| China's economy has gradually developed into an indispensable part of the world economy,but this development is mainly based on high savings and high investment,which has also brought some new problems to the Chinese economy.Therefore,in order to build a scientific development model,our country formally puts forward the development strategy with innovation as the internal driving force,and the 18 th National Congress of the Party affirmed the importance of innovation from the national strategic level.As a carrier of high and new technology,small and medium-sized sci-tech enterprises play an important role in promoting the development of national economy,expanding employment opportunities,innovating in science and technology,adjusting and upgrading the industrial structure and so on.However,SMEs still face narrow financing channel,high financing cost and high financing threshold.For the small and medium-sized science and technology enterprises,they often need more funds to support their rapid development in their initial stage,but the objective problem of insufficient financing seriously re stricts the good development of the small and medium-sized technological enterprises.The efficiency of market-oriented transformation of its innovative achievements is low.In response to the Party's strategic plan,it is necessary to deeply study the financing problem of small and medium sized enterprises in science and technology.It is necessary to carry out the whole process of research in the context of its development,so that sufficient funds can be guaranteed to support its development at different stages of the small and medium sized and technological enterprises.The research work in this paper is divided into three steps:First of all,through theoretical analysis and empirical analysis,this paper analyzes the capital structure and financing factors of small and medium-sized technological enterprises.In theory,this paper considers all kinds of financing constraints and the corresponding financing cost of science and technology small and medium-sized enterprises,and finds that the capital structure of science and technology small and medium-sized enterprises is determined by their financing structure.There are a variety of factors that affect the financing methods.This paper mainly considers the influence factors of the micro level of enterpri ses,among which the main factors include the size of the enterprise,development potential,profitability,solvency,asset ratio and so on.Based on the results of theoretical analysis,190 scientific and technological SMEs listed in China are listed in this paper.In order to study object,adopt empirical research method to carry on regression analysis,and obtain the following regression analysis result: 1,on the influence factors of asset structure,enterprise scale,development potential,The ratio of tangible assets and the liquidity of equity are positively correlated with them,while the negative correlation factors with the structure of assets are mainly profitability,solvency,etc.Internal accumulation level et al.Significant level Test results Bo Ma,among the factors affecting the enterprise's asset-liability ratio,the tangible assets ratio showed the lowest significant level.This result shows that for the small and medium-sized technological enterprises,there are: The influence of form-assets ratio is not so great.There is a special relationship between the influence factors and the asset-liability ratio,which is a kind of special nonlinear relationship.Using the latest data of SMEs listed companies,this paper demonstrates the influencing factors of the financing structure of STSMEs.Then,this paper studies and analyzes the optimal capital structure and the direction of capital structure adjustment of S & T SMEs.Based on the theory of dynamic capital structure,this paper establishes a dynamic adjustment model of capital structure for small and medium-sized technological enterprises.Based on the comparison of dynamic adjustment model and static model of capital structure,this paper makes an empirical analysis on 190 S & T SMEs listed in China,and verifies the validity of dynamic capital structure theory in explaining the capital structure of S & T SMEs.Through the dynamic adjustment model test,it is found that the scale,growth and circulation of the enterprise are all positively correlated with the optimal capital structure,and the internal accumulation is also found.The level,non-debt tax shield and solvency are negatively related to the optimal capital structure,in addition,there is a positive correlation between the size of the enterprise and the growth of the enterprise and the adjustment rate of the capital structure of the small and medium-sized technological enterprises.There is a significant negative correlation between the deviation from the optimal capital structure and the adjustment rate of the capital structure of the small and medium-sized technological enterprises.The empirical results show that the dynamic capital structure theory has a higher applicability to the small and medium-sized technological enterprises,and the analysis of the adjustment speed also reflects the financing situation of the small and medium-sized technological enterprises.Finally,the paper discusses the scientific and reasonable capital structure optimization scheme of science-and-technology-based small and medium-sized enterprises.The more active and effective scheme is to adjust the capital structure through various kinds of financing instruments.From the angle of capital structure adjustment,the financing instruments are mainly two kinds of capital structure adjustment ways: debt adjustment and equity adjustment.Based on the empirical model and the empirical analysis of 190 sci-tech SMEs listed in China,the factors affecting debt adjustment and equity adjustment are obtained.At th e same time,since debt adjustment and equity adjustment have the same capital structure adjustment objectives,but in different directions,This paper innovatively analyzes the variables which are significant in both ways.The results show that there is a significant positive correlation between enterprise size,growth and debt adjustment and equity adjustment,a significant negative correlation between debt repayment ability,internal accumulation and debt adjustment,and a significant positive correlation with equity financing.The optimal capital structure deviation has a significant positive correlation with debt adjustment and a significant negative correlation with equity financing.A positive answer is given to the question whether the optimal capital structure has a significant impact on the choice of the capital structure adjustment mode of the small and medium-sized technological enterprises.On the basis of the previous research achievements and the theory of capital structure,this topic makes a thorough study of the capital structure and adjustment mode of the small and medium sized and small enterprises of science and technology.The main conclusions are three main conclusions: 1.Through the analysis of the microcosmic factors of the capital structure of the technology-based small and medium-sized enterprises,the main influence of the capital structure of the enterprises is obtained.Factors;2,based on the dynamic capital structure theory,the dynamic adjustment model of capital structure of technology-based SMEs is constructed,and the applicability of the dynamic capital structure in the medium and small enterprises of science and technology is verified.Through the analysis of the adjustment speed,the financing situation of the small and medium-sized enterprises of science and technology is confirmed.3,through the scientific and technological type.The research and analysis of the debt adjustment and equity adjustment of the capital structure of small enterprises prove the influence of the optimal capital structure on the capital structure adjustment of enterprises,and analyze the logic behind the choice of debt adjustment and equity adjustment. |
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