Research On Financing Strategy And Capital Structure Of China's Sci-tech Enterprises

After 40 years of rapid economic growth through reform and opening up,China's economy has stridden into the "new normal",with the engine of growth starting to shift gears and the economic development model stepping into a new stage where drive powered by innovations is advocated to replace drive powered by factors and innovation and entrepreneurship are called to stimulate social vitality.Vigorous promotion on the development of new and high technology industry,driven by scientific and technological innovation,to promote supply-side structural reform and implement industrial structure transformation and upgrading with a final target to transform China's economy from one of high-speed growth to one of high-quality development is a major strategic task facing China's economic development and social progress.Sci-tech enterprises are the important carriers of the development of national high-tech industry and the progress of science and technology,while selection of financing strategy and capital structure is a significant issue in the development of sci-tech enterprises.Due to the inherent characteristic of "delayed return" in technological innovation,the selection of financing strategy and capital structure is of vital importance to the development of sci-tech enterprises.Therefore,at the critical moment of China's economic transformation and upgrading,the study in this paper on the financing strategy and capital structure of China's sci-tech enterprises is of great theoretical and practical significance.From the theoretical and empirical aspects,this paper mainly delves into the following contents and draws a conclusion thereby.In terms of theoretical analysis,based on the basic theory of capital structure on the basis of the comprehensive carding sci-tech enterprises financing of the basic principles and types,this paper analyzes the innovation of sci-tech enterprises financing environment,and then built a "micro-macro" double factor analysis framework,research the financing strategy behavior and influence factors of capital structure adjustment as well as macroeconomic factors influence on capital structure and corporate finance strategy,put forward the interests of relevant parties on the market the game in a specific market condition will have "crowding out" on the financing of science and technology.In terms of empirical analysis,this paper selected the sci-tech enterprises of China's GEM listed companies as samples to establish unbalanced panel data set,used SPSS and R software package for empirical analysis,and built a series of empirical research models based on the "micro-macro" two-factor analysis framework.This paper studies the relationship between the financing behavior of technological innovation-oriented enterprises and the growth stage of enterprises,finds out the optimal capital structure based on the guidance of performance maximization,and studies the micro and macro factors influencing the dynamic adjustment of the capital structure of enterprises.Based on the research conclusion,this paper believes that we should strengthen the construction of financing environment,pay more attention to the development of science and technology innovative enterprises in the process of policy making,and support the development of sci-tech enterprises through more targeted financing promotion policies.The innovation of this paper mainly includes the following three aspects:(1)The basic theory of capital structure and the theory of enterprise growth are combined to create a micro-macro analysis framework under which the financing environment of China's science and technology innovative enterprises is scanned and the enterprise growth life cycle,business performance maximization orientation and other factors are introduced from the micro perspective to explain the selection of financing strategy and to point out the characteristics of influence these factors exert on capital structure selection and dynamic adjustment.On the other hand,the paper introduces the representative macro factors and points out the current,short trend and long period effects of the macroeconomic environment factors on the capital structure of enterprises.(2)An empirical analysis model is built based on the panel data of China's science and technology innovative enterprises.On the basis of enterprise growth cycle theory,with the relevant variables controlled,the relationship between enterprise growth scale and financing preference as well as the nonlinear influence of capital structure on enterprise value and business performance is explored to figure out the optimal capital structure.The lagged variable of capital structure is introduced as the explanatory variable to establish the dynamic panel model.Based on the GMM estimation method,this paper studies the influencing factors of the dynamic adjustment of enterprise capital structure and provides guidance for the dynamic adjustment of science and technology innovative enterprises' capital structure.(3)Macroeconomic growth environment,monetary policy and financial market environment factors are introduced to construct 3 models for comparison which refer to current effect,short trend effect and long period effect respectively.It's found that when the growth rate of total stock financing and social financing is high or higher than that of the previous year,the corresponding financing preference of science and technology innovative enterprises abnormally has not been improved,which serves as evidence of the "crowding-out effect" of technology financing by traditional enterprises.The finding further reveals the direction of financial environment construction.The research of this paper also has limitations such as some weak links in theoretical analysis.Apart from that,in the empirical analysis,the sample data of listed companies are mainly selected due to data availability and there is also room for improvement in model design.In the follow-up study,the technical scheme can be further optimized to continue and expand the study in this paper.