| Based on the relevant literature of financing theory of high-tech enterprises and combined with the actual situation of technological innovative PV(photovoltaic)enterprises,the paper selects technological innovative PV listed enterprises in China,the United States,Germany,Japan and South Korea,and takes the financial data and patent data from 2001 to 2016 as samples to analyze how the financing structure affects the technological innovation quality exhibition of enterprises.First,the entropy weight method is used to synthesize five indicators(the number of patent claims,the number of technical restrictions,the size of patent family,the number of countries of patent family,and the number of granted invention patents)that reflect the different aspects of the annual technological innovation quality of the enterprise into one indicator—the quality of technological innovation(PQL).Second,the enterprise financing structure is divided into different levels of combinations to analyze the impact mechanism of endogenous financing,exogenous financing(equity financing and debt financing)and exogenous financing structure on the quality of technological innovation of enterprises and then give the hypothesis of this paper.Third,the paper makes a theoretical analysis of the intermediary effect of patent agency quality and puts forward hypotheses.Fourth,the paper constructs a model and use OLS fixed effect estimation method to conduct empirical test.The explained variable of technological innovation quantity(PQN)was introduced to further explore the impact of financing structure on the quality of individual technology innovation.This paper also divides the technological innovation stage of PV enterprises,and finally gives suggestions for financing structure suitable for PV enterprises under different situations.The main conclusions are as follows:(1)PV enterprises should focus on different financing methods in different stages of technological innovation.(2)Enterprises should adjust the financing structure according to the patent agency environment they are in.(3)PV companies shouldconsider their own technological innovation goals and consider the different impacts of the financing structure on the total quality of innovation and the quality of individual technologies. |
