| A series of achievements of China’s rapid economic growth has attracted worldwide attention,and the development background of "Internet+" in the new era calls for enterprise,produces more far-reaching impact,the impact is comprehensive,profound,and in space,It extends from production areas to consumption areas.Accelerating the development of regional competition,theme of innovation has entered a new period,companies actively seek and explore new mode of economic growth,innovation driven is undoubtedly a boost power to accelerate the adjustment of economic structure and change the mode of economic growth.All along,the innovation is the backbone of the national development strategy,which is increasingly important position,R&D investment is an important guarantee to promote innovation.In recent years,the scale and intensity of R&D investment is increasing,while driving the company’s R&D investment,according to statistics,China’s annual investment in R&D expenditure is 1.422 trillion Yuan in 2015,an increase of 9.2 percent over the previous year.From the activities of the main body,the R&D expenditures of enterprises is 1.00606 trillion Yuan,up 10.9 percent over the previous year,the total accounting for 77.3%,shows that business investment in R & D expenditure is the body.Especially the GEM listed companies,its innovative positive trend is the better,the patent applications,and so on,innovation output structure continuously is optimized.However,compared with developed countries,China’s companies’ overall innovative strength remains limited.In order to enhance the core competitiveness of our companies,our companies need to further improve the capability of independent innovation,develop new technologies and new products,take enhancing the production and operation effectiveness as the goal,and actively foster,strengthen the creation,strengthen layout,promote the use,so that the advantage technological innovation achievements become the core competitiveness and productivity.Among the many factors that determine innovation,the financing structure is an important factor,which is a structural source of innovation financing,investment decisions related to the innovation,and has an impact on the development of innovative performance.Different financing structure on the basis of financial contract theory,the parties formed the relevant stakeholders,such as shareholders and managers,controlling shareholders and small shareholders,shareholders and creditors,and so on.Sources of equity financing and debt financing of corporate in R&D investment,there is a substantive difference in the objective functionbetween shareholders and managers,shareholders and creditors,concentrated ownership structure of corporate governance causes the principal-agent contradiction,will hinder the innovation activities of enterprises;The capital cost formed in debt structure also become barriers to innovation,the conflict mentioned above further exacerbated the inefficiency of investment behavior.Whirling relationships between different economic entities,the influence of financing structure on innovation and its performance has become more and more complex.In order to make these enterprises innovation problems to be resolved,it is necessary to explore the internal mechanism of financing structure on investment in innovation activities and innovation performance,in essence to develop innovative enterprise innovation,stimulate innovation and vitality.Domestic and foreign scholars have done a large number of theoretical and empirical analysis on different financing from resultingtheeffects of the financing structure on corporate R&D investment behavior,the results are not the same,there have been contending,flourishing academic contention,this thesis research like a raging fire.Therefore,under the background of emerging capital markets,the paper has important theoretical value and practical significance about the impact of the financing structure on innovation activities,thereby the in-depth research on affecting innovation performance.Previous studies focused on the exploration of the following areas: the impact of financing structure on corporate financial performance,under the requirements of the new situation,researchers began to study not only the financial performance,began to focus on innovation performance;Focus reflected on the relationship between financing structure and corporate R&D investment activities;the impact of different financing structure on innovation activities has how heterogeneity.On the basis of existing research,this paper excavated foundation meaning of financial contract theory,and organically integrated the relative independent scattered topics to form the mutual relations.Based on the relationship between financing structure and innovation activities from the perspective of financial contract theory,namely in the overall theoretical background,starts from financing sources,and explores the future of the funds;in the use of funds in the process,its R&D investment developmenthas become the direction concerned of this paper,thinking how it is affected by the financing structure;and further,in the use of sources of funds and innovative uses,explore the production Mechanism of innovative performance,and so on.In the above problems repeatedly thought and consideration,this paper from the following three core aspects were studied: first,to explore the impact