Analysis And Countermeasures Research Of Capital Structure Influencing Factors For The High-tech Small And Medium-sized Enterprises

As the most dynamic and innovative groups, the high-tech small and medium-sized enterprises incubated the emerging industries and activated the regional economy with a strong impulse and specialized technical innovation. They jumped to an important theme of the national innovation system. With the flexible mechanism, they brought the rapid development of high-tech industries, promoted the upgrading of the industrial structure and all sectors of society coordinated development, and enhanced the competitiveness of the economy. But there are some problems in the development of the high-tech small and medium-sized enterprises, particularly, the financing problems have become the major bottleneck which hinder the development of the high-tech small and medium-sized enterprises. It has certain significance to improve the value of enterprises and solve the problem of financing difficulty by researching the characteristics of the capital structure of the the high-tech small and medium-sized enterprises, exploring the financing status quo from the perspective of empirical and making recommendations respectively.Through the review of relevant literature re, this paper analyzed the factors which impact the capital structure of the high-tech small and medium-sized enterprises with China's specific environment and the characteristics of small and medium-sized high-tech enterprises. Then it used the factors as independent variables and the indicators on behalf of capital structure as dependent variable in regression analysis method to determine the liner regression model and the correlation between capital structure and influtial factors. Based on the results of the empirical analysis, this paper summed up the current financing state of China's high-tech small and medium-sized enterprises, and put forward some helpful suggestions about financing difficult. This paper is divided into six parts:the first part, introduction. This part mainly introduced the article and studied background, the current situation of domestic and international research,and the thinking and innovation of the paper. The second part, the theory of the capital structure. This part put time as the vertical axis, analyzed the traditional capital structure theory, modern capital structure theory and the new capital structure theory, so that it can lay the theoretical foundation for extacting the influential factors of the capital structure of the high-tech small and medium-sized enterprises. The third part, the analysis of the influential factors of capital structure of the high-tech small and medium-sized enterprises. The fourth part, the empirical analysis of the influential factors of capital structure of the high-tech small and medium-sized enterprises. Based on the sample of 65 listed companies of SME board, this paper calculated the independent variables using the data in 2006 financial statement, calculated the dependent variables using the data in 2007 financial statement, and analyzed the relationship between the factors and the capital structure by qualitative methods. This paper had come to the following conclusions:profitability, enterprises scale, the level of tax cuts, the growth of enterprises have significant affect on the capital structure of the high-tech small and medium-sized enterprises. Ownership structure and the actual income taxes rate effect the capital structure rarely. The fifth part, suggestions. According to the results of the empirical analysis, this paper summed up the financing situation, and provided some helpful advice to solve financing difficulties from the angles of the enterprise and national policies. The sixth part, conclusions. This part summarized the main congclusions of this paper and point out the deficiency of this paper.