验证我国目前融资结构调整与公司创新的非线性关系。构建2种融资模式下的创新收益模型，同时基于CSMAR数据库中2007—2011年上市公司样本统计数据，采用系统广义矩估计（SGMM）方法，针对公司创新投入、产出与融资结构的关系进行实证研究。回归结果显示，融资结构与公司创新的关系曲线呈显著的倒U型，我国的融资结构比值明显低于最佳的“拐点值”，融资结构的市场导向有利于公司创新。

This paper verified the nonlinear relationship between financing structure adjustment and corporate innovation.Constructing two types of financing pattern of the innovation income model, which based on the data of CSMAR listing Corporation in 2007-2011,using SGMM regression, the empirical research on the relationship between the input-output of innovation and financing structure. The result expresses that the relationship curve between the financing structure and business innovation shows obvious reversed "U" type, The ratio of financing structure is obviously lower than the best "turning point", and the market orientation of financing structure is beneficial to the corporate innovation .

F830.2；F830.5

国家哲学社会科学基金重点项目、内外向国际化与中国企业创新战略研究、13AJK011；云南省博士学术奖科研资助项目、金融体制与企业技术创新的作用、42111217011