Research On The Impact Of Capital Structure And Innovation Input On Business Performance Of Listed New Energy Companies

Under the background of the national "dual carbon" strategy,the Chinese government attaches great importance to the new energy industry and promotes its rapid development.The technological equipment capacity and technological research level of the new energy industry have been significantly improved.The new energy industry is a technology and capital-intensive industry,which needs a lot of capital to promote its research and development and operation,Sufficient financial support and innovation investment are always the necessary conditions for the sustainable development of the new energy industry.Therefore,it is of great significance to study the impact of capital structure and innovation input of new energy listed companies on business performance to improve the performance of new energy companies and promote the sustainable development of the industry.This paper takes the listed new energy companies as the main research object,and based on the relevant theories of capital structure and financial performance,conducts an empirical study on the impact mechanism between the company’s capital structure,innovation investment and business performance.Taking capital structure as an explanatory variable,it is represented by debt structure and equity structure;taking business performance as an explanatory variable,it is represented by 8 financial indicators such as return on total assets,growth rate of total assets,and return on assets;with innovation input as an intermediary variable,which is expressed by the logarithm of the amount of R&D investment;the control variables are expressed by company size and money supply.Select the financial data of listed companies in the new energy industry in Shanghai and Shenzhen A shares from 2015 to 2019 as the research sample,use factor analysis to calculate the comprehensive business performance score,and verify the proposed research by correlation analysis,multiple regression analysis and mediation effect analysis.Finally,the robustness test of the regression results is carried out.The empirical analysis results show that:(1)there is a negative correlation between the asset-liability ratio of listed new energy companies and their operating performance,which indicates that the reduction of the company’s asset-liability ratio has a positive effect on the company’s operating performance;(2)The long-term debt ratio of listed new energy companies is positively correlated with business performance,and the current debt ratio is also positively correlated with business performance;(3)The shareholding ratio of the largest shareholder of new energy companies is negatively correlated with business performance;(4)The shareholding ratio of the top ten shareholders of listed new energy companies is positively correlated with business performance,indicating that when the shareholding is concentrated in a small number of hands,it helps to unify opinions and promote the improvement of corporate performance;(5)Innovation input has a mediating effect on the effect of capital structure on business performance.According to the empirical research results and the development status of China’s new energy enterprises,countermeasures and suggestions are put forward from the following aspects:focusing on market demand,promoting supply-side structural reform,further optimizing capital structure,reducing production costs,focusing on scientific research innovation,and improving policy system.