Research On The Impact Of Financing Structure Of Listed Companies In China On Innovation Investment

With the rapid development of science and technology,China has entered a new era of socialism with Chinese characteristics,but looking at the trend of China's macroeconomic changes in recent years,China's economic growth has been declining year by year,and economic transformation is facing tremendous pressure.General Secretary Xi Jinping once pointed out in the report of the 19 th National Congress: "Innovation is the primary driving force for development and strategic support for the construction of a modern economic system." It can be seen that innovation plays a decisive role in China's economic development,and it is imperative to strengthen corporate innovation in China.As an important member of China's economic development,listed companies in our country play an important role in promoting industrial upgrading and promoting economic development.However,the R&D and innovation projects of the company are characterized by large uncertainties,high risks,and intangibility of R&D results,which may make it difficult for corporate R&D and innovation projects to be funded or the cost of financing funds is high.The R&D and innovation activities of companies are difficult to sustainably develop..Different financing channels of enterprises often have different capital costs for fundraising for R&D and innovation projects,which affects the innovation investment of the company to a large extent.Therefore,in-depth exploration of the impact of various financing channels of listed companies in China on innovation will not only promote the development of the company itself,but also have important theoretical and practical significance for the longterm sustainable development of China's economy.This article follows the basic idea of "background investigation-literature research-theoretical research-put forward hypothesis-empirical analysis-policy advice" indepth study on the impact of the financing structure of China's listed companies on innovation.First of all,after examining the background of the current economy,based on a large number of related literatures that have been summarized and consolidated,this paper focuses on three aspects: internal financing and innovation investment,equity debt financing and innovation,and other factors that affect innovation input.The study conducted a literature review.Then,this article studies the basic theories related to this topic,and elaborates the input-output theory,the core competence theory,and the theory related to the financing structure.Based on the existing literature,this paper presents the Three research hypotheses.Finally,based on the relevant data of China's non-financial A-share listed companies from 2013 to 2015,this paper constructs relevant research models and index systems,and uses the balanced panel data random effect model to empirically demonstrate the impact of the financing structure of Chinese listed companies on innovation inputs.Research and draw the following conclusions: First,there is a significant positive correlation between internal financing and equity financing of China's listed companies and investment in innovation,and when companies choose financing channels,they will be involved in internal financing and equity financing channels.Priority is given to obtaining innovative project funds from internal financing channels.Second,there is a significant negative correlation between debt financing and innovation investment of listed companies in China.Debt financing can,to a certain extent,inhibit corporate innovation investment.Third,China's listed companies are acquiring innovations.When investing funds,this paper believes that it will give priority to internal financing,followed by equity financing,and finally to debt financing.In the process of researching this topic,the study found that although scholars at home and abroad have studied this topic from the issue of financing constraints,most of the scholars are from the perspective of a single financing channel and have an impact on the innovation input of the enterprise.The relevant research is conducted,and there are few comprehensive researches using multiple financing channels,and the data used in the existing literature are relatively old.The empirical results are also difficult to effectively reflect the real impact of the financing structure of listed companies in China on the investment in innovation.This article adopts comparatively new data and conducts comprehensive empirical analysis on the influence of multiple financing channels on corporate innovation investment,which has a certain degree of modernity and innovation.After related research on this topic,this article finally put forward the following three policy recommendations: First,improve the tax incentive mechanism for corporate R&D and innovation activities,and improve related tax incentives;Second,continue to deepen the reform of the financial system.Establish a capital market with equity financing as the main body.Third,formulate relevant regulatory policies,reduce the leverage ratio of the government and the corporate sector,and optimize the financing structure ratio.And hope that the above suggestions can provide reference value for the government to formulate relevant policies.