改革开放以来，新中国经历了长达 30 年经济迅猛发展的高速增长期，成为了仅次于美国的世界第二大经济大国。近年来，中国经济步入了“新常态”阶段，经济增长趋势开始稳步放缓，科技创新成为中国产业结构转型、经济可持续发展的重要驱动力。企业是国家创新活动的主体，但是相较于一般的要素投入，创新投入的不确定性凸显了其高风险的劣势，等量的资本投入难以确保等量的收益，造成了中小型企业融资困难或融资成本过高。本文主要针对于创业板上市公司的股权融资与企业研发投入及创新绩效的关系进行实证研究， 在提取和筛选了创业板上市公司近年来财务数据后，利用 Stata 软件进行统计分析并构建多元线性回归模型，尽可能全面、显著地解释创业板上市公司股权融资与创新投入及创新产出间的定量关系。研究结果表明：股权融资与企业研发投入呈负相关关系，股权融资的增加可能会抑制企业对技术创新的投入。但研究也同样表明股权融资能有效促进企业创新成果的产出，两者呈正相关关系。针对这一研究结果文末提出了鼓励新兴企业上市融资、优先发展企业创新建设等几点建议。

Since the reform and opening up, New China has experienced a period of rapid growth of 30 years of rapid economic growth, becoming the world's second largest economic power after the United States. In recent years, China's economy has entered the "new normal" stage, and the economic growth trend has begun to slow down steadily. Technological innovation has become an important driving force for China's industrial restructuring and sustainable economic development. Enterprises are the mainstay of national innovation activities. However, compared with the general factor inputs, the uncertainty of innovation investment highlights its high-risk disadvantages. It is difficult to ensure the same amount of income due to the same amount of capital investment, which makes the financing of technical enterprises difficult the capital cost of financing is higher. This paper mainly focuses on the equity financing of listed companies in the GEM and the research and development investment and innovation performance of the company. After extracting and screening the financial data of the listed companies of the GEM, the statistical analysis is carried out by Stata software and the multiple linear regression model is constructed. To explain the quantitative relationship between equity financing, innovation investment and innovation output of listed companies as comprehensively and conspicuously as possible. The research results show that equity financing has a negative correlation with corporate R&D investment, and equity financing will inhibit enterprises' investment in technological innovation. Equity financing can effectively promote the output of enterprise innovation results. In response to this research, several suggestions were proposed to encourage emerging companies to go public and to prioritize the development of enterprises.