Financing Structure, Innovation Investment and Corporate Performance—An Empirical Study Based on Listed Companies in Emerging Sectors of Strategic Importance

Abstract

Through the use of factor analysis and mediation effects, this paper empirically studies the relationship between financing structure, innovation investment and corporate performance of 150 emerging sectors of strategic importance listed companies in China from 2012 to 2016.The empirical results show that endogenous financing has a significant role in promoting corporate performance; debt financing and equity financing have a negative impact on corporate performance; debt financing and equity financing affect the performance of enterprises by affecting innovation investment.