Research On The Impact Of Financing Structure On Innovation Efficiency Of Listed Enterprises

With the acceleration of global economic integration,The Chinese economy is in a "new normal" stage characterized by structural optimization,slowing growth and excess capacity.It has become a consensus of all sectors of society to use innovation to drive China’s economic growth.The Chinese government even reaffirmed innovation as the core of the country’s socialist modernization at the Fifth Plenary Session of the 19th Party Congress.As a key player in pulling the country’s innovation capacity,enterprises have been playing the role of leading geese.The development of enterprises’ innovation activities needs a large amount of continuous innovation input,which mainly comes from internal financing,debt financing,equity financing and government subsidy.At the same time,innovation input is a key element in measuring innovation efficiency.How to better meet the innovation funding needs of enterprises to promote their innovation efficiency is a question worthy of continuous exploration and consideration.Therefore,this paper discusses the relationship between financing mode and enterprise innovation efficiency.This paper takes Shanghai and Shenzhen A-share listed companies from 2017 to 2020 as the research object,and empirically evaluates the impact of various financing methods on enterprise innovation efficiency by means of data envelopment analysis,fixed effect and crosseffect regression model.Subsequently,sub-sample regression analysis was conducted based on the classification of firm size,nature of equity and stock market.In addition,this paper conducts robustness tests and endogeneity tests by replacing debt financing measures,sub-sample discussions,and instrumental variables methods.The results showed:Firstly,endogenous financing and government subsidy can significantly improve the innovation efficiency of enterprises,while debt financing and equity financing can inhibit the improvement of enterprise innovation efficiency,and the former has a more prominent inhibition effect.Secondly,In the sub-sample regression,the above conclusions are valid for large-scale,non-state-owned and main board enterprises.However,the promotion effect of internal financing is not significant in small enterprises,and the inhibition effect of equity financing does not exist in small,state-owned and gem enterprises.Finally,Government subsidy have a significant positive moderating effect on the relationship between equity financing and innovation efficiency.Based on the above findings,this paper gives corresponding policy recommendations from three perspectives:state,the government and enterprise.Firstly,the country should deepen reform of the financial sector to create a favorable financing environment.Secondly,the government should provide targeted subsidies to enterprises to stimulate their innovation vitality.Thirdly,enterprises should improve product competitiveness to enhance their own hematopoietic function.Fourthly,enterprises should actively broaden financing channels to achieve diversified financing.