Abstract：A two-stage mathematical model of the relationship between financing structure,information technology and innovation ability is constructed under the unified framework.Based on the panel data of Chinese listed companies from 2008 to 2018,the negative binomial panel mediating effect model is used for empirical test,and the heterogeneous influence of ownership and industrial technology is investigated.The research shows that debt financing and debt-equity ratio restrain innovation output through research and development input and show some intermediary effect,among which high-tech enterprises are not good at using debt financing for innovation.In contrast,equity financing has a positive effect on quality innovation.In addition,state-owned enterprises and private enterprises have their own advantages in debt financing and equity financing respectively.The improvement of information technology level can effectively promote innovation output,but there are some limitations in high-tech enterprises.At the same time,information technology can alleviate the restraining effect of debt financing on innovation output,and strengthen the promoting effect of equity financing on high-quality innovation.This paper provides a certain theoretical basis and inspiration for China's financial supply-side structural reform and“Internet +”strategy-driven innovation and development.
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