| Technology companies are important to enhancing international competitiveness of a country. To achieve this goal, technology must be integrated with capital properly. In the development of technology companies, there are two questions to be solved: one is how to get money, the other is how to make full use of the money. Though these two questions exist all through the lifetime of technology, they display different characteristics and need different resolutions. This dissertation analyzes how technology companies financing and the capital structures in start-up period, growing period and mature period quantitatively. And the dissertation also analyzes how the financing behaviors affect the investment decision of technology companies. To maximize the value of the company, the dissertation put forward corresponding resolutions in different periods.Chapter 2 is a survey of capital structure theory. Capital structure theory can be divided into agency cost theory, asymmetric information theory and financial contract theory. This chapter is the theoritical foundation of the dissertation. Chapter 3 analyzes the financing characteristics of start-up technology company. The main financing resource for this period is private equity especially venture capital. The major activity of this period is R&D. Because of high risks of R&D activities, investors may terminate the cooperation with entrepreneur too early, bringing underinvestment problem. On the basis of quantitative analyzation and Matlab simulation, the author points that long-term equity contract can resolve the problem well. However, for China, due to the underdevelopment of venture capital industry, the government play an important role in enterprise innovation investment. Because of soft budget of government, much money are wasted in the bad projects. The author believe that debt contract is much better to government which act as investor to innovation enterprise.Chapter 4 goes to the problem faced by growing period of technology company ------overinvestment. When a technology company enters growing period, its major task is to commercialize R&D fruit. At this period, debt is a major financing resource for technological company. According to capital structure theory, debt will stimulate overinvestment phenomenon. So technological company will take more risks when commercializing R&D fruits. Taking the R&D commercialization decision as an real option, the author point that debt with a call option can alleviate the problem.Chapter 5 points that when technological company enters into maturing period, it will go to public market to get money. According to asymmetric information theory, the information known by outside investors is much less than insiders. This will result in depreciation of securities price, then produce underinvestment problem. The author gives a securities design framework to resolve the problem. This chapter also study the dividend policy of listed China technological companies.Chapter 6 is the empirical study of capital structure of listed Chinese technological companies. I found that earning capacity, asset characteristics, groth potential etc. affect capital structure obviously. But the affecting direction is different from the abroad study results. |
