Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China

Qichun Wang; Guosong Wang

doi:doi:10.11648/j.si.20221006.15

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Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China

Qichun Wang, Guosong Wang

Published in Science Innovation (Volume 10, Issue 6)

Received: 9 November 2022 Accepted: 12 December 2022 Published: 15 December 2022

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Abstract

There is a general problem that enterprises in the new generation of information technology have high leverage ratios in our country, therefor, how to improve the relationship between financing structure and innovation investment is an important issue for these companies. This paper takes the companies listed on the Shanghai and Shenzhen A-shares in the field of new generation information technology from 2011 to 2020 as samples, and uses literature review, comparative analysis and empirical analysis to analyze the relationship between the financing structure and innovation investment of enterprises in this field. The empirical analysis results show that the internal financing of enterprises has a significant stimulating effect on the innovation investment, but both equity financing and debt financing of enterprises have a restraining effect on innovation investment. After considering the heterogeneity of the region and the size of the companies, the above conclusions are particularly applicable in the developed eastern area and medium-sized companies; while the financing structure of the less developed regions such as mid-region and western region and other scale enterprises have no significant effect on innovation investment. The research results of this paper have profound policy implications. Under the current economic background, the government should improve the relevant policies of equity financing, create a financing environment conducive to the development of enterprises, and encourage enterprises to focus on long-term interests. As well as, the government also need to optimize the bank's credit model to reduce the entry requirements for obtaining long-term loans. Meanwhile, the direct investment rules of the government should be optimized in the purpose of leading enterprises to independently increase innovations. The conclusion of this paper can provide a certain theoretical support for optimization of financing structure of enterprises in the field of new generation information technology.

Published in	Science Innovation (Volume 10, Issue 6)
DOI	10.11648/j.si.20221006.15
Page(s)	207-213
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

New Generation IT, Financing Structure, Investment of Innovation

References

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Qichun Wang, Guosong Wang. (2022). Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China. Science Innovation, 10(6), 207-213. https://doi.org/10.11648/j.si.20221006.15

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ACS Style

Qichun Wang; Guosong Wang. Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China. Sci. Innov. 2022, 10(6), 207-213. doi: 10.11648/j.si.20221006.15

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AMA Style

Qichun Wang, Guosong Wang. Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China. Sci Innov. 2022;10(6):207-213. doi: 10.11648/j.si.20221006.15

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@article{10.11648/j.si.20221006.15,
  author = {Qichun Wang and Guosong Wang},
  title = {Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China},
  journal = {Science Innovation},
  volume = {10},
  number = {6},
  pages = {207-213},
  doi = {10.11648/j.si.20221006.15},
  url = {https://doi.org/10.11648/j.si.20221006.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20221006.15},
  abstract = {There is a general problem that enterprises in the new generation of information technology have high leverage ratios in our country, therefor, how to improve the relationship between financing structure and innovation investment is an important issue for these companies. This paper takes the companies listed on the Shanghai and Shenzhen A-shares in the field of new generation information technology from 2011 to 2020 as samples, and uses literature review, comparative analysis and empirical analysis to analyze the relationship between the financing structure and innovation investment of enterprises in this field. The empirical analysis results show that the internal financing of enterprises has a significant stimulating effect on the innovation investment, but both equity financing and debt financing of enterprises have a restraining effect on innovation investment. After considering the heterogeneity of the region and the size of the companies, the above conclusions are particularly applicable in the developed eastern area and medium-sized companies; while the financing structure of the less developed regions such as mid-region and western region and other scale enterprises have no significant effect on innovation investment. The research results of this paper have profound policy implications. Under the current economic background, the government should improve the relevant policies of equity financing, create a financing environment conducive to the development of enterprises, and encourage enterprises to focus on long-term interests. As well as, the government also need to optimize the bank's credit model to reduce the entry requirements for obtaining long-term loans. Meanwhile, the direct investment rules of the government should be optimized in the purpose of leading enterprises to independently increase innovations. The conclusion of this paper can provide a certain theoretical support for optimization of financing structure of enterprises in the field of new generation information technology.},
 year = {2022}
}

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TY  - JOUR
T1  - Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China
AU  - Qichun Wang
AU  - Guosong Wang
Y1  - 2022/12/15
PY  - 2022
N1  - https://doi.org/10.11648/j.si.20221006.15
DO  - 10.11648/j.si.20221006.15
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 207
EP  - 213
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20221006.15
AB  - There is a general problem that enterprises in the new generation of information technology have high leverage ratios in our country, therefor, how to improve the relationship between financing structure and innovation investment is an important issue for these companies. This paper takes the companies listed on the Shanghai and Shenzhen A-shares in the field of new generation information technology from 2011 to 2020 as samples, and uses literature review, comparative analysis and empirical analysis to analyze the relationship between the financing structure and innovation investment of enterprises in this field. The empirical analysis results show that the internal financing of enterprises has a significant stimulating effect on the innovation investment, but both equity financing and debt financing of enterprises have a restraining effect on innovation investment. After considering the heterogeneity of the region and the size of the companies, the above conclusions are particularly applicable in the developed eastern area and medium-sized companies; while the financing structure of the less developed regions such as mid-region and western region and other scale enterprises have no significant effect on innovation investment. The research results of this paper have profound policy implications. Under the current economic background, the government should improve the relevant policies of equity financing, create a financing environment conducive to the development of enterprises, and encourage enterprises to focus on long-term interests. As well as, the government also need to optimize the bank's credit model to reduce the entry requirements for obtaining long-term loans. Meanwhile, the direct investment rules of the government should be optimized in the purpose of leading enterprises to independently increase innovations. The conclusion of this paper can provide a certain theoretical support for optimization of financing structure of enterprises in the field of new generation information technology.
VL  - 10
IS  - 6
ER  -

