| Technological progress and innovation are the important support for the development of productivity.Scientific and technological competition is the key to the competition of comprehensive national strength.In order to promote the socialist modernization construction of our country,realize the sustainable development of economy,and seize the opportunities of future development,building an innovative country has become an inevitable choice for our country.Enterprises are the main body of innovation activities.As the largest part of enterprises,SMEs' innovation activities and their own business development will have an important impact on China's future economic development.At present,the innovation of small and medium-sized enterprises is facing the dilemma of immature internal intellectual property management system,low investment in innovation,imperfect social security system and Imperfect Patent Value Evaluation system.Among them,financing dilemma occupies a very important position.Therefore,it is of great practical significance to study the financing structure,innovation investment and operation performance of SMEs.This paper sorts the relationship among financing structure,enterprise innovation investment and enterprise performance.Based on the analysis of financing structure theory,innovation theory and enterprise performance theory,we take 378 companies listed on SME board as samples.And we collect their data from 2011 to 2017 through Wind and CSMAR.Then,the empirical analysis is made in three aspects by factor analysis: the impact of financing structure on enterprise innovation investment,the impact of enterprise innovation investment on enterprise performance,and the moderating effect of enterprise innovation investment on financing structure and enterprise performance.The results show that the financing structure will affect innovation investment of SMEs,but the impact of different financing modes on innovation investment is different.For small and medium-sized enterprises in China,government subsidies play the most obvious role in promoting innovation investment,followed by commercial credit financing,endogenous financing and bond financing.Innovation investment has a significant inhibitory effect on current corporate performance.On the basis of improving enterprise performance by endogenous financing,innovation investment can expand the role of endogenous financing in promoting enterprise performance.At the same time,innovation investment will weaken the inhibition of debt financing on corporate performance. |
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