An Emirical Study On The Relationship Between Debt Maturity Structure And Private Enterprise Technological Innovation Capability Under The Moderating Effect Of Top Management Team Social Capital

The private enterprise is not only an important part of national economy,it is also an important force to promote national technological innovation.Due to the long term and high risk of innovation,private enterprises with innovative consciousness may not be able to obtain debt financing failing to implement innovation activities.In view of the special transition period in China,the marketization system development is not perfect.The pursuit of top management team social capital more accord with China's private enterprises to the attention of the "relationship",and also meet the demand of private enterprise debt financing investment.Therefore,how the social capital of the top management team affects the debt maturity structure and the innovation ability of private enterprises is worthy of further study.Combined with term matching theory,the paper includes discussions concerning the influence of different dimensions top management team social capital(horizontal relationship network,vertical relationship network,political status and reputation)between debt maturity structure and private enterprise technology innovation ability.The results indicate that the debt maturity structure has significantly positive effects on the enterprisetechnology innovation ability.The social capital of top management team has a negative influence on the relationship between debt maturity structure and technological innovation capacity of private enterprises.Top management team horizontal relationship network plays a significant negative role in the relationship between the debt maturity structure and enterprise technological innovation ability,the same as political status.The reputation of the top management team has strengthened the relationship between the debt maturity structure and the technological innovation ability of the private enterprise.The relationship between debt maturity structure and technical innovation ability of private enterprises is not significant in the horizontal relationship network of top management team.In investment and financing decisions of research and development,China's private enterprises pay not too much attention to top management team of social capital.They should focus on corporate governance and its own capacity building.