Empirical Analysis Of Financing Structure Of China's High Technology Industry

The process of a state's economic growth is in fact the process of its industry development and industrial structure transition. And the impetus to promote industrial structure transition and industry upgrading is technology innovation. Therefore, high technology industry development is very important to a state's economic growth. As for our country, high technology industry is the necessary road to realize industrialization. During the process of high technology industry development, capital is a key factor. Without it, technology progress and industrialization become castles in the air.According to characteristics of high technology and high technology industry, this paper study on the financing structure of our high technology industry from angles of theoretical and empirical analysis.This paper comprises 5 parts. Parti is the summary of related theories and stipulation of relative concepts. First we introduce existing researches on high technology and high technology industry, including the dividing ways and financing structure, and then we make clear stipulation as to research objective and scope of this paper. In part 2, we probe into factors that influence financing of high technology industry, analyze the stages of high technology industry development, characteristics of each stage and financing methods. Part 3, from angles of theoretical and empirical analysis, we explain what effects the main source of capital in high technology industry and financing methods have on industry development. Part 4, we make empirical analysis of financing structure of listed companies among high technology industry. Taking information industry that public open in Shanghai stock market as example, according to division of financing methods in part3, this paper makes multi-linear regression ofthe relations between financing methods and enterprises' performance. The results of the regression show that there's strong relation between performance of our listed companies in information industry and public finance financing. It tallies with the actual development track of high technology industry. Our high technology industry quickly has developed with guidance of governments' related policies. During this process of its development, finance capital support plays important role. Part 5, wepoint out hypothesis as to financing institutional change of China's high technology industry, and hope that we can improve financing institution of high technology industry through deepening development of market-oriented reform and promoting financial innovation, then improve financing structure of our high technology industry to adapt to requirements of market competition, thereby promoting the progress of industrialization, industry upgrading and industrial structure transition.