Research On The Impact Of Financial Structure On Enterprise Innovation

At present,China's economic development is at a critical period of growth speed shifting,structural optimization and dynamic transformation.The urgency and importance of innovation-driven development are becoming more and more prominent.There is no doubt that enterprise is an important subject of implementing innovative development strategy,and enterprise innovation is an important part of the whole social innovation.Capital investment is one of the indispensable factors for enterprises to carry out innovative activities.So,the financial system will be the best way for enterprises to obtain long-term financial support when their own funds and special government subsidies fail to meet the long-term capital needs of enterprises.The structural characteristics of the financial system determine the direction and efficiency of financial resources,which influence the independent innovation activities of enterprises.Based on the above back ground,this paper chooses to study the impact of financial structure on enterprise innovation.In the theoretical part,this paper analyzes how the financial structure influences the innovation activities of enterprises from the perspective of social financing structure,internal structure of banking industry and the relative proportion of traditional finance and emerging finance.The analysis shows that indirect financing and direct financing have different advantages in financing cost,information processing,resource allocation and risk management.Therefore,analysis should be made in combination with different economic development characteristics.From the perspective of the internal structure of the banking industry,the improvement of the market share of small and medium-sized Banks and competition degree of the banking industry has helped to increase the enthusiasm of enterprises' innovative investment.In terms of the development of emerging finance,such as venture capital,will promote enterprise innovation from the aspects of capital support,risk management and corporate governance.On the basis of qualitative analysis and the non-equilibrium panel data of the sample construction of manufacturing listed enterprises from 2009 to 2015,this article quantitatively analyzes the effect of financial structure on enterprise innovation activities by using related measurement methods.The results show that:(1)In terms of the financing structure of the whole financial system,the increase of direct financing has a positive correlation with enterprise innovation.This is partly related to the uncertainty and high risk characteristics of enterprise innovation investment.In financial markets,innovative companies can attract investors with potentially high returns on new technologies.It makes the financing characteristics of direct financing match the uncertainty,high risk and lack of mortgage of the enterprise innovation project.Therefore,innovative enterprises are often more likely to obtain financial support for innovative investment through financial markets.(2)From the internal structure of banking,the enhancement of the competition degree of banking has a positive promoting effect on enterprise innovation.Otherwise,the increase of the market share of small and medium-sized Banks is more significant to the innovation activities of enterprises in the east and central regions.(3)The improvement of the ratio between the emerging financial industry represented by the risk investment and the traditional finance industry can help promote the innovation of enterprises.This change has a more significant impact on enterprise innovation activities in the eastern region.The innovation points of this paper are:(1)From the perspective of influencing factors of enterprise innovation,external financing environment is the key factor that determines the investment decision of enterprise innovation.However,the existing literature mainly studies this problem from the dimension of financial development,and pays little attention to the influence of financial structure changes on enterprise innovation activities.(2)The existing research on the relationship between financial structure and independent innovation is mostly from the perspective of the macro level.This paper discusses the relationship between financial structure and enterprise innovation based on the micro-enterprise level.(3)The existing literature mainly defines the financial structure from the financing structure and the internal structure of the banking industry.Based on the existing research,considering the rapid development of China's emerging financial industry,this paper innovatively expands the concept of financial structure from the perspective of emerging finance.