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由于股权融资和债务融资各自存在的代理成本和治理效应,企业融资结构会对企业绩效产生直接影响。同时,企业持续发展需要进行创新,建立在企业创新的资产专用性和信息不对称的基础上,在企业融资结构影响企业绩效的这一过程中,企业创新发挥着重要的调节作用。本文选取我国首个创建国家创新型城市试点市广东省深圳市在全国第三次经济普查中采集的工业企业全样本数据,通过因子分析和调节效应检验发现,企业创新在融资结构影响企业绩效的关系中发挥重要的调节效应,其创新投入和创新产出皆为半调节变量,均正向调节融资结构和企业绩效的关系。同时,创新投入和创新产出对股权融资、债务融资分别与企业绩效关系的调节作用并不相同。
Due to the existence of agency costs and governance effects of equity financing and debt financing, the corporate financing structure will have a direct impact on business performance. At the same time, the sustainable development of enterprises needs to be innovated, and based on the asset specificity and information asymmetry of enterprise innovation, enterprise innovation plays an important regulatory role in the process that the enterprise financing structure affects enterprise performance. This paper chooses the first sample of industrial enterprises in Shenzhen, which is the pilot city of national innovation city in Shenzhen, Guangdong province, collected in the third national economic census. Through factor analysis and adjustment effect test, it is found that the innovation of enterprises affects the performance of enterprises The relationship plays an important regulatory effect, and both innovation input and innovation output are semi-adjusted variables, all positively adjusting the relationship between financing structure and business performance. At the same time, the effects of innovation input and innovation output on the relationship between equity financing and debt financing and enterprise performance are not the same.