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Academic Journal of Business & Management, 2023, 5(11); doi: 10.25236/AJBM.2023.051119.

Financing Structure and Corporate Innovation of Science and Technology Enterprises—Empirical Evidence from China’s Listed Companies


Hanbing Ma

Corresponding Author:
Hanbing Ma

University of Shanghai for Science and Technology, Shanghai, China


Science and technology innovation boosts the enterprises’ development and also contributes to enhancing national comprehensive strength. This paper mainly discusses the relationship between financing structure and corporate innovation. We select science and technology enterprises in the Chinese A-share market from 2016-2020 as research samples and empirically test the impact of corporate financing structure on innovation inputs. The results of the multiple linear regression reveal that equity financing significantly promotes enterprises' investment in R&D innovation, while debt financing presents a significant inhibitory effect. This paper may have theoretical value and practical significance for science and technology enterprises to conduct R&D innovation.


Corporate Innovation, Equity Financing, Debt Financing, Multiple linear regression

Cite This Paper

Hanbing Ma. Financing Structure and Corporate Innovation of Science and Technology Enterprises—Empirical Evidence from China’s Listed Companies. Academic Journal of Business & Management (2023) Vol. 5, Issue 11: 120-127. https://doi.org/10.25236/AJBM.2023.051119.


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