管理者风险偏好、企业技术创新投入与杠杆率

he article analyzes the financial data of Shanghai and Shenzhen A-share listed companies from 2015 to 2019，and discusses the influence of managers\' risk appetite and enterprise technological innovation investment on leverage ratio. The empirical results show that there is a positive correlation between managers\' risk appetite and corporate leverage; corporate investment in technological innovation has a negative correlation with leverage，and managers\' risk appetite will strengthen this negative correlation. In addition，based on the perspective of corporate heterogeneity，this article analyzes and researches different types of companies from the perspective of the industry to which they belong. The empirical results show that the impact of technological innovation investment and managers\' risk appetite on leverage in high-tech enterprises is weaker than that in non-high-tech enterprises. At the same time，in both types of enterprises，managers\' risk preference will strengthen the negative correlation between technological innovation investment and leverage，and this strengthening effect is more obvious in non-high-tech enterprises.