关键词: 资本结构, 产权性质, 企业创新, 静态面板门槛模型

Abstract:  This paper explores the impact mechanism and effect of capital structure and property right on enterprise innovation，using the panel data of Chinese nonfinancial listed enterprises from 2008 to 2018 as the research sampleIt is found that there is an optimal range of nonoperating leverage，and the effect of capital structure on enterprise innovation is different due to the nature of property rightsThat is，in the optimal range，increasing nonoperating leverage can improve innovation output without affecting innovation investment and innovation risk，while nonstateowned enterprises are more suitable to increase leverage and significantly improve innovation outputTherefore，this paper puts forward some policy suggestions，such as optimizing the capital structure of enterprises，improving the allocation efficiency of credit resources of stateowned enterprises and effectively alleviating the financing constraints of private enterprises

Key words: capital structure, nature of property rights, enterprise innovation, threshold model of static panel