Technological Innovation, Leverage Ratio And Performance Research Of Agricultural Listed Companies

China's agricultural listed companies have low levels of technological innovation,This study mainly takes the agricultural listed companies listed in Shanghai and Shenzhen as the research object,and selects 36 companies with complete financial data from 2001-2017 as sample companies,and analyzes the impact of the company's technological innovation and financing structure on the company's profitability.The empirical analysis of this paper uses the dynamic panel data model to perform regression.Before the regression analysis,the AR test and the Sargan test were carried out on the model,and the test results indicated that the GMM method could be used to perform regression analysis on the dynamic panel model.Regression parameter estimation result display: First,the technical innovation index of agricultural listed companies ——The research and development expenses,the proportion of R&D expenses and the number of patents have a significant positive correlation with the profitability of the company,indicating that the technological innovation of the enterprise can enhance the profitability of the enterprise.The impact of R&D expenses on revenue is the most significant.Second,the increase in the asset-liability ratio of agricultural listed companies will reduce the profitability of agricultural listed companies.Further threshold regression results show that when the company's asset-liability ratio is higher than 0.5431,the negative effect of the company's asset-liability ratio on corporate profitability is more significant than the asset-liability ratio below 0.5431.China's agricultural listed companies should pay attention to technological innovation and increase investment in research and development.The state should strengthen support for agricultural scientific research innovation and help transform agricultural scientific and technological achievements into actual productivity.Agricultural listed companies should improve their capital and should not blindly pursue excessive asset-liability ratios.The government can also increase support for agricultural companies through discount loan,tax reductions,technical subsidies,etc.,and reduce the cost of using funds for agricultural listed companies.