Study On The Influence Of Financial Structure Of Listed Companies In Software And Information Technology Service Industry On Corporate Value

The industry of software and information technology service is an important part of China's innovation and development,which plays a crucial and supporting role in the national economy development.In recent years,our country has paid close attention and made significant progress in science and technology,the industry of software and information technology service has become the core force that facilitate innovation in science and technology and drives transformation and development in economy.Meanwhile,it also became the core support for the whole country to build a powerful network,so that software and information technology service industry should enhance their enterprises' value in order to meet the higher requirements.The intensity of R&D investment,as an important part of the company's operation,and decision-making strategy is of great significance to the development of enterprises.A large number of research literatures point out that the high developmental cost caused by the unreasonable financing structure is an inevitable reason for the decreasing value of an enterprise.Therefore,improving the financing structure of Listed Companies in China's software and information technology service industry,carrying out effective R&D and innovation activities and enhancing the core competitiveness and operating efficiency are absolutely essential for the sustainable development and enterprises' value promotion.Based on this and the intermediary effect of R&D investment,this paper which analyzes the impact of corporate financing structure on enterprise has far-reaching practical significance.Taking the listed companies in China's software and information technology service industry from 2015 to 2019 as the research objects,this paper uses the methods of factor analysis and multiple regression analysis to explore the impact of corporate financing structure on enterprise value.Based on the mediating effect of R&D investment,this paper constructs the corresponding main effect model and mediating effect model to study the mediating role of R&D investment in financing structure on corporate value.This paper summarizes and analyzes the research status and related theories at home and abroad,putting forward research hypotheses.Secondly,factor analysis is used to measure the corporate value.Next,multiple regression method would be used to explore the impact of corporate financing structure and the mediating effect of R&D investment in corporate financing structure on enterprise value.The conclusions are as follows:internal financing,external financing,government subsidies and enterprise value are significantly positively correlated,in which R&D investment shows a mediating effect;equity financing is significantly negatively correlated with enterprise value,and R&D investment also shows a mediating effect;although debt financing is negatively correlated with enterprise value,R&D investment does not show a mediating effect.According to the empirical results above,this paper puts forward several corresponding suggestions and provides new ideas for the development of the company.