Abstract:Combined with classification model and regression model, the path and influencing factors of technological innovation of leading listed companies are studied. A two-dimensional model is constructed according to the intensity of innovation expenditure in different directions, and the technological innovation paths of leading listed companies are divided into independent innovation paths, introduced innovation paths and composite innovation paths. Then, a multiple linear regression model is used to analyze the key factors affecting the technological innovation investment of enterprises, and made relevant recommendations based on the results of the analysis. The results show that most leading enterprises have chosen the path of independent innovation, and the awareness of independent innovation in traditional industries and some large state-owned leading enterprises still needs to be improved. Profitability, degree of internationalization and government subsidies are significantly positively correlated with the innovation input of leading listed companies, while the level of debt is significantly negatively correlated. The degree of internationalization and government subsidies have a greater impact on manufacturing companies.