Impact of Financing Constraint and Capital Structure on Technological Innovation: A Perspective of Supply-side Reform

Financing constraint is the key factor that restricts the technological innovation of enterprises. Based on supply-side reform, this paper takes the sample of China A-share listed companies in 2008-2015, and uses empirical research to draw some conclusions: financing constraint is negatively associated with technological innovation of enterprises; To avoid higher capital costs, technological innovation activities will reduce debt financing; The impact of capital structure and financial constraint on technological innovation in non-state-owned enterprises is higher than the state-owned enterprises.