Science and technology innovation plays a vital role in the sustainable development of enterprises, and even in the security and sustainable development of a nation. Against the background of China's structural "deleveraging" macro policy, the following two aspects are considered in this research: First, should operating leverage be removed, and how does it affect the innovation investment of enterprises? Second, what will be the impact of the implementation of equity incentives on the relationship between operating leverage and innovation investment? Using a longitudinal panel dataset of Chin...
