Abstract: Corporate technological innovation serves as a core pillar of China's innovation-driven development strategy, while a sound financial structure constitutes a fundamental prerequisite for such innovation activities. As a prominent manifestation of financial structure imbalance, "high deposit and high loan" has not only attracted sustained media attention and regulatory scrutiny from the China Securities Regulatory Commission but also posed significant challenges to firms' technological innovation efforts. However, there is still very little attention and discussion in the academic circles on the "high deposit and high loan". The few existing studies use rigid and rough indicators to measure the "high deposit and high loan". This paper takes China's A-share listed companies from 2007 to 2020 as the research sample. We discuss the impact of the "high deposit and high loan" on corporate technological innovation investment, then analyze the differences of the relationship when macroscopic, mesoscopic and microscopic environments change, and try to reveal the internal path of the "high deposit and high loan" affecting the technological innovation investment of enterprises. The research results show that the "high deposit and high loan" significantly hinders the technological innovation of enterprises, resulting in insufficient investment in innovation. Furthermore, under the circumstances of high economic policy uncertainty, high financial marketization, or no support from a special financial company, the "high deposit and high loan" harms the technological innovation investment of enterprises more seriously. The path analyses show that the increase of going concern risk is the main reason for the "high deposit and high loan" to hinder corporate technological innovation investment.

Key words: high deposit and high loan, going concern risk, financing cost, technological innovation investment