Chinnese High-Tech Listed Company Capital Structure Factors And Optimization Research

Under the background of economic globalization, the science development and technical innovation play a more and more important role in the economic field. So, high-tech enterprise, as the representative of the Science and technology industrialization, has become a new growth point of economy under the background of economy globalization. China pays lots of attention to the development of high-tech enterprises, not only offers them a variety of good policy about tax, but also increases the financial support to them. High-tech enterprise is different from the traditional industry, as it have high risk and uncertainty, so its capital structure is different from general listed companies. This paper will do the research on the influencing factor of listed company of high-tech capital structure and the capital structure optimization, trying to find out the best scheme of capital structure optimization.Firstly this paper review the domestic and foreign research results on the capital structure; and then do the summary of the high-tech enterprise characteristics and data research on the present situation of capital structure in the high-tech listed company in China by descriptive statistics way, and then review the related theory of capital structure to Do further matting for the following empirical analysis.At the end, this paper, by using relevance, multiple regression, curve and other empirical methods, do the empirical analysis on the influencing factors of the high-tech listed company capital structure and capital structure optimization from 2008 to 2010 data of high-tech listed companies in China, and offer the optimization approach and scheme of the high-tech listed company capital structure. The result of the study shows that enterprise scale, asset liquidity, solvency and the actual tax rate have positive effect on China's high-tech listed companies capital structure; Internal financing capability is negatively related to the capital structure; the effect of Asset composition, operation ability, profitability and growth to high-tech listed companies capital structure isn't directly affect definition or obvious. For the problem of the optimization of the capital structure, this paper concluded that the optimal interval of the capital structure, China's high-tech enterprise shall be in accordance with the needs of the development and the company features dynamically to adjust the relevant factors for making it tend to optimal.