Innovation leads the long-term development of enterprises.Under the current downward market economy,tightening macro environment and systemic risks,the real economy cannot innovate without the sup-port of capital,and innovation also means to bear greater operational risks.Equity financing is prone to go bankrupt in external financing,and bank credit is restricted by mortgage conditions,this paper takes the panel data of A-share listed enterprises from 2014 to 2020 as A sample to empirically test the impact of com-mercial credit financing on enterprise innovation and the transmission effect of risk-taking level.It is found that commercial credit financing can promote enterprise innovation input and output,but commercial credit financing will reduce the level of risk bearing,and the level of risk-taking will realize a negative intermediary role between commercial credit financing and enterprise innovation.This paper puts forward the following suggestions:Optimize the supply chain structure to obtain more commercial credit financing;Multi-track competition enhances the risk-taking level of enterprises;We will support the development of the real economy and improve our capacity for independent innovation.
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