| In the context of increasingly globalized economy,innovative enterprises,as an important component of China’s market economy structure,play an increasingly significant role in promoting economic transformation.However,while its development has been comprehensively accelerated and its industrial structure has been continuously optimized,it still faces the problem of declining market competitiveness of innovative enterprises due to unreasonable financing structures.In addition,there is a shortage of innovation investment funds in innovative enterprises in China,which hinders the smooth progress of many innovation projects and hinders the development of enterprises.Innovation investment funds are the source of vitality for enterprises to carry out technological innovation,and a suitable financing structure can ensure that enterprises have sufficient funds for normal operation.Based on this,forming a financing structure that is consistent with innovation investment has significant and far-reaching significance in guiding enterprises to determine innovation strategies,strengthen innovation capabilities,and further improve their value creation capabilities.This article aims to use empirical research methods to examine the correlation between innovative enterprise financing structure,innovation investment,and enterprise value creativity,as well as the moderating effect of innovation investment on financing structure and enterprise value creativity.It is hoped that the relationship between the three can be further clarified,providing theoretical reference for promoting the development of innovative enterprises.Based on a review of domestic and foreign literature,this article first defines the relevant concepts of financing structure,innovation investment,and corporate value creativity.Then,based on the trade-off theory,stakeholder theory,agency cost theory,and technological innovation theory,869 innovative enterprises on China’s ChiNext board from 2016 to 2021 are selected as research samples.Through theoretical analysis,research hypotheses,variable selection,model construction,and empirical analysis Robustness test,etc.,to study the impact of financing structure and innovation investment on enterprise value creativity,as well as the moderating effect of innovation investment between financing structure and enterprise value creativity,and draw conclusions:(1)There is a positive correlation between the proportion of endogenous financing and enterprise value creativity,and there is a negative correlation between the proportion of equity financing and debt financing and enterprise value creativity respectively;(2)The intensity of enterprise innovation investment has a positive promoting effect on enterprise value creativity.The greater the intensity of enterprise innovation investment,the better the value creativity of the enterprise;(3)Innovation investment plays a positive regulatory role between the proportion of endogenous financing and corporate value creativity,a negative regulatory role between the proportion of equity financing and corporate value creativity,and a negative regulatory role between the proportion of debt financing and corporate value creativity.Finally,based on the research findings of the paper,the following suggestions are proposed:at the government level,the government should encourage enterprises to increase innovation investment;Improve the construction of financial markets;Improve the information disclosure system;From the perspective of enterprises,it is suggested that innovative enterprises should focus on expanding financing channels;Enhance innovation awareness;Establish an innovation incentive system. |
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