Science And Technology Listed On Sme Capital Structure Affect The Empirical Analysis Of Factors

Capital structure is the relationship between the proportion of debt capital and the rights and interests of capital, it reflect the rights and obligations of the company, Reasonable set of capital structure is an important part of capital. Since the birth of MM theory in 1958, capital structure theory caused widespread concern in economic circles; Nobel Prize in economics awarded three economists who have made outstanding contributions in the capital structure. However, the determination of capital structure theory has not been conclusive. Afterward, many scholars use the method of empirical determinants of capital structure .They try to reduce the cost of capital and enhance the market value of company by optimizing the capital structure. In this paper, I made some empirical studies about High-tech SMEs listed on China's science and technology based on previous research.Firstly, this article introduced the theory of capital structure to provide theoretical foundation for empirical research. Secondly, this article introduced the definition of science and technology, capital characteristics, as well as the determinants of capital structure. This article made descriptive statistics and regression analysis by the relevant data. Finally, it is the direct proportion relationship between the firm size and capital structure; it is the inverse proportion relationship between the Profitability, business growth, liquidity, operational efficiency and capital structure. At last, there are some related policy recommendations about High-tech SMEs.