Research On The Impact Of Corporate Debt Level On The Innovation Efficiency Of China's Listed Manufacturing Enterprises

As a pillar industry of China's national economy,after the rapid expansion of resources and labor cost advantages,it has gradually exposed the problems of low core technology,insufficient innovation capability and high overall asset-liability ratio.Under the new normal,the Chinese government proposed that the new driving force for China's economic growth should be driven by factors and investment,and gradually turned to innovation-driven.The report of the 19th National Congress emphasized the need to adhere to the strategy of innovation and development.Innovation efficiency is the embodiment of enterprise innovation ability.Enterprise innovation should pay more attention to the improvement of enterprise innovation efficiency.To improve enterprise innovation efficiency,sufficient cash flow is needed as a guarantee.At the end of 2015,"de-leverage" was first proposed.In the following years,China put forward "structural de-leverage".This paper explores the impact of leverage level on the innovation efficiency of listed manufacturing enterprises in China,and coordinates "de-leverage" and "improvement".The relationship between innovation and efficiency is of great significance.This paper takes China's A-share listed manufacturing enterprises as the research object,takes 2010-2017 as the research period,empirically explores the impact of leverage level on the innovation efficiency of manufacturing enterprises,and further explores the impact of different debt maturities on enterprise leverage level and enterprise innovation efficiency about the difference.Firstly,in the introduction part,it introduces the background and significance of the topic,as well as the research framework and main content arrangement of this paper.Secondly,it sorts out the relevant literature from three aspects:deleveraging,innovation efficiency and the relationship between corporate debt leverage and innovation efficiency.Then the theoretical basis of this paper is introduced,and the theoretical hypothesis is put forward based on these theories.Then,in the calculation of innovation efficiency,this paper uses DEA method to use DEA-BCC model to innovate China's listed manufacturing enterprises.The efficiency is measured and found that the average efficiency of innovation of manufacturing enterprises is 0.8283,which does not reach the effective value of 1,indicating that the innovation efficiency of China's manufacturing enterprises still needs to be improved;then construct relevant models for empirical testing.The conclusions are as follows:(1)The impact of corporate leverage on the innovation efficiency of China's manufacturing listed companies presents an"inverted U-shaped".After the lag of the core explanatory variables and related control variables to control endogeneity,the conclusion is still true.(2)For China's manufacturing enterprises,when a certain enterprise's leverage ratio exceeds 58.64%,de-leverage will promote the innovation efficiency of the enterprise,but the leverage ratio of the enterprise is lower than 58.64%,with the leverage ratio Continue to decline,de-leverage will lead to the company's innovation efficiency is reduced.(3)Compared with long-term liabilities,current liabilities have a significant impact on the efficiency of enterprise innovation.(4)Enterprise scale,profitability and government subsidies all have a positive effect on the innovation efficiency of enterprises;from a macro perspective,the efficiency of enterprise innovation is closely related to the economic environment.Finally,the policy recommendations of this paper are proposed from the perspectives of de-leveraging and improving the efficiency of enterprise innovation.