| Upgrading of industrial structure and enhance our country’s economic strength,science andtechnology SME have played an irreplaceable role. They have great potential of development, alsothey can bring a higher return for investors. As a result,the growth of science and technology SMEbring the widespread concern of society.This paper focuses on capital structure of science and technology enterprises on the differentstages of development. Capital structure mainly refers to the proportion of debt capital and equitycapital. The aim of research the capital structure is to weigh the pros and cons of these two differentattributes of capital to achieve the maximization of enterprises value. This paper introduce therelated theories of capital structure, such as classical theory of capital structure,the MM theory andmodern capital structure theory etc. This paper analyses the factors that affect the capital structurebased on the MM theory. And then this paper analyses the relationship between capital structure andthe growth of science and technology SME.This paper researches the relevant problems by the means of theoretical study andanalysis.we divide the life-cycle of science and technology SME into the creation,growth,maturityand reborn. After analyzing the characteristics and trends of capital structure on differentstages,we bring forward the ideas and specific measures to optimize capital structure ofenterprise.The paper introduces the development of Leshi.As to different stages,firstly, introducesthe development, then, illustrates the behavior that Leshi absorbing different capital to optimize thecapital structure. Finally, verifies the front life-cycle theory and the capital structure theory. |
