本文深入探讨了股权再融资与企业创新之间的关系。基于对现有文献的系统分析和审视，研究提出了五个创新性假设，旨在阐释股权再融资对企业创新的影响机制。本文以2010-2020年中国A股上市公司作为研究样本，采用定量方法探讨了股权再融资行为与企业创新之间的动态关系，并考虑了企业异质性及不同股权再融资方式的差异性。实证分析结果表明，股权再融资对企业技术创新具有显著的正向效应，其中定向增发在促进创新投入和创新成果方面被识别为最有效的机制。该正向效应在非国有企业和技术密集型行业中尤为显著，创新量化指标在非国有企业和高技术行业中显著增加，表明所有权结构和行业特性在股权再融资与创新关系中扮演着重要的调节角色。此外，论文还进一步探讨了针对核心技术人员的股权激励以及管理层持股比例作为关键中介变量，通过优化公司治理结构或降低代理成本，显著促进了创新活动。基于研究结论，本文为企业管理层和政策制定者提出了针对性建议。建议企业应战略性地运用股权再融资工具，尤其是定向增发，以提升创新成果的转化效率。对于政策制定者，建议简化股权再融资流程，推广股权激励计划，并加强人力资本和基础设施建设，以支持研发和创新活动，特别是在高新技术产业领域。

This dissertation investigates the complex interrelations between equity refinancing behaviors and their consequential impact on corporate innovation. An extensive review of the current literature, combined with the development of five novel research hypotheses, sets the stage for a meticulous analysis of equity refinancing‘s impact on firms‘ innovation. Employing an expansive dataset from A-share listed companies on the Shanghai and Shenzhen stock exchanges over the period 2010 to 2020, this study clarifies the dynamics between equity refinancing and innovation. This clarification is achieved by examining the heterogeneity among firms and the differential effects of diverse equity refinancing methods.Key findings from the empirical analysis reveal that equity refinancing substantially enhances corporate innovation, with private placements identified as the most effective mechanism in fostering both innovation input and output. This phenomenon is especially evident in Non-State-Owned Enterprises (NSOEs) and sectors characterized by high technological intensity. Specifically, the innovation metrics increase significantly in NSOEs and high-technological sectors, underscoring the critical roles of ownership structure and industry type in moderating equity refinancing‘s impacts on innovation. The study further explores the importance of equity incentives for key technical personnel, alongside the Management Stockholding Ratio (MSR), as mediating variables. These factors remarkably contribute to the enhancement of innovation performance by either fortifying corporate governance structures or mitigating agency costs.In light of these insights, strategic recommendations are extended to both corporations and policymakers. Corporations are advised to strategically utilize equity refinancing, with a focus on private placements, to fuel their innovation capabilities. This strategy should be complemented by crafting equity incentive schemes that align key personnel’s interests with firms‘ innovation objectives, thereby fostering a culture of innovation. Meanwhile, policymakers are encouraged to simplify equity refinancing regulations and to foster policies that promote equity incentives, human capital development, and infrastructure investment, thereby bolstering R&D and innovation, particularly in the high-technology sector.This thesis contributes to the burgeoning body of knowledge on the interplay between corporate finance mechanisms and innovation, offering a comprehensive understanding of how equity refinancing can serve as a lever for technological advancement and economic growth. It underscores the need for sophisticated financial strategies and informed policy measures in fostering a conducive ecosystem for sustained innovation.