A Study On The Relationships Among Financing Choice, Corporate Governance And Technological Capability In High-Tech Firm

Many evidences have proved that the development of high-tech firms impulse the world's economy. Since reform we see the rapid development of China's high-tech enterprises. The status of High-tech enterprises in the national economy increasingly become the promotion of technological capabilities, industrial upgrading, the development of new industries and so on. The need of money is one key for these firms. Government have issued many policies in order to make institution invest high-tech firms and leaf many types venture capital invest technology firms, these policies include Partnership Enterprise Law of the People's Republic of China, the Growth Enterprise Market, SSE SME Composite and so on.There are many papers about venture capital industry, but few papers pay more attention to which firms are more likely to obtain venture capital and how venture capital influenced corporate governance structures and technical capabilities of firms. Venture capital is a special investment relative to others traditional investment. According to these special characteristic of venture capital, our study focus on high-tech enterprises to explore different means of financing the impact of governance structure, which caused the impact of technological capabilities.Through theoretical analysis and theoretical model, we set up the concept of a research model and research propositions, then take advantage research of Shenzhen, Beijing, Chongqing, Xi'an and many other areas. Lastly we use AMOS and SPSS software and verify the proposed conceptual model and proposition.This paper showed conclusions: Firstly, the means of financing for high-tech enterprise for the corporate governance structure has a significant impact, and we found evidence venture capital for the corporate governance structure more than the impact of debt financing; Secondly, the high-tech corporate governance structure has a significant impact on technological capability. We found that different aspects of governance structures has a significant impact on the technological capability; Thirdly, the division and its dimensions of the technological capacity are reasonable; Finally, venture capital promote the rapid development of high-tech enterprises, which has highlighted the role of the development of high-tech enterprises at the start-up stage and expansion stage. Our paper makes some contributions for theory and practice. Firstly ,In this study we refer to relevant research at China and abroad, we combined with the actual domestic situation and design financing , governance structure and technological capabilities related to target the content of the questionnaire. We also divided them into different dimensions to the study; Secondly, analysis of venture capital is more used in econometric methods, this article from the perspective of latent variables uses structural equation model and analysises of the relative relationship between factors.This can target a relatively more comprehensive system to measure the three relations, so the reliability of the conclusions of the study enhanced. The use of theoretic research method and empirical method of high-tech enterprise financing choices, governance structure and technological capabilities research.