Research On The Influence Of Financing Structure On The Innovation Ability Of Manufacturing Enterprises

Enterprise innovation capability includes innovation input capacity and innovation output capacity,which is the key support for enterprises to maintain market competitive advantage.The financing structure can have an impact on the innovation ability of enterprises in the input link of innovation resources and the output link of innovation achievements,so it is very important to find the optimization path of financing structure for the improvement of innovation capability of manufacturing enterprises.This paper analyzes the specific mechanism of the influence of financing structure on the innovation ability of manufacturing enterprises,which provides theoretical support for innovation-driven financing structure arrangement.This paper combs the relevant literature on the impact of financing structure on enterprise innovation ability,analyzes its mechanism,and makes an empirical test,and draws the following conclusions:(1)using the method of factor analysis,the comprehensive measurement of the innovation capability of manufacturing enterprises is taken as the explained variable,and the endogenous financing rate and equity financing rate are selected as the core explanatory variables to establish the benchmark model of the impact of financing structure on enterprise innovation ability.After testing,we finally choose to use the fixed effect model,and the results show that endogenous financing,equity financing and government subsidies have a positive effect on the innovation ability of enterprises,while debt financing has an inhibitory effect on the innovation ability of enterprises.Furthermore,the lagging item of innovation ability is introduced to do dynamic analysis,and the results show that there is convergence in enterprise innovation ability,and there is a lag effect in debt financing to restrain the improvement of enterprise innovation ability.(2)compare the reasonable value interval and the realistic mean value of each financing structure variable,and analyze the feasible ways to improve the innovation ability of manufacturing enterprises.The results show that there is still much room for increase in the endogenous financing rate and equity financing rate;the debt financing rate has exceeded the reasonable range,and the scale of debt financing should be reduced;government subsidies are located in the unreasonable range of squeezing out equity financing to enhance innovation ability.government subsidies should be increased to strengthen the effect of equity financing to enhance the innovation ability of enterprises.(3)based on the sub-sample regression from the perspective of enterprise life cycle,the results show that endogenous financing can only promote the innovation ability of enterprises in the mature stage,while debt financing can inhibit the innovation ability of manufacturing enterprises in both the growth stage and the mature stage.and the inhibitory effect is the strongest in the mature stage.Equity financing can promote the innovation ability of manufacturing enterprises in the growth and mature stage,and the promotion effect is the strongest in the mature stage;government subsidies have a great crowding-out effect on the equity financing of mature enterprises.(4)based on the sub-sample regression from the perspective of market concentration,the results show that equity financing and government subsidies promote the innovation ability of manufacturing enterprises under low market concentration,while debt financing plays the opposite role;under high market concentration,endogenous financing,equity financing and government subsidies significantly promote the improvement of enterprises’ innovation ability,but the inhibitory effect of debt financing does not exist.Government subsidy has a great crowding-out effect on the equity financing of enterprises wih low market concentration.To sum up,suggestions are as follows:(1)Manufacturing enterprises should expand the scale of endogenous financing and equity financing,control the debt financing rate within a reasonable range,and realize a virtuous circle between innovation input and output(2)while increasing the scale of government subsidies,we should pay attention to the efficiency of subsidies,increase the preference for enterprises in the growth period and enterprises with high market concentration.(3)optimize the financing structure according to the life cycle stage and market concentration environment of manufacturing enterprises.