Relationship Between Capital Structure,Business Model Innovation And Growth Firms

Gem in line with the strategic goal of the development of an innovative country,it is the benchmark of small and medium-sized companies.There was 6 years since October 2009 launch of GEM,during this period,there were development and problems.At 2014,three companies received a delisting warning,this is the gem appeared for the first time to suspend the listing of the case.From Wande database statistics,we can know poineering work board the company stock holding rate is very low.How to solve the board of the company's growth of entrepreneurship has becomed an important topic.This doctorate uses the capital structure index,the listing Corporation announced the financial indicators,from the perspective of resource based theory,analy influence of the different capital structure on growth and strategic decision in the company.On the basis of the shareholders put all resources category and the relative importance of participating in corporate governance and value creation process.This has depened the understanding on the nature of the shareholders to shareholders,but also to expand the understanding.Shareholders is both the resource provider and resource manager,has a dual identity shareholders play an important role in the process of the value of the company;shareholder investment company resources including financial resources including non financial resources,characteristics of non financial resources have a greater effect the shareholder management role.Based on this,the research on the role of shareholders in corporate governance,should not only look at the financial income from the shareholders' And supervisor,but should see their participation in management and strategy formulation of value creation role;understanding of shareholder's heterogeneity,also should not only limited to the shareholding ratio of different,and should be paid more attention to,behind the shareholder of resource heterogeneity of shareholder governance and value creation ability.This is in gem research of capital structure,it is necessary to update the view based on the perspective of resources.The analysis of the company's capital structure on the growth,company business mode innovation,how to through business model innovation affect the company's growth.Because capital structure shows the composition of shareholders of the company,therefore affecting capital structure is the choice of company strategy.Only strategy is the key factors that influence the growth and survival of the company,so the innovation of this thesis from the perspective of business model innovation of study capital structure and growth mechanism.In the fourth,the fifth chapter,the sixth chapter respectively from two aspects of theoretical and Empirical Study on the relationship between variables.Firstly,ownership concentration degree,the regression coefficient and the growth of the concentration of positive equity,but not significantly,from the perspective of resource based theory,when ownership concentration will reduce the diversity of enterprise resources but,because of shareholder concentration makes the enterprise master in the hands of a few big shareholders,big shareholders invested more resources,not only a large number of investment is more important to put a lot of non-financial resources in financial resources,has the master spirit,also from the agency theory of ownership concentration will improve the control rights of shareholders,the company the strategy is more inclined to long-term returns,rather than increased short-term profits.Secondly,the financing problem,the company can not make full use of short-term financing,short-term financing also exists with when being pulled out,resulting in a risk of eye died.While the long-term debt financing can make up for the lack of long-term development of the enterprise funds,debt pressure is small,the risk is relatively small,the raised capital is permanent,there is no fixed dividend burden,so long-term liabilities are conducive to the development of enterprise sustainable strategy,enterprise growth.Finally,introduction of business model innovation.Ownership concentration through the growth of the company can influence the growth of GEM Listing Corporation.Ownership concentration reflects the shareholder decision-making,so affect the company's business model innovation strategy choice,which in turn affects the growth.The more concentrated ownership,the higher the degree of business model innovation,business model innovation,higher degree of higher growth in the end.Put forward specific suggestions and inspiration for future development of the GEM market in view of the current situation of China's GEM Listing Corporation:(1)stake in the company should be set in a party The increase of the ownership of shareholders,increase financial capital investment,in addition to avoid a large number of small shareholders hitchhike phenomenon,finally conducive to the control of managers,makes the enterprise decision-making is established on the basis of sustainable development.(2)the company debt,short-term debt as much as possible not to frequent,is unfavorable the company's innovation and growth,if the strategic decision is the innovation of business model,the company's development philosophy is sustainable development,so enterprises should choose long-term debt in the choice of debt financing.(3)developing business model innovation,enterprises should not be fixed on the organizational inertia and business model,business model should always be the innovation of preparation.Companies should be the pursuit of economies of scale,but also the pursuit of the development of independent business small and beautiful,to the independent business unit full decentralization,entire firm can not be restricted,not Enough to conduct business model innovation.