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Taking 104 high-tech companies in Jiangsu Province as samples, we collected their data from 2014 to 2016 through questionnaires, studied the relationship between capital structure and firm performance by using panel data model, and examined the impact of high and low input of technological innovation on "relationship". The results show that asset-liability ratio has a significant impact on enterprise performance, and R&D investment is not significantly related to the corporate short-term performance .and has a positive impact on company's future annual profit. The effect of capital structure on enterprise performance to a large extent is greatly improved with the improvement of technological innovation input.

Technological Innovation, Capital Structure and Firm Performance—An Empirical Analysis Based on High-tech Enterprises