The Influence Of Debt Structure On Enterprise Innovation

Innovation can promote the sustainable growth of China’s economy.With the implementation and development of the "fourteenth five year plan",China has placed innovation construction at the commanding height of the national development strategy,and it will also play a more important role in the process of China’s modernization.As the most dynamic and important subject of national innovation activities,the progress of enterprise innovation is of great significance to the construction of national innovation.Since the 21st century,a number of high-tech enterprises have emerged in China.These enterprises have increased R&D investment in their respective business areas,and some of them have made leading scientific research achievements,which also provide a strong guarantee for the rapid development of China’s economy.Under the background of China’s growing economic aggregate,the slowdown of economic growth has become a new development trend.It is of great significance to study how to further enhance enterprise innovation under the macro background change.Debt financing is the key source of funds for enterprises,so it plays an important role in the development of innovation activities.The existing research on corporate debt mostly focuses on the overall debt level,and the research on the internal structure of debt is relatively insufficient.Debt can be divided into long-term debt and short-term debt according to the term,and can be divided into bond financing,bank loans and commercial credit according to the type.They have different properties in terms of term and cost,so different debt structures have different effects on enterprise innovation.However,the current research on the impact of debt structure on enterprise innovation has not reached a unified conclusion,nor has the term structure and type structure been integrated into a framework.Based on the existing research,this paper comprehensively analyzes the impact of debt structure on enterprise innovation.Firstly,the existing literature is summarized,and the theories of term mismatch and agency cost are summarized and analyzed.Then,based on the perspective of term and type,this paper explores the relationship between debt structure and enterprise innovation,and puts forward the hypothesis that long-term debt and bond financing can better promote enterprise innovation;Further study the impact of debt type structure on debt maturity structure,point out that there is a positive relationship between bond financing and long-term debt,and find that agency cost has a moderating effect in the process of debt structure affecting enterprise innovation.Then select the data of China’s listed enterprises from 2011 to 2020 as samples,establish a panel two-way fixed effect model to test the correctness of the hypothesis,use the twostage least square method(2SLS)to solve the endogeneity in the model and replace the explained variables to improve the reliability of the conclusion.Finally,the conclusion of the study is summarized,and suggestions are made to the government and enterprises to promote enterprise innovation through reasonable adjustment of debt structure.