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| Research on the Impact of Optimal Capital Structure Deviation on Enterprise Innovation |
| REN Haofeng，SONG Yuchen，ZHANG Yanyan |
| 1.Jilin University, Changchun, China；2. Anhui University of Finance and Economics, Bengbu, Anhui, China |
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Abstract This paper takes Chinese A-share listed manufacturing companies from 2008 to 2019 as the research object to explore the impact of deviation of optimal capital structure on innovation level. The results show that optimal capital structure deviation has a significant restraining effect on the quantity and quality of innovation output for both under-indebted and over-indebted firms. Furthermore, it is found that optimal capital structure deviation of over-indebted firms restricts innovation performance by shortening the loan term structure, and this effect is more significant in state-owned enterprises, over-confident firms, highly competitive industries and high-tech enterprises.
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Received: 09 May 2022
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