Leader's Risk Preference,leverage Ratio And Enterprise Technological Innovation

Under the era theme of "mass entrepreneurship and innovation",improving the level of enterprise technological innovation is the focus of current economic construction.However,with long cycle of innovation activities and large investment,enterprises need to use the financial leverage of capital to meet the development requirements of enterprise technological innovation activities.Leaders' risk preference determines the risk intensity that enterprise leaders are willing to take,and it is an important factor to guide and promote enterprise technological innovation.In the environment of accelerating technological progress and intensifying market competition,what is the relationship between leverage ratio and technological innovation? Is there an optimal leverage ratio to avoid debt risk while improving the level of technological innovation? What role do leaders' risk preference and leverage ratio play in the process of technological innovation? This paper attempts to make theoretical analysis and empirical research on the mechanism among leaders' risk preference,leverage ratio and enterprise technological innovation.This paper reviews the relevant literature and theories on leader's risk preference,leverage ratio and enterprise's technological innovation.Based on the sample data of Shanghai and Shenzhen A-share non-financial listed companies from 2009 to 2018,this paper analyzes the relationship between leaders' risk preference,leverage ratio and enterprise technological innovation.Firstly,the fixed effect model of leverage ratio and enterprise technological innovation is constructed to study what kind of leverage ratio is conducive to improving the technological innovation ability of enterprises;secondly,the leverage ratio is divided into long-term and short-term leverage ratio,bank lending and commercial credit leverage ratio according to debt types,and the influence of different types of leverage ratio on enterprise technological innovation is studied.Finally,the interaction between leader's risk preference and leverage ratio is introduced to study the interaction between leader's risk preference and leverage ratio on enterprise's technological innovation.This paper draws the following conclusions:(1)there is an inverted U-shaped relationship between enterprise leverage ratio and innovation input and innovation output.When the leverage ratio is low,the enterprise's activity is insufficient and the working capital is too small to maintain high investment and long-term innovation activities,which is not conducive to the improvement of enterprise's technological innovation ability;with the increase of leverage ratio,it can better play the role of financial leverage,tax shield and debt control effect,increase the R&D investment intensity of enterprises and improve the technological innovation ability of enterprises.When the leverage ratio of an enterprise is too large,the financial risk and bankruptcy risk of the enterprise are dominant,which affects the stability of the enterprise and is not conducive to the improvement of the enterprise's technological innovation ability.(2)Compared with short-term leverage ratio,long-term leverage ratio has a long cycle and large amount,which can effectively promote the innovative output of enterprises under reasonable control;the leverage ratio of enterprises is divided into bank lending leverage ratio and commercial credit leverage ratio.Under the current financing environment of China,the bank borrows capital The variety of gold is rich,which can meet the requirements of enterprise innovation activities and improve the technological innovation ability of enterprises.(3)After adding the interaction term of leader's risk preference and leverage ratio,we find that with the increase of leader's risk preference,the increase of leverage ratio will inhibit the enterprise's technological innovation ability.This is mainly because although the risk preference type leaders have increased their willingness to bear risks,are willing to bear a higher level of debt and choose a higher leverage ratio,too high leverage ratio also means the increase of financing costs,financial risk and bankruptcy risk;moreover,the asset liability ratio of enterprises is unreasonable,which affects the stability of enterprises and aggravates the principal-agent problem It is conducive to the improvement of enterprise's technological innovation ability.(4)The paper divides enterprises into high-tech industry group and non-high-tech industry group,and finds that in high-tech industry,both leverage ratio and leader's risk preference have more significant influence on enterprise's technological innovation ability.Finally,according to the above conclusions,this paper puts forward relevant policy suggestions.