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| Enterprise Innovation & Dynamic Adjustment of Leverage |
| Li Yichao,Xu Ting |
| (School of Finance， Zhejiang Gong Shang University，Hangzhou 310018，China) |
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Abstract Based on the unbalanced panel data of listed companies in Shanghai & Shenzhen stock markets from 2008 to 2017, this paper comprehensively analyzes the dynamic relationship between enterprise innovation & leverage adjustment from the two dimensions of R&D efficiency & innovation output.The empirical results show that: in terms of the adjustment effect, high R&D efficiency & high innovation output are conducive to the downward adjustment of the leverage of enterprises.The heterogeneity of enterprise ownership will not change this leverage adjustment effect, but it shows obvious asymmetry, that is, the adjustment effect of state-owned enterprises is more prominent.In terms of acceleration effect, with the improvement of R&D efficiency & innovation output, the decline rate of leverage accelerates, state-owned enterprises are more sensitive to the acceleration effect of R&D efficiency, while non-state-owned enterprises are more sensitive to the acceleration effect of innovation output.
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Received: 08 May 2019
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