| The innovation ability of enterprises is a barometer of a country’s economic in a certain extent. But the innovation requires a lot of money, so it is often enslaved to the finance of the enterprises. As an important part of financial management, the debts maturity of the enterprise has always been the hot research. Therefore, there seems to be a relationship between the debt maturity structure and enterprise innovation ability.Based on this, the author selected 564 A share companies of Shanghai and Shenzhen stock exchange as the research object, selected the unbalanced panel data from 2009 to 2013, and built enterprise scale, inventory turnover, the proportion of shares outstanding, the investment rate of marketing expenses as control variables, to research correlation of panel data model between the debt maturity structure and enterprise innovation ability, respectively from two aspects of static and dynamic for empirical research.The conclusions are that different debt maturity structure produce different effect on the input and output of enterprise innovation; debt maturity structure has a long time lag effect on innovation investment, without the current effect; debt maturity structure not only has a short lag effect on the enterprise innovation output, but also has the current effect; debt maturity structure and enterprise innovation performance is similar to inverted "U" type structure, and there is an optimal debt maturity structure range.Finally, this paper puts forward the following suggestions: debt maturity has the leverage effect, and it should follow the moderate principle, the entrepreneurs can promote the continuous growth of innovative enterprises by adjusting the enterprise debt structure; enterprises should establish an effective repayment mechanism, and reasonable control of debt maturity structure; the government should reshape the relation between the enterprises and the banks, to further improve the bank debt governance mechanism. |
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