Research On The Influence Of Enterprise Financing Structure On Scientific And Technological Innovation

As the economic development and competition among countries are increasingly reflected in the level of scientific and technological innovation,in order to maintain stable and healthy economic development and achieve great rejuvenation,China must improve the scientific and technological innovation ability of domestic enterprises and break through the state that key technologies are stuck.However,scientific and technological innovation is a work with long cycle,large investment and high risk.It is difficult for ordinary enterprises to rely on their own funds for long-term support.The launch of the science and innovation board in 2019 has become the fundamental way for science and innovation enterprises to solve capital problems.Although the sci-tech innovation board provides convenience for sci-tech innovation enterprises to finance social funds,the arrangement of enterprise financing structure directly affects the adequacy and stability of funds required for scientific and technological innovation,and then affects the sustainability of innovation.Therefore,it is particularly urgent to study the impact of the financing structure of science and innovation enterprises on scientific and technological innovation.This paper selects 99 enterprises listed on the science and innovation board as a sample,collects their relevant data from 2020 to 2021,and constructs a model.The empirical results show that there is a positive correlation between endogenous financing,equity financing and venture capital and scientific and technological innovation;Debt financing has a negative correlation with scientific and technological innovation;Among them,venture capital and endogenous financing have the most obvious effect on promoting scientific and technological innovation,and debt financing has a weak inhibitory effect on scientific and technological innovation.According to the theoretical analysis and empirical results,science and innovation enterprises should try to increase the proportion of internal financing.In the case of limited internal financing,they should increase the investment in introducing venture capital,and the state should tilt its policies in order to introduce venture capital investment.Finally,according to the theoretical analysis process and empirical test results,this paper mainly from the following aspects: enterprises should improve the proportion of internal financing and optimize the financing structure;The state should strengthen the support of equity financing and deepen the reform of securities market;The government should improve the supervision of venture capital and the entry and exit mechanism,and put forward improvement suggestions,which can be used for reference to relevant enterprises and governments.Due to the limitations of empirical conditions,the article will have some limitations.Finally,this paper puts forward the research prospect,hoping to build a more perfect science and innovation board database,improve the existing model and consider the impact of government financial subsidies and their indirect effects on the scientific and technological innovation of high-tech enterprises,so as to more comprehensively and deeply study the impact of the financing structure of science and innovation board listed enterprises on scientific and technological innovation.