An Empirical Study On Influence Of Financing Structure On Enterprise Innovation Ability

Innovation is the primary driving force for development,an important support for building a modern economic system,and an important starting point for achieving high-quality economic development.Since the implementation of the development strategy of "Mass Entrepreneurship and Innovation",the awareness of innovation has penetrated into all walks of life and the national innovation level has been continuously improved.The "14th Five-Year Plan" emphasizes the need to strengthen the main position of enterprise innovation,enhance the technological innovation capability of enterprises,and improve the construction of technological innovation system.Innovation activities require continuous investment of a large amount of funds.It is difficult for a single source of financing to suffice the funds required for enterprise innovation.Enterprises usually raise funds through multiple channels.The proportional relationship between different financing sources constitutes the financing structure of enterprises.Different corporate financing structures have different effects on innovation capability.Therefore,it is of great significance to study the influence of financing structure on the innovation ability of enterprises to improve the innovation ability of enterprises and promote the implementation of the national innovation and development strategy.This thesis reviews the research on related theories by scholars at home and abroad.Based on the analysis of theory and present situation,this paper selects the experience data of Chinese GEM listed companies from 2011 to 2020,and comprehensively examines the innovation capability of enterprises from the three dimensions of enterprise innovation input,output and efficiency.Simultaneously,the fixed effect model is used to explore the linear and nonlinear relationship between financing structure and enterprise innovation ability,and the heterogeneity analysis is carried out based on enterprise scale,region and different life cycles.In order to find a financing structure that is conducive to improving the innovation ability of enterprises.The research shows that for GEM listed companies: First,endogenous financing can significantly promote enterprise innovation input and output,but there is no significant relationship with enterprise innovation efficiency.Second,equity financing significantly inhibits the innovation ability of enterprises,but the inhibitory effect is weak.Third,there is an inverted U-shaped relationship between debt financing and innovation input and innovation output.When the debt financing ratio is kept below 41.75%,it is most beneficial to improve the innovation ability of enterprises,and the optimal number of enterprises in different scales,different regions,and different life cycles is different.Fourth,government subsidies can significantly improve the innovation ability of enterprises,and the promotion effect is greater than that of endogenous financing.Finally,based on the research conclusions,the following policy suggestions are put forward: optimizing the financing structure of enterprises,improving the bond market,ensuring the stability of endogenous financing,and establishing a government subsidy supervision mechanism.It is expected to provide theoretical basis for the implementation of the national innovation-driven development strategy.