Research On The Impact Of Deleveraging Policy On Corporate Innovation Abilit

Technological innovation has always been the primary force of economic and social development.For an enterprise,innovation is also the key force.At present,it is necessary to transform "Made in China" into "Innovation in China",which is also the new driving force for the future development of Chinese companies.Deleveraging was clearly stated at the Central Economic Work Conference in 2015,and policies and measures to stabilize leverage were further clarified in 2018.Therefore,during the implementation of deleveraging policy,whether the reduction of leverage will affect the innovation ability of enterprises and how the deleveraging policy will affect the innovation ability of enterprises are the issues that enterprises are most concerned about in the process of deleveraging and are also the focus of this paper.In this paper to leverage policies and innovation-driven development under the background,key research to leverage policies will be how to leverage to promote the enterprise innovation ability raise,to a-share non-financial listed companies in China since 2010 as the main research object,using the Differences-in-Differences model research to the implementation of the leverage effect on enterprise innovation,The mediating effect model is used to study the influence of deleveraging policy on enterprise innovation capability through changing the equity concentration of top ten shareholders and financial expenses.On the basis of empirical analysis,Hisense Home Appliance Group is selected as a typical case from the manufacturing industry which needs innovation to improve enterprise competitiveness and has high leverage ratio to analyze and prove the empirical results.Empirical research shows that deleveraging policy can improve the innovation ability of enterprises,and deleveraging policy can improve the innovation ability of enterprises by increasing the ownership concentration of top ten shareholders and reducing the financial expense ratio.Selected cases also fully confirm the empirical results.