Study On The Financing Mode Choice Of High-tech Industry In The Market Of China

The High-tech industry are becoming the hotspot of the wholeglobal.Whereas the High-tech industry's character,it's financing modeand capital structure are very different from the common industry. TheHigh-tech industry has the character of high financing input ,highincome ,but at the mean time high risk. The High-tech industry alwayscome through five phase, they are seed phase appear phase shapephase expand phase and mature phase.Moreover every phase has thedifferent risk character separately,and the revenues are differ to eachother, different financing mode result in the financing costs have cleardifferences. The study keystone in this article is that, audacity suppose inthe theory, and combine the theory with the example , in particularly,combine the theory with the capital market condition and High-techindustry capital structure, financing cost , and the Tax reducing capacity,probe into the financing mode that adapt to the situation of our countryfor the development of High-tech industry.As a new financing mode in the new financing age ,the investment of High-tech industry is deeply different from the ancient financing mode and financing performance. Such as how to realize the best of all adapt financing mode of High-tech industry , these issues have been accidencestudied and probe into in the paper .Firstly, we integrate analyze the development status in quo and capital structure character of High-tech industry in china at the macro point, contrast analyse the main difference of capital structure between the High-tech industry of china and the one of the western developed country . Through the analysis , we can find that at such a existent condition .where the advantage and where the disadvantage is ,when we carry through optimize the High-tech industry capital structure. It be more important that how to absorb the advanced study experiences and practice experiences, how to probe into exert the advantage in the High-tech industry financing . Using advantage and avoiding disadvantage , the financing efficiency of the High-tech industry can be greatly improved.And then, Proceed with the qualitative analysis and the quantitative analysis of microcosmic influence factor that occur at the different seedtime of High-tech industry. Further more carry through relativity analysis to the key microcosmic influence factors,such as : financing cost , pullulate phase, payoff ability, market competition , and ect. seek the correction number between the capital structure and the financing cost, Tax reducing capacity and other main influence factors, base on this study , a equation has been deduced , in this equation the capital structure is the cause variable and the other main influence factors areindependent variable.And then analyze the financing effect basing on this equation . Depending that , the best of all adapt financing mode can be deduced.Base on the hereinbefore analysis , that is contrast the analysis between theory and practice , microcosmic and macro factor . finally , the writer of this paper give some proposal on the financing mode of the High-tech industry in china .meanwhile, the writer forecast the possiblefinancing mode of the High-tech industry in our country in the future.