirical analysis of the panel data of listed companies in the high-end equipment manufacturing industry,the following results are obtained:(1)Endogenous financing and equity financing have a positive impact on technological innovation investment,and debt financing has a negative impact on technological innovation investment.(2)With the increase of government subsidies,the promotion effect of other financing methods of enterprises on technological innovation investment is more obvious,and the investment of enterprise financing in technological innovation is also more;(3)The sub-sample regression also found the following different:In conclusion,government subsidies for younger enterprises have a significant inhibitory effect on the investment of endogenous financing and debt financing in technological innovation;for large enterprises,government subsidies have a significant inhibitory effect on the investment in technological innovation of endogenous financing.(4)Enterprises with more financial leases have more capital invested in technological innovation.According to the overall situation of the development of my country’s high-end equipment manufacturing industry,combined with theoretical and empirical research,the following suggestions are put forward to improve the technological innovation capability of my country’s high-end equipment manufacturing industry and optimize the financing structure:one is to rationally allocate the financing structure;the other is to optimize the way of government subsidies and capital utilization efficiency;the third is to promote the development of the financial leasing market.