Research On Capital Structure Optimization Of Listed Information Technology Companies In China

With the gradual advancement of economic integration and the development of capital market in China, the economic environment is more and more uncertain and complicated. Listed information technology companies need more money to meet their own development. Facing various sources of funds, enterprises form different capital structures. The choice of capital structures is crucial for enterprises. Because it not only affects the enterprises'financing cost, but also is closely related to their operating risk and market value. Therefore, the research on capital structure optimization of listed information technology companies in China has important significance.Firstly, this paper chooses 36 non-ST companies as samples in IT industries from 2006 to 2008 and analyzes their capital structures' status from internal and external sources of financing,overall asset-liability ratio level,debt structure,equity structure and differences in capital structure aspects; Secondly, based on the comparison of capital structure optimization theories, this paper chooses Leland capital structure optimization model as our research base; Thirdly, we make the empirical test by Optimal Toolbox of MATLAB software. The research shows that the Leland capital structure optimization model is suitable for our listed information technology industry. Besides, this paper gives reasonable asset-liability ratios at different risk ranges; At last, according to the problems existed in internal and external environment of our country, some suggestions to improve macroscopic and microscopic applied environment of our information technology industry are given, in order to be helpful for the capital structure optimization research of information technology industry.