Research On The Correlation Between Corporate Capital Structure And Innovation Investment Based On SEM

Investment in innovation is the main driving force for technologically-innovative companies,and is an important driver of improving their core competitiveness.In particular,today,in the fierce market competition,the products are continuously updated,the R&D cycle of the company's innovation is gradually shortened,and it is more effective to raise R&D funds and R&D personnel to research and develop enterprise innovation projects.For technologically innovative companies that have relatively poor financial and human resources,how to increase the level of investment in innovation has become a hot issue of common concern.After looking for a number of factors that affect innovation investment,it is found that the investment and financing model adopted in the process of corporate innovation investment will change the capital structure,and the differences in various capital ratios will cause changes in financial risks and changes in capital costs,affecting the financing of enterprises.And investment decisions have a negative effect on investment in innovation.Based on the above analysis,the judgment of the capital structure of enterprises and the investment in innovation should be relevant.This paper aims to study the relationship between capital structure and innovation investment,understand the impact of various accounting elements on corporate investment and financing decisions,establish a reasonable capital structure,improve capital management methods and innovative investment models,and enhance the company's investment in innovation and research and development efforts.At the same time as safeguarding corporate earnings,the company will increase investment in innovation and enhance economic vitality.This article reviews the current research status of capital structure,innovation input,and capital structure and innovation input through combing domestic and foreign literatures.It finds that the literature on the correlation between capital structure and innovation investment is relatively scarce.This paper has research value.By defining relevant concepts,discussing the theoretical basis,deriving theoretical explanations,proposing research hypotheses,establishing capital structure and innovation input evaluation index systems,and using the data provided by the Wind Information Network,selecting companies listed on the GEM Board as research objects and constructing a model for the correlation between corporate capital structure and innovation input.Taking the example of 555 companies listed on the GEM in 2015,a preliminary statistical analysis was conducted on the samples using descriptivestatistical methods.A preliminary statistical analysis was performed on the samples using descriptive statistical methods.Then use linear correlation analysis,structural equation model analysis and other measurement models to verify the correlation between corporate capital structure and innovation investment,analyze the internal relationship between capital structure and innovation input,draw conclusions,put forward suggestions and opinions,and study Deficiency and outlook.The study found that the capital structure is related to the investment in innovation.This helps technology-innovative companies to improve the level and quality of innovation input through optimizing the capital structure,enhance the management of innovation input,and enhance the overall innovation capability.Different from previous research methods,the measure of innovation investment is not only an indicator of R&D investment as a percentage of operating revenue,but also uses the structural equation model(SEM)to establish an evaluation index system and includes human capital investment.Within the scope of the assessment,the research ideas were broadened.As most companies listed on the GEM are technological innovation-oriented companies,they are more representative of the research objects.