Research On The Support Of The Financing Structure Of My Country's High-end Equipment Manufacturing Industry To Independent Innovation Capabilities

China has implemented a major strategic decision of Xi Jinping thought on socialism with Chinese characteristics for a new era: to promote enterprises to strengthen independent innovation and build an innovation-oriented country.With the progress of science and technology,China's economy has developed at a high speed,but at the same time,it is faced with such problems as overcapacity and lack of innovation.China's economic growth has slowed in recent years,and now it faces serious trade disputes.At present,in order to accelerate the construction of an innovation-oriented society with enterprise technological innovation as the main body,China not only increases the investment of venture capital funds but also makes policy preference.China's economic development depends on the independent innovation of enterprises,which plays an important role in China's economic development.In order to better cope with the current economic situation,China's economic driving engine should be driven by factors,investment and innovation.The innovation of high-end equipment manufacturing industry guides the development direction of manufacturing industry.However,the development of China's high-end equipment manufacturing industry still faces a series of problems,such as the lack of core technology and insufficient financial support.In order to shorten the distance between China and the advanced level of developed countries in terms of high-end technology,it is necessary to make a major breakthrough in core technology research and development and financial support.Financing structure plays an important role in the process of independent innovation.China is a big manufacturing country,and high-end equipment manufacturing industry plays a key role in the manufacturing industry.Therefore,it is of great significance to study the influence of financing structure of China's high-end equipment manufacturing industry on its independent innovation.This paper collected the data of the sample companies from 2011 to 2018.Firstly,DEA model was used to analyze the innovation efficiency of financing structure on high-end equipment manufacturing enterprises.Then,the relationship between the index variables of financing structure and the index variables of technological innovation is empirically analyzed by using the method of linear regression analysis.It is concluded that the financing efficiency of Chinese high-end equipment manufacturing enterprises in supporting independent innovation is low,and there are some differences in the impact of different financing methods on the innovation efficiency of enterprises.Endogenous financing,debt financing and equity financing all have an insignificant positive impact on the independent innovation of Chinese high-end equipment manufacturing enterprises.