Research On The Enterprise Capital Structure And Financing Behavior Of Hige-Tech Listed Companies Of China

Capital structure theory is a focus and frontier in Modern Financial Economics and Fiancial Management areas, its aim is to achieve maximization of market value (or, the maximization of wealth ). Capital structure theory studies the change of ratio between equity capital and debt capital, and its influence on enterprise value. Since the middle of 1990s, Chinese enterprise entrances into a new stage, the center focus is to reform the enterprise management structure and financing structure, especial listed companies. As the energetic group in Chinese stock market, high-tech enterprises differ from the other listed companies by its high risk and high uncertainty, and it has a great effect on the capital structure. According to this, this paper regards the problem of capital structure and financing selection of Chinese high-tech enterprises as its research.This paper mainly uses qualitative analysis, quantitative analysis, and the combination of theory analysis and empirical research. On the one hand, from the research of capital structure theory, the author analyzes theoretically many macro factors and micro factors which have effect on the selection of enterprise capital structure of our high-tech enterprises. On the other hand, the author also uses the correlative analysis and multiple regression analysis to analyze empirically the important factors that have an effect on the selection of company capital structure of our stock high-tech company. The research conclusions are as follows:(1)The theory analysis indicates that the lagged financing market limits the financing selection channels of high-tech enterprises; the fact that high-tech enterprises take flexibility into account and worry about finance difficulties makes them use the stimulation of low liabilities/assets ratio structure;(2) Empirical analysis indicates that the selection of expand speed, earning quality, capital structure and financing modes of high tech enterprises with joint-stock system has decisional effect, and the expand speed is the most basic and decisional factor. Therefore, financing selection of high-tech enterprises mainly obeys enterprises growth goal and strategy plan.(3) The expand benefit of high-tech enterprises really makes people worried, because after stock granted , although high-tech enterprises still keep higher net return on assets, earning quality descends a lot, while the growth and high return without cash flow support has high...