中文摘要：

本文以2010～2014年的中小板上市公司数据作为研究对象，采用层次回归方法检验假设。研究结果表明：企业的债务结构与成长性有负相关关系，创新投资与中小企业的成长性有正相关关系，并且随着中小企业的创新投资的增加，债务结构对中小企业的成长性的负向影响作用进一步加大。

英文摘要：

Based on the SMEs data from 2010 to 2014 , this paper used hierarchical regression to test hypotheses . The empirical re-sult shows that the debt financing structure has an inhabited effect on the company＇s growth , and R＆D investment has significant positive correlation to the growth of SMEs ;with the increase of R＆D investment , the effect of the debt financing structure on the SMEs＇growth will increase .