of enterprise financing structure to the innovation performance;secondly,the analysis of the impact of enterprise financing structure on R & D investment.Finally,research on the impact of enterprise financing structure on the enterprise innovation performance through the R&D.After careful and repeated consideration,the specific ideas of the paper as follows: after the research background and significance,research framework,research methods defined,launched an in-depth analysis based on the theoretical foundation,and take literature review at home and abroad as an important studies precipitation;analyzed the current situation around China’s GEM listed company financing structure;Next,based on the financial contract theory,analyzed the influence mechanism of the financing structure on enterprise innovation performance;taken the sample company as an example of empirical research design,in the empirical analysis of 1177 innovative board listed companies,the paper put forward the hypothesis under the application of basic theory,and the conclusion was obtained;Finally,put forward the corresponding strategies of improving the performance of enterprise innovation from the perspective of financing structure optimization.According to this idea,had done the painstaking research,the main conclusions are as follows:First,it is positively related between the level of debt financing and enterprise innovation performance,hard constraintof contract improves the regulatory mechanism,and the debt tax shield effect play a role;it is negatively related between the ownership concentration and enterprise innovation performance;it is positively related between the equity balance degree and enterprise innovation performance.The higher the degree of ownership concentration,the residual claim is also higher,the gain will bring loss to the company,which is not conducive to the enterprise to achieve innovative performance.The stronger the equity balance degree,the greater the checks and balances of the controlling shareholders,the ability to reduce the controlling shareholders related transactions and the formation of self serving occupation behavior,thus enabling enterprises to innovation performance.Second,it is negatively related between Debt financing structure of the asset liability ratio and R&D investment.Underthehigh debt levels,corporate R & D investment declinesinstead,may arise with the extreme value of highdebt,the cost of capital also increases,the risk of corporate R&D investment frustrates the enthusiasm of the R&D innovation investment.The regression coefficient of equity concentration and R&D investment intensity is-0.0001,which is significantly related to the 1% level.The regression coefficient of equity balance degree and R&D intensity is 0.001,which is positively correlated with the intensity of R&D investment.Third,investment in R&D has a positive role in promoting innovative performance,further use the cross-termof debt levels and R&D investment intensity in the model,It can be found that R&D intensity is higherunder the debt financingscale,the better innovation performance,the financing structurehave a major impact on innovation performancethrough R&D investment interactioneffect.Research objectives of this paper is to examine the action mechanism ofthe financing structurewhich impacts on R&D investment and innovation performancebased the perspective of financial contract comprehensively andsystematically,enriches and expands the enterprise innovation strategy from the financing,investment and enterprise performance systemaspects,puts forwardsuggestions about financing structure selection and optimization in corporateinnovation practice,enhance the level of innovation of enterprises.This paper has following innovations:First,from the perspective of innovative performance,combined with the financial contract theory,discusses the different proportions of financing structureinfluencing the innovationvaluethrough R&D investment decisions.At present domestic literature research perspective is a single linkofone dimension,that is,the study the impact of the financing structureon R&D investment,or navigate to the perspective of financing structure impacting on corporate financial performance.In this paper,based onthe relationship between theinnovation input in R&D investmentand output,and start an exploring froma whole new perspective from the financingsource.Second,build atheoretical models of three closely related problems that is,“financing structure how to affect R&D investment”,“R&D investment how to affect innovation performance”,and “the financing structure acting on the innovation performance through R&D investment”,form a completelogical relationshipbetween enterprisesfinancialactivities in content.Empirical test the impact of financing structureon innovation,highly fit the practical needs of China’s internal governance structurefrom the innovation-driven perspectiveunderthe "Internet+" background.Third,analyze the impact of financing structure on the R&D investment by the application of the view of financial contract theory,further to analyze by the application of game theory in microeconomics.According to these theories,innovation will be influenced by external financing,different financing structure affecting the corporateR&D innovation policy,thus affecting the innovation performance. |
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