Research On The Path Of The Impact Of Capital Market Opening On Enterprise Innovation ——Taking Company Z As An Example

China’s capital market opening and reform has achieved remarkable results in recent years and has made considerable progress.Since the launch of the “Land-Port Connect” project,the accumulated capital inflow has reached nearly one trillion yuan,which has provided huge financial support for the development of domestic enterprises,and has steadily promoted the increase in the convertibility of financial transactions and the convertibility of capital projects.Both cross-border capital mobility and the promotion of the internationalization of the RMB are of indelible significance.The launch of this project brings China one step closer to the realization of full financial opening up,and is a bridge and link for high-quality connections to domestic and foreign markets.At the same time,"taking enterprises as the main body,in-depth marketization and integration of production,education,research and application as the standard for building a technological innovation system" is also the national will and the direction of further reforms conveyed by the 19 th National Congress of the Communist Party of China.Enterprises transform science and technology into productivity.Pillar,strengthening corporate R＆D innovation is the main task of China’s innovation strategy.The factors that affect enterprise R＆D activities have also become a hot issue that academia is generally concerned about and has been researched.This leads to two questions that this article wants to explore,that is,whether capital market opening can promote enterprise innovation and the path through which capital market opening affects enterprise innovation.Most of the existing literature on the impact of capital market opening on enterprise innovation uses empirical research methods,selects large samples to establish models,and controls other variables,thus deriving the relationship between capital market opening and enterprise innovation.However,due to the lack of specific enterprise innovation Case studies,in which the specific path of capital market opening affecting enterprise innovation is difficult to reflect,and there are certain limitations.This paper adopts a case study method,combined with the institutional background of capital market opening,the industry background of land-to-port high-tech enterprises and related theories,and selects the Shenzhen-Hong Kong Stock Connect target enterprise-Z enterprise as the research object.The relevant data of financing and R＆D decision-making are analyzed to explore the specific path of the impact of capital market opening on enterprise innovation,and from the perspective of the government and the enterprise,suggestions for future development are put forward from the perspective of reality.The following are the research conclusions of this article:（1）The opening of the capital market can significantly promote the improvement of the innovation level of enterprises;（2）The opening of the capital market can increase the R＆D investment and expand the scale of R＆D;reduce the credit dependence of enterprises and increase the scale of debt financing;Enhancing corporate information transparency and governance,and fully mobilizing management’s willingness to innovate,to promote the improvement of corporate innovation.