Empirical Study On Influencing Factors Of High-tech SMEs' Capital Structure

Capital structure is regarded as the proportion relationship of equity capital and debt capital in company. MM theory was born in 1958. And from now on, capital structure was widespread concerned in filed of theory and actual business operation. Since then, many scholars had done a lot of theoretical and empirical studies in this field, and also made great achievements. However, the various countries and regions have unique economic situation, geographical features. At the same time, social economy is more and more complex nowadays, and each scholar has selected each different research methods, also produced different results. This paper is based on previous research results and the modern capital structure theories, which analyzes and investigates the Shenzhen Stock Exchange SME Board High-tech SMEs financing structure on China's actual national conditions. Finally, according to empirical results, this paper made proposals to optimize the financing structure of companies. From the article structure, this paper divided into five parts:Chapter one, Introduction. Generalize domestic and international the status of theory and empirical research on factors of capital structure and, and explain research content, research methods and the breakthrough points and the limitations of this article.Chapter second, the characteristics financing situation about High-tech SMEs. A brief introduction of SME definition, characteristics and financing situation. In the current major countries and regionsChapter three, the analysis of High-tech SMEs'financing structure. Comprising High-tech SMEs'financing structure in different developed countries and regions, which reflected their own strengths and weaknesses of the various countries and regions of High-tech SMEs, and provide the basis for the indicators'choice of. the following chapter.Chapter four, empirical analysis of High-tech SMEs'financing structure. Study on various factors of the impact of the capital structure of High-tech SMEs companies, and gives related conclusions through analysis of the results of empirical analysis on the impact of capital structure significant level.Chapter five, summarize the conclusions of empirical studies and make recommendations to optimize the capital structure of High-tech SMEs companies from the perspective of factors on capital structure.Chapter six, propose this lackness of research and the future prospects.