An Empirical Study On The Capital Structure Of High-tech Enterprises-Based On The Dynamic Model

Capital structure theory is one of the most important modern finance theories. For a firm it is very important to choose a better capital structure. It is very important to study capital structure for a firm. The results showed that there are marked significant differences in the capital structure of many different industries. But many theoretical and empirical researches to the industry as a significant factor alone explore its impact on the capital structure. The study on the capital structure of a particular industry is rather scarce. As one of the most dynamic parties in the securities market, the high-tech industry has a high degree of risk and uncertainty, which make it be different from other industries, and have an enormous impact on its capital structure. To remove the interference factors in multiple industries and research industries, this paper carries out an in-depth study on the capital structure of the high-tech industry.This paper first reviews the basic theories of western capital structure, providing theoretical foundation for the dynamic adjustment of capital structure. Then through the use of statistical data, it describes the current status of capital structure of China's high-tech industry. Based on it, this paper selects the elements that have a significant impact on the capital structure of this industry. After doing a brief theoretical analysis, it uses dynamic adjustment of the capital structure of China's high-tech industry capital structure model of the dynamic process of evolution for a detailed analysis.The empirical results showed that the factors affecting the capital structure of the high-tech industry reflect its own industry characteristics; dynamic models are more scientific and rational than static model. The results also show that the sub-sectors of the capital structure is feasible, and more scientific. On the basis of empirical research of the high-tech industries in the capital structure of the dynamic process of evolution, finally, from the goal of optimizing the capital structure, the optimization of the external financing environment and capital structure optimization strategies, it discusses on how to optimize the capital structure of China's high-tech industry in this paper.In this paper, it utilizes dynamic model to study the capital structure of China's high-tech industry, in order to propose the capital structure optimization of China's high-tech industry from the modest industry perspective. However, in view of the author to the depth industry study, the feasibility and operational optimization problems is not yet mature and subject to further study.