Financing Structure For High-tech Small And Medium-sized Enterprise Growth Influence Study

Enterprise growth is the ability of sustainable development to corporate performance. Through the research of small and medium-sized enterprise growth, enterprise's management can understand enterprise management status and financing situation, etc; Investors can thus develop investment plan, making investment decisions. That is, to the enterprise's growth analysis is necessary for enterprise owners, managers and investors of stakeholders such as their needs. From national level analysis, the development of enterprise, which is beneficial to the growth of national economy, conduce to the social development. High-tech small and medium-sized enterprise subject is the enterprise's human capital - hi-tech technology talented person, the object is high-tech technology into the high value-added social commodity market will high-tech small and medium-sized enterprise build up the subject and object. Overall, using high-tech technology to create products is enterprise's core. Compared with general enterprise, high-tech small and medium-sized enterprise has the following four features: high investment, high risk, high return, low-growth firms. This paper first systematic reviews enterprise growth theory and enterprise financing theory is introduced, in financing and small and medium-sized enterprise growth after the dialectical relations between, financing structure on the high-tech small and medium-sized enterprise influence, and concluded that the empirical analysis of debt financing structure and high-tech small and medium-sized enterprise growth are related conclusions. Specific content as follows:first, the first chapter for this article, and briefly the introduction of part of the background and significance of subject to review of related literatures, is introduced, and the main content of this article and the research method, and points out that the innovation of this paper place; Then, the second chapter discusses the theoretical basis of this study, including:small and medium-sized enterprises (small and medium-sized enterprise) is mainly high-tech definition and growth understood; Enterprise financing structure and financing theory; Small and medium-sized enterprise financing options. Using the research methods of comparison and analysis with our country, foreign, compared the situation to define the meaning of small and medium-sized enterprises in China; "Absorbing essence and discard its bad rake" combined with the actual situation in our country, determine the small and medium-sized enterprises financing options. Next, the third chapter to analyze the different financing structure in China, high-tech small and medium-sized enterprise growth impact first discusses financing and high-tech small and medium-sized enterprise growth of the dialectical relationship between, again is respectively equity financing structure, bond financing structure and internal financing structure on high-tech small and medium-sized enterprise growth impact discussed; After that, the fourth chapter is financing structure for high-tech small and medium-sized enterprise growth, analyzing the impact of establishment of a research design, a regression model of the regression results, deeply analyzes the; Finally, chapter fifth this study conclusion is obtained in this paper, the existing limitations, and thus was prospected.