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Author Information

Qichun Wang

School of Economics, Shanghai University, Shanghai, China; Ningbo Innovation Center, Zhejiang University, Ningbo, China
Guosong Wang

School of Economics, Shanghai University, Shanghai, China

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APA Style

Qichun Wang, Guosong Wang. (2022). Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China. Science Innovation, 10(6), 207-213. https://doi.org/10.11648/j.si.20221006.15

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ACS Style

Qichun Wang; Guosong Wang. Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China. Sci. Innov. 2022, 10(6), 207-213. doi: 10.11648/j.si.20221006.15

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AMA Style

Qichun Wang, Guosong Wang. Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China. Sci Innov. 2022;10(6):207-213. doi: 10.11648/j.si.20221006.15

Copy | Download

@article{10.11648/j.si.20221006.15,
  author = {Qichun Wang and Guosong Wang},
  title = {Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China},
  journal = {Science Innovation},
  volume = {10},
  number = {6},
  pages = {207-213},
  doi = {10.11648/j.si.20221006.15},
  url = {https://doi.org/10.11648/j.si.20221006.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20221006.15},
  abstract = {There is a general problem that enterprises in the new generation of information technology have high leverage ratios in our country, therefor, how to improve the relationship between financing structure and innovation investment is an important issue for these companies. This paper takes the companies listed on the Shanghai and Shenzhen A-shares in the field of new generation information technology from 2011 to 2020 as samples, and uses literature review, comparative analysis and empirical analysis to analyze the relationship between the financing structure and innovation investment of enterprises in this field. The empirical analysis results show that the internal financing of enterprises has a significant stimulating effect on the innovation investment, but both equity financing and debt financing of enterprises have a restraining effect on innovation investment. After considering the heterogeneity of the region and the size of the companies, the above conclusions are particularly applicable in the developed eastern area and medium-sized companies; while the financing structure of the less developed regions such as mid-region and western region and other scale enterprises have no significant effect on innovation investment. The research results of this paper have profound policy implications. Under the current economic background, the government should improve the relevant policies of equity financing, create a financing environment conducive to the development of enterprises, and encourage enterprises to focus on long-term interests. As well as, the government also need to optimize the bank's credit model to reduce the entry requirements for obtaining long-term loans. Meanwhile, the direct investment rules of the government should be optimized in the purpose of leading enterprises to independently increase innovations. The conclusion of this paper can provide a certain theoretical support for optimization of financing structure of enterprises in the field of new generation information technology.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Research on the Qualitative Impact of Financing Structure on New Generation Information Technology Enterprises -- Based on the Empirical Test of Listed Companies in China
AU  - Qichun Wang
AU  - Guosong Wang
Y1  - 2022/12/15
PY  - 2022
N1  - https://doi.org/10.11648/j.si.20221006.15
DO  - 10.11648/j.si.20221006.15
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 207
EP  - 213
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20221006.15
AB  - There is a general problem that enterprises in the new generation of information technology have high leverage ratios in our country, therefor, how to improve the relationship between financing structure and innovation investment is an important issue for these companies. This paper takes the companies listed on the Shanghai and Shenzhen A-shares in the field of new generation information technology from 2011 to 2020 as samples, and uses literature review, comparative analysis and empirical analysis to analyze the relationship between the financing structure and innovation investment of enterprises in this field. The empirical analysis results show that the internal financing of enterprises has a significant stimulating effect on the innovation investment, but both equity financing and debt financing of enterprises have a restraining effect on innovation investment. After considering the heterogeneity of the region and the size of the companies, the above conclusions are particularly applicable in the developed eastern area and medium-sized companies; while the financing structure of the less developed regions such as mid-region and western region and other scale enterprises have no significant effect on innovation investment. The research results of this paper have profound policy implications. Under the current economic background, the government should improve the relevant policies of equity financing, create a financing environment conducive to the development of enterprises, and encourage enterprises to focus on long-term interests. As well as, the government also need to optimize the bank's credit model to reduce the entry requirements for obtaining long-term loans. Meanwhile, the direct investment rules of the government should be optimized in the purpose of leading enterprises to independently increase innovations. The conclusion of this paper can provide a certain theoretical support for optimization of financing structure of enterprises in the field of new generation information technology.
VL  - 10
IS  - 6
ER  -

Copy | Download