The Impact of Financing Choices on Innovation Activities

This paper uses the data of GEM listed companies in 2015‐2017 to explore the impact of three financing options: equity financing, debt financing and government subsidies on corporate innovation activities. The study found that equity financing and government subsidies will promote innovation activities of enterprises, while debt financing will inhibit the innovation activities of enterprises. Therefore, improve the government's subsidy policy for enterprise innovation, improve the government's supervision, vigorously develop the equity financing market, reduce the level of leverage of enterprises, increase the innovation of listed companies on the GEM, improve China's independent innovation capability, and promote China's innovation drive. Implementation of the strategy.

關鍵字

Equity Financing ； Debt Financing ； Government Subsidy ； Enterprise Innovation

參考文獻

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Li Huidong , Tang Yuejun , Zuo Jingjing . Using their own money or using other people's money to innovate ? --Based on the research of financing structure and company innovation of Chinese listed companies [J] .Financial Research, 2013(02):170-183 .

Google Scholar

國際替代計量

The Impact of Financing Choices on Innovation Activities